Used vs. New Car: Which Should You Get?

When you’re buying a vehicle, there are several things to consider. The biggest question to start asking yourself is: new or used? Here’s what should be factored in...

Used Car

More research. If you’re considering a used car, then be prepared to do more research. A used car has history. You need to use your detective skills to figure out whether previous owners mistreated the vehicle, if it’s been in any accidents, or if regular maintenance was completed.

Price. The biggest perk of buying used is the money you save compared to buying new. Plus, you don’t have to worry about the car depreciating as much as if you buy new. As soon as you drive a new vehicle off a lot, it’s lost value. When you’re buying used, the car has already lost most of its value. You’re buying the car for what it is worth.

Lower insurance. In addition to price, a used car also saves you money on insurance. A used car oftentimes means an older car (more than a couple of years old). So, you can save on insurance because it doesn’t cost as much to replace an older model versus a brand new one.

Less stress. As long as the car is in working condition, then all you need to worry about is driving it and keeping it maintained. There isn’t the extra stress of keeping the car pristine like buying a new car. Instead, a bump or scratch just adds character to your used car.

New Car

Easier financing. While the price may be significantly higher than a used car, dealers will offer discounted interest rates and easier financing options to entice buyers to spend the extra money. Plus, most dealerships complete the paperwork for you, saving you time and hassle.

More reliable. With a new car, you’re starting from scratch. No one else has had a chance to mess it up. The biggest perk of a brand new car is having the peace of mind that everything works and will continue to work. Especially since most dealerships offer a warranty if you buy new, so if something does break, it’s taken care of. For most new vehicles, the first 100,000 miles are relatively headache-free. So you can hit the road without worrying your car is going to break down as long as you take care of it.

Advanced technology. New means the latest and greatest in technology. A new car will have all the bells and whistles and up to date software. Nowadays, that means an integrated GPS system, Bluetooth calling through the speakers, backup cameras, and more. Even outlets to plug your slow cooker in and keep food warm for family gatherings. The best part about buying new is reaping the benefits of the latest safety technology, keeping you and your family safe on the road.

Prestige. Come on. At the end of the day, you want to go around showing off your brand new vehicle to everyone you know. Buying new gives you extra confidence to hit the road running.

Which one?

Latest and greatest is ideal, but is it what you can afford? Don’t get swept up in the modern features a new car can offer. Instead, ensure you can afford the vehicle and consider if this will be a daily driver, needed for towing, or if you need extra space/seats for kids. At the end of the day, as long as you can get from point A to point B, you’ve made a sound investment.