Have you been throwing around the idea of buying a new car? If so, it’s easy to get swept up in the excitement of shopping for new vehicles. However, there are a few things you should consider before making your choice.
For example, do you know the pros and cons of buying new vs used vehicles? Would it be better to buy used?
We want to help you answer these questions. Keep reading for a quick guide on making the right choice between used vehicles and new vehicles.
The Advantages and Disadvantages of New Vehicles
There are a lot of benefits to buying brand new cars. While they cost a bit more, most people enjoy having a new vehicle that no one has owned or driven before. But are they worth the extra costs?
New Technology and Features
Of course, when buying new vs used vehicles, you’re granted access to top-of-the-line technology. This includes driver assistance features, safety features, comfort features, and entertainment features. This can significantly improve your driving experience.
One of the downsides of buying brand new vehicles is the cost. The newest models also have the highest price tags.
To add insult to injury, these values don’t last. The average brand new vehicle loses as much as 30% of its value in the first year, then 15% for the next several years following.
Furthermore, it’s likely that your insurance rates and registration fees will also be more expensive.
We can’t talk about the advantages of buying new vs used vehicles without talking about manufacturer warranties. Brand new cars come with impressive bumper-to-bumper warranties and drive-train warranties. These usually last 60,000 miles or five years.
The Advantages and Disadvantages of Used Vehicles
Now, let’s turn our attention to used vehicles. Many people choose to go this route to save some money. However, is saving money worth investing in a car that has a previous history with other owners?
Accessibility and Affordability
Buying a car is a major investment. However, buying a brand new car is an investment that not everyone can afford. Aside from the average brand new car payment of $563 a month, some consumers don’t qualify for new car loans.
Used vehicles are much more affordable, which makes them more accessible to people with low incomes or poor credit scores. Naturally, used cars are also cheaper to insure and register.
Dated Technology and Features
One way in which buying new vs used vehicles is beneficial, as noted above, is that you get the latest and greatest technology. When buying used, you’re stuck with dated features.
If the vehicle is only a few years old, this isn’t a big deal. However, having an old car that doesn’t have Blue Tooth connectivity or satellite radio is kind of a disadvantage. Additionally, each new car model comes with better safety standards and driver features you’ll be missing out on.
Finally, if you’re buying used vehicles, understand that it will be difficult to trade that car in when it comes time to buy your next vehicle. While this will probably be years down the road, the used car you’re buying now will have very little value.
In these scenarios, it’s easier for car owners to get cash for used cars by selling them to a salvage company. However, this can be a fantastic option for making quick cash off of a vehicle you can’t sell.
Having Trouble Deciding Between New Vs Used Vehicles?
As you can see, there’s a lot of debate surrounding new vs used vehicles. Which option is best for you? There are pros and cons to each choice, you just need to figure out what’s right for your circumstances.
And if you’re looking for more car advice or consumer insight, you’re in the right place. Stick around and read through some of our other articles to find the information you need to make your life better.