When it’s time to purchase a vehicle, you have a wide array of choices available. Not only do you need to choose the model and make of an automobile, you also need to determine whether a used or new car makes the most sense for you. This is a crucial choice and it can make a make a significant difference in your future financial output. Here are some advantages and disadvantages of purchasing a newer car or one that's used.
Advantages of a New Car
The big advantage of purchasing a newer vehicle is that you are getting a car that usually comes with a warranty, has better gas mileage, and fewer emissions. Newer cars will most likely need few auto repairs in the first few years and the money you spend will most likely be for general maintenance. A dealership may also provide financing at an interest rate that is lower. As a result, this will decrease the amount of interest over the lifetime of the loan. New cars usually have the latest and greatest technology and that can serve as an advantage. Tech-savvy folks like that newer cars tend to hook up to phones and tablets more easily.
Disadvantages of a New Car
A new vehicle is usually more expensive and takes its largest depreciation in the first two or three years. Also, the long-term reliability of a newer vehicle is undetermined when you purchase it. Drivers considering buying a new car need to also keep in mind that taxes and insurance costs are higher.
Advantages of a Used Car
A significant advantage of getting a used car is that you let someone else take the largest depreciation hit on the vehicle. It actually might be possible to sell your automobile for almost the same amount you bought it for in the next few years. It's possible to still find good financing options through a credit union or bank. Another advantage is that your insurance rates will be less on a used car than a new one.
Disadvantages of a Used Car
The largest disadvantage of purchasing a used car is that its reliability might be questionable and it might require more work. The good news is that you have the option of getting a certified pre-owned car through many different automobile companies. Because of technology, cars are becoming more reliable and many models don't need major auto repair work for years, For example, if you buy a car that is 2-years old and sell it a few years later without ever needing to put major work into it, you might be able to sell it at a price close to what you purchased it for.
The team at Complete Automotive is happy to give you more new car vs used car suggestions. We pride ourselves in being the leader in the automotive industry due to our expert car service repairs and outstanding customer service. Our knowledgeable technicians are the best in the industry and have you covered. Please contact us with any questions. We are located at 2238 E. Chestnut Expressway, Springfield, MO 65802.