Is it Better to Buy a New or Used Car?
The answer to the question of whether a new vs. used car will better meet your needs honestly depends on what those needs are. There are genuine advantages and disadvantages to both options, and depending on one’s circumstances and lifestyle both the advantages or disadvantages could be magnified for either option. So, for you, is it better to buy a new or used car? Let’s find out below! If you have any questions, contact us.
New vs. Used Cars: Compare Advantages & Disadvantages
New Car Advantages
- Newest Technology: If you’re looking for the very latest technology and greatest features, there are few options available on the used market. Automotive technology is going through a renaissance at the moment, and things are changing quickly in many areas.
- Greater Fuel-Efficiency: The latest technology means the best fuel efficiency. While newer used cars can also get quite close to this, modern hybrids are especially good at using tiny amounts of fuel to take care of daily errands.
- Full Warranty Coverage: The main reason many Nickerson and Buhler drivers buy new is peace of mind, thanks to common full warranty coverage of new vehicles.
New Car Disadvantages
- More Expensive: the primary disadvantage of any new vehicle is sizably increased cost when it comes to the purchase, and the insurance. Other costs like registration can also be higher.
Used Car Advantages
- More Cost-Effective: Used vehicles are much less expensive than new ones, largely for supply and demand reasons, and not because of diminished quality. When a new vehicle leaves the lot for the first time, depreciation is intense, which lowers the price of the vehicle quickly.
- Slower Depreciation: More of a used vehicle’s value is kept over time. Depending on when a vehicle is in its depreciation curve when you buy it, it is possible to actually gain value on certain desirable or classic cars.
- Less Chance for Negative Equity: Because the vehicle is cheaper, there is far less change you’ll owe more on the vehicle than it’s worth.
Used Car Disadvantages
- Higher-Priced Financing: The only financial disadvantage to a reliable used car, like one from our inventory near Newton, is that the interest rate tend to be higher, so lenders can still make money on the much smaller and shorter loans.
Visit Allen Samuels Chrysler Dodge Jeep Ram Today!
At Allen Samuels Chrysler Dodge Jeep Ram, we’re about offering you all the options you need to get the right vehicle for you, new or used. Our online financing application and car buying tips make it even easier for you to get the vehicle you want and quickly. Stop by Allen Samuels Chrysler Dodge Jeep Ram today!
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