The time has come to get a new set of wheels. But the word “new” is up for interpretation. Why is that? Because as a consumer you have several options to consider. You can purchase a new vehicle outright. You can choose to lease a new vehicle. Or you can purchase a new to you vehicle (a preowned vehicle). In this article, we will be focusing on the actual purchase of a vehicle; with the main question being, “Should I buy a new car or a used car?”
Is it better to buy a new car or a used car? It is important to realize that every situation is different, and a new car doesn’t make sense for everyone. Neither option is truly better than the other. There is a sense of satisfaction that comes with driving a car fresh from the factory with zero miles and that intoxicating new car smell, but a used vehicle, particularly one that has been certified or still has life left on its factory warranty can be just as reliable and more affordable than a new car. Below are some advantages of buying a new car, along with some advantages to buying used. It’s important to weigh the benefits of both and find what makes the most sense for your situation before you enter the sales lot.
What are the advantages of buying a new car?
It’s brand new (with zero to very little miles on it). This is one of the bigger advantages of buying a new car. There are no dings and dents. And you know for certain that the car has never been in an accident or had any mechanical issues.
A new car has new features. This kind of goes without saying. But for example, a 2014 model will have a stereo made for 2014 while a 2020 model will have a stereo made for 2020. This can be said about all the technology in the vehicle; and the advancements that have come throughout the years such as blind spot monitoring and assisted parking.
Customized to your liking. What do we mean by that? Well, if you want a black on black car, with leather, moonroof, updated Bose stereo system, & navigation ... a new car dealer can order this vehicle for you based on your exact wants and needs.
Warranty coverage. A used car will maintain any life remaining on its original factory warranty upon transfer and you are certainly able to purchase extended service plans to maintain warranty coverage on a used vehicle for a longer duration, but a new car comes with a factory warranty for a pre-determined number of miles (and months) and is likely one of the best warranty plans available (with most covering the first 100,000 miles and some up to 200,000 miles).
What are the advantages of buying a used car?
Simply, cost. A used car is going to cost you less than a new car. Sure, it’s not brand new, but it is important to remember that cars depreciate the second they drive off the lot (upwards of 50% depreciation). You can get a newer used car that may still have that lingering new car smell at a discount of thousands of dollars with the original factory warranty. And a solid used car can provide years of reliability at an affordable cost and be a much-needed upgrade from your current vehicle.
Lower insurance rates. Not only are you going to save the upfront money purchasing a preowned vehicle; but insurance rates are historically lower on a used vehicle. Before deciding on getting a vehicle (new or used), we suggest you contact your insurance agent to get a quote and consider these rates during your decision-making process.
Less depreciation. As previously mentioned, new cars depreciate the moment you drive off the lot. With a preowned vehicle, the “damage” has already been done. You can rest assured that your used vehicle purchase doesn’t have as much room left to depreciate, and you can get closer to what you paid if you eventually go to re-sell it.
Improved Technology Helps Find a Good Used Car. It’s easier than ever to have a good gut feeling about a used car and how reliable it will be in the upcoming years thanks to the Internet. It’s easy to find the value of a used car on KBB.com and CarFax allows you to easily look up vehicle history reports. And most reliable used car dealers will provide you with this information during the purchase process.
So, is it better to buy a new or used car?
In the end, there are pros and cons to each a new car and a used car purchase. Buying new or used is a matter of personal preference, desires, and financial capabilities. There isn’t a right or wrong answer to your quest for a new set of wheels.
Big City Cars is located at 4910 Lima Road. Or give us a call today at (260) 212-1111. We look forward to helping you get into a quality preowned vehicle that fits your lifestyle & budget.