Buying a new car vs a used car is different for everyone. It’s more than price or value or that new car smell. It’s what feels best for you.
New cars have obvious benefits like they are made to order – you can pick out whatever you want from number of doors to engine to color. And you are overjoyed that everything on the car is new : smell, no mileage and without scratches. With a new car comes the peace of mind that you have reliable transportation. If you are the type of person who likes to get the newest technology first, than you will want your car to have all the latest bells and whistles. But there is much more to a new car than fun technology and pretty paint. With good credit, you can purchase a new car with little or no down payment, financing is not as straightforward for used cars. Safety is one of the main reasons that people buy new cars. And value is important too as new cars have higher fuel efficiency and lower emissions than older ones. Financially speaking, you have a lot of different financing options because financial institutions typically offer lower financing rate on new vehicles. Buying a new car is more convenient than buying a used on because you can find what you need online or the salesperson at the dealer can do all the legwork for you.
As expected, used cars are lower priced than new cars. Buying a used car is a way for a buyer to move up to a nicer model without at a more affordable price. With a used car, you know the value of your car is the same in the dealer lot as it is in your driveway because depreciation is not a factor. In general, there is savings with lower insurance rates as well for used cars. Keep in mind that used cars are expensive to maintain and repair. Compared to new cars, it’s harder to find the exact used car you are looking for which can be frustrating.
There is not one answer about new vs used cars. Besides big picture things like price and maintenance, there is also a place for vanity and gut feeling.
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New vs Used. Which is for you? – CU Saves