One of the toughest decisions you may face when you’re in the market to buy a vehicle is whether to choose a new or used one.
Although prices of used cars plummeted in April, that doesn’t necessarily mean that buying a previously owned vehicle may be the right choice for you.
Each side of the debate comes with its own benefits and downsides. Here’s a look at the good and bad points of buying a new versus used car to help you weigh your options.
Pros of Buying a New Car
Few aromas can beat that new car smell, but of course, that’s not the only reason to choose a new vehicle over a used one. Here’s a list of the benefits of buying new:
No Previous Owners
One of the best things about buying a new car is that you don’t need to wonder or worry about how it was treated previously as you’re the first person to take ownership of it. On that note, a new car hasn’t been involved in any accidents.
This also means you get to customize your vehicle with any accessories or detailing services of your choosing.
Factory Condition
As it just came off a factory line and has very few miles on it, a new vehicle is likely to be in perfect working condition. Reliability usually isn’t something you need to worry about when purchasing a new car.
You can expect a new car’s paint job to be shiny and flawless as well, while the interior is pristine. It hasn’t been soiled by a previous owner, passengers, or any pets.
The Latest Features
Auto manufacturers strive to improve safety features, technology, and gas mileage each time a model gets a makeover. When you opt to purchase a new car over a used one, you’re getting greater access to the latest convenience and safety features and technology. Depending on how old a used car is, it’s less likely to offer as much.
Better Warranty Coverage
New vehicles tend to come with longer and better warranty coverage including a standard factory warranty that doesn’t add anything to the purchase price. You may also have a better selection of extended warranties to choose from if you plan on keeping the vehicle for a long time
Better Deals and Financing Options
You can often score a great deal on a new vehicle, especially if the dealer needs to clear the previous year’s inventory to make room for the new models. Low- or no-interest financing is also often readily available on new cars, particularly if you have good credit.
Downsides of Buying a New Car
There are a few cons to buying a new vehicle to keep in mind:
Price
Perhaps the biggest strike against a new car is that it’s going to cost you more versus buying the same make and model used.
Only Available at Dealerships
Brand new vehicles are only available through dealerships, not private owners. You may not be able to negotiate a cheaper price on a new car that’s in short supply or high demand.
Pros of Buying a Used Car
If saving money is important to you, then you may love buying a used car for these reasons:
Less Expensive
A used vehicle is always going to cost less than a brand new make and model from the same year, even if it has low mileage on it. Cars tend to depreciate in value pretty quickly, so you can definitely save money if you find a used version of your ideal vehicle.
Keep in mind, however, that although you may be saving money on the purchase price of the vehicle that it may need repairs and maintenance due to age.
Smaller Loan
Because used cars are cheaper, your car loan is likely to be smaller.
Reliability Record
There’s no way of telling what reliability problems will plague a brand new car model that’s just been introduced to the market. But older models have developed a reliability record from being on the road for a while and may actually be a less risky purchase.
Study the reliability reports of various makes and models that have been around for a while to find a used car that is less likely to give you problems down the road.
Downsides of Buying a Used Car
There are disadvantages to buying a used car compared to buying a new one.
Reliability Issues
The biggest risk when buying a used vehicle is that older cars tend to have reliability issues, even if they were regularly maintained.
You can decrease this risk by choosing a certified pre-owned vehicle. These vehicles have passed an inspection as specified by the manufacturer. They may also come with an extended warranty and other perks.
Buying a certified pre-owned vehicle from a dealer is usually a safer bet than purchasing a car from a private owner, unless you know the seller personally and that they cared for the vehicle properly.
Risk of Costlier Maintenance and Repairs
The older the car, the pricier some scheduled routine maintenance can get, especially when certain odometer milestones are met. Even if the car was maintained according to schedule by its previous owner, there is a chance that some parts may stop functioning with age and will need to be replaced.
You’ll Need to Research Its History
Even if a used vehicle appears to be in great shape, you’ll still need to research its VIN to uncover any accidents it was involved in. But even knowing a car’s history still won’t tell you how aggressively it was driven. Certain driving behaviors can put wear and tear on a vehicle’s parts, causing them to be replaced more often.
Buying a New Versus Used Car: Which Is Right for You?
As you can see, there’s no easy answer to the new versus used car debate. You need to take into consideration how long you plan on keeping the vehicle, how you plan to pay for it, and if you’re OK with paying for unexpected repairs.
Here at Homer Skelton Chrysler Dodge Jeep Ram, we always have a great selection or both new and used vehicles. If you still haven’t decided which option is best for you, start with a search of our new vehicle inventory.
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