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New VS Used Cars – Everything You Should Know before buying

When you’re in the market for a new vehicle, you need patience and knowledge. A used vehicle is generally a lot easier on your wallet compared to a brand-new vehicle. With a new vehicle you get the peace of mind of knowing you’re the only owner. Let’s examine the pros and cons of which vehicle would be best for you.

Advantages of Buying a Used Car

Other than the obvious financial savings of buying a used car, there are a lot of other advantages that come along with it.

Often you can find a later model vehicle for almost half the cost of the original price. You can use tons of online tools to find a used vehicle with a clean title, low kilometers, and in tip top shape. If you buy a used vehicle through a Certified Pre-owned program, they often come with strong warranty packages.

Also, with today’s markets, the price of a used vehicle has skyrocketed. Usually in a couple years you can resell the vehicle for almost the same price you bought it for. Unlike a brand-new vehicle that depreciates, at least you can make most of your money back if not more on your purchase.

Disadvantages of Buying a Used Car

Although buying a used vehicle does not seem so bad, there still are some disadvantages to buying one.

The biggest issue people usually worry about is the vehicles’ reliability. Depending on the vehicle, even after purchase, you may have to put more money into repairs for the vehicle. Most times these repairs just include regular long term maintenance issues, however, sometimes can be major. Its almost like the lottery, but if you do your research and source out a vehicle that fits the criteria of good buy, generally it is worth it.

Other than that, it may be harder to find the vehicle you’re looking for. You may have to compromise on things likes the color, features and options.

Advantages of Buying a New Car

Although sometimes buying a brand-new car can become costly, it also has its advantages.

When buying a new vehicle, generally you don’t have to worry about the car having any issues. The car is perfect. Sometimes there is the odd one out that may need to be taken back to the dealership, and when this occurs often the dealership covers the cost of any repairs.

Usually, dealerships have many more financing options when buying a brand-new car. The buying options most of the time have better interest rates, and to close the deal, the dealership usually throws in incentives such as winter tires, or floor mats.

With newer vehicles the most obvious advantage is the technology. Automakers are getting more and more innovative with every new release they have. So, with a brand-new vehicle you’ll have the latest tech to make your driving experience that much more convenient.

Disadvantages of Buying a New Car

The biggest disadvantage of buying a new vehicle is you lose money the second you drive off the lot.

The depreciation from buying a new vehicle is one of the biggest reasons that turn buyers away from purchasing a new vehicle.

Other than the depreciation, newer vehicles generally come with higher insurance costs due to higher replacement values.

Best Option for You

When buying a used vehicle, there are some risk factors. However, you can minimize these risks by doing your research.

When buying a brand-new vehicle, the only issue you will really face is financial.

Reach out to a consultant with 401Auto to help you make that decision. Or apply now to get approved today, irrespective of your credit score!