You’ve finally decided to buy your first car, but your question is Should you purchase a new or used one? Well, there’s no simple answer to this question, it highly depends on your preferences. When it comes to cars, there’s no one-fits-all vehicle. There are some reasons to choose new, and there are some reasons to choose used.
It all depends on the questions you ask yourself. But because this is the first vehicle you purchase, you may ask yourself the wrong questions. Will I look good in this car? Instead of wondering how you will look behind the wheel, you should rather ask yourself how much you can spend.
When making the new vs. used decision you must know the ups and downs each of them has. Here is everything you should know.
Why should you buy a new car first?
People state that buying a new vehicle carries an emotional appeal you don’t experience when you purchase used. You are proud because you are the first driver of a new, shiny vehicle. It has that new car smell that makes you feel wonderful.
All new cars come with a warranty and a service plan, so there’s no reason to worry. During the first years, the maintenance costs are minimum, and even if they break, the warranty has everything covered. You’re also covered by Lemon Law in a number states in the US. NJ Lemon Law will cover you in the first couple of years or 24,000 miles, with other states being pretty similar.
New models are packed with top-notch technology and feature the latest updates in safety. You can even customize them with extra safety features. Compared to the previous generations, new cars are safer because manufacturers have to comply with more regulations.
The latest models of cars are more eco-friendly so they generate lower fuel costs. They are issued with characteristics created to boost fuel efficiency and reduce carbon emissions.
If you didn’t save money for a car, you need to explore your financing options. New car buyers can pick from a wider range of financing solutions that don’t apply to used car buyers. You can also benefit from buyer’s assistance and preferential interest rates.
Because all manufacturers provide a warranty and a service plan for their cars, they also offer free road assistance. If you have a breakdown, they offer free towing service and even emergency medical assistance.
New cars are expensive and installments on a new model cost more than for a similar used model. You’ll also pay more to insure it.
State-of-art vehicles depreciate faster. We cannot tell exactly how much value your car will lose during the first years because it depends on the brand and model. The average car loses 10-40% of its initial value in the first year of use, and 40-70% in the following 5 ones.
Because the model is recently released on the market, it can encounter problems mechanics haven’t faced before. Even if your warranty will absorb the costs, you’ll still deal with the inconvenience of not being able to use the car long-term until someone understands what’s happening.
Why should you buy a used car first?
If you ask your friends, they’ll probably recommend buying a used car because you lack experience and you don’t want to break a brand-new one. Also, choosing a used one has its own advantages. It’s more affordable than the same new model, so you get the same quality but with spending less. Also, you don’t have to worry that you don’t have money to pay your pricey installments because you can save enough to pay up-front.
If you pick used, someone else pays the cost of the depreciation for you, and this is a great benefit when you have to work with a small budget. A lower price means lower or no installments. And where do you count that you buy a higher quality vehicle than you’d do if you’d purchase from the new car market? Even if some cars are new, they don’t feature the same extraordinary characteristics used ones have, at the same price.
Your used car experiences less depreciation because if you care for it and take it to service regularly, you’ll maintain its value. Chances are to recover a great part of your investment when you sell it.
Even if your budget is limited, you can choose from a wider array of models. Check the collection of used cars St Louis your local dealers offer and decide upon a model and brand you prefer. Then compare the quotes and pick the one that suits your needs.
Most people upgrade their new cars with fancy features, they don’t remove when they sell them. So you’ll get all those extras cheaper or even for free. You decide what features you’re interested in and how much you’re willing to pay for them. Don’t worry, there are so many used cars on sale you’ll definitely find one to match your search.
Some dealers offer the option of purchasing an extended warranty and service place even for used vehicles. They want to ensure they attract buyers and sell the cars fast, so they repair and upgrade them before listing them on sale.
Used cars are cheaper to replace so insurance providers offer cheaper policies.
You must ensure your used car wasn’t stolen from its rightful owner. When you buy from a reputable dealer, you don’t have to worry about this. But if you purchase it from an online directory where people list any used car they want, you may want to contact a company specialized in checking cars’ history. They can tell if the car you want to purchase has any risks attached to it.
Some used models have outdated features, so you should decide if you need one with the latest generation improvements. It’s important the one you choose to meet high safety standards.
You have fewer financing solutions for buying a used vehicle. Most of the time, you can choose from two options, you either pay upfront or you apply for an installment plan at a stock-standard interest rate.
Now you know the pros and cons used and new cars have. It’s your decision to make.