For most car consumers, the first question they ask themselves is: Should I buy new or pre-owned? Both have their advantages and disadvantages. Consider these pros and cons when you’re trying to decide:
- Just how you like it
For the most part, new cars can be customized to fit your every requirement, from the color, to the drive-train, and any luxury features you desire. And if a dealer doesn’t have the specific vehicle you want, you always have the option of building your own.
- It’s brand new
Well, this is an obvious one. But the fact that it’s brand new means that you don’t have to worry about any previous accidents or wear and tear that might come with a pre-owned vehicle.
Most every car manufacturer is in a battle to have the most fuel-efficient, safe, and high-tech vehicle out there. So every year, MPG’s are higher, safety ratings are higher, and there are more advanced gadgets.
Banks tend to offer better financing rates on new vehicles because they are generally worth more since they haven’t yet been hit by depreciation.
A used car is generally going to be less expensive. The relative advantage of the used-car price can also allow a buyer to step up to a nicer model.
Cars lose value with each passing month and mile, but the steepest decline happens right away; some models can lose 40 percent or more of their value in the first year. With a used car, there’s no depreciation hit the second you roll off the lot. There’s also less mental depreciation, no need to worry about the first parking-lot ding or rock chip in the paint because chances are the car’s previous owner or owners took care of those for you.
- Insurance Rates
Like financing, insurance rates will be affected by the age of a car, but in this case the used vehicle tends to be less expensive. A little bit of pre-purchase research will save you from insurance sticker shock, no matter which vehicle you choose.
Although you obviously can’t build a used car to order, maybe you want a model, option package, or even wheel design that’s no longer made. This wider selection can add to the length of the search, but perfection and satisfaction rarely come easily.
Once you’ve made your decision, call your local dealer and schedule a test drive!