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New vs. Used Cars: Pros and Cons

Posted in Buying a Car
September 10th 2015 by
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Buying a car is exciting! Going to the lot, looking at your options, and going on test drives are all part of the experience.  You’ll also be faced with a lot of choices.

One choice you’ll need to make right off the bat is whether you want a new or used car. Weigh the pros and cons in order to determine the best choice for yourself.

Pros: New Car

  • You will be covered by the manufacturer’s warranty, which will cover almost everything.
  • You will be able to take advantage of the latest safety and convenience features, and most new cars come with at least some level of roadside assistance.
  • There will be fewer repairs that need to be made to a new car and you do not need to worry about previous repairs and handling.

Cons: New Car

  • It costs significantly more to purchase a new car than a used car.
  • Insurance rates are usually much higher than used cars.
  • The value of the car is lessened when it’s bought, locking you into long-term ownership. High-end cars with full features are especially prone to depreciation as soon as they’re driven off the lot.

Pros: Used Car

  • These cars are cheaper and more easily affordable.
  • Besides general insurance rates being lower, you can also expect lower theft and comprehensive insurance rates.
  • You may be able to buy a more expensive, luxury model of a car for the same price as no-frills version brand new.

Cons: Used Car

  • You may have to deal with higher maintenance costs because of the age of the car and prior wear and tear with the previous owner.
  • Warranty coverage will not last as long and will most likely not be as robust.
  • You may not be aware of the complete maintenance and repair history, making your ownership more difficult. You can get a report of the vehicle’s history, but it may not be 100% accurate.

 

Determine what you can afford with this finance quiz to help you make the choice between a used or new car. Having a price range will help you narrow down your options and make the right choice for you!


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