Should You Buy a New or a Used Car

The thrill of buying a new car isn’t easy to resist. You can feel the wind in your hair, hear the roar of the engine roaring under the hood. New cars are usually outfitted with the latest technology. So why doesn’t everyone buy a brand-new car when they’re in the market?

Well, it turns out that there are a lot of reasons. You can often save a lot of money without sacrificing style or comfort when you buy used.

Are you in the market for a vehicle? Here are a few things to consider.

Total Cost

The main benefit to buying a used car is the reduced cost. These vehicles can be significantly cheaper than their brand-new counterparts. When you’re comparing options at the dealerships, look at the total cost rather than the monthly payments. That’s what matters.

There are other factors involved. For example, your insurance rate will vary depending on the total cost of your car. If you’ve been involved in an at-fault accident within the last few years, insuring a flashy new vehicle will cost more. Many people, even good drivers, get into accidents. According to information found at https://handlaw.com/co/denver-hit-and-run-lawyer/: “Third, minor hit and runs are more common than most people think. Leaving the scene of a parking lot fender bender is a serious charge, but it is not always the moral failure that prosecutors make it out to be. The fact is, people respond differently to stress and panic.”

If you’re an experienced driver with a good driving history, your insurance costs should be reasonable. Yet, there are other costs to consider. Is the car easy to repair? An older car may be discontinued, meaning it will be harder to find parts for repair.

 

Style

Let’s say you’re in love with a particular style or model. If that’s the case, you may not have a lot of options. Many drivers appreciate the look and feel of old muscle cars, for example. Obviously, if this is what you want, you have to buy a used car. However, you may not save much money. Classic cars can be very expensive.

If you’re not very picky about style, you have more options.

 

Upgrades

Drivers who need specific upgrades may have to stick with a new car. If you can wait a year or two, you can save a big chunk of money by purchasing a slightly older model.

New cars are often stuffed with high-end upgrades. That’s part of the reason why they’re so expensive.

 

Depreciation

The value of your new car will tank the moment you drive it off of the lot. There’s a huge depreciation cost. If you purchase a used car instead, that cost has already been paid by someone else.

In fact, cars depreciate so much during the first year that you should have a very compelling reason why that’s worth it to you.

 

Maintenance

If you buy a new car, it likely comes with several warranties. All of the parts are brand-new and in perfect condition. This means that you shouldn’t have trouble with the car for a long time.

It’s an entirely different story when you buy a used vehicle. You don’t know what you’re getting unless you take the car to a mechanic. Even then, older cars are more likely to develop problems and they can be harder to fix.

 

Trade-In

Do you have good credit or a strong trade-in? Then you shouldn’t have too much trouble getting a loan for a new car. However, if you do not have a trade-in vehicle, you’ll need a large down payment instead if your credit score is poor.

Lenders are more likely to approve credit-challenged drivers for used vehicles. These are more affordable.

 

Emotion

Try to avoid emotional thinking as much as you can. People are often very attached to their cars, yet they’re still just appliances. You’ll do better if you think with your head. So, don’t ignore it if you feel a connection to a particular car. Just remember that that’s not the only important factor.

Your emotions may sway you toward getting a new or a used vehicle. You might be biased toward newer vehicles. Try not to run away with the feeling before you vet it.

Americans are drivers. There are only a few cities in the country where more people get around with public transportation than by driving. The question of what kind of car to get is quite common.

 

 

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