Buying a car is one of the most expensive decisions you’ll ever make in your life, so you’ll need to give it some careful thought before heading out to the dealership. You’ll want to make sure that your chosen model serves its purpose of taking you where you want to go with little or no hassles. You also need to consider how you’ll pay for it—do you pay all in cash or need an auto loan to cover the balance? Plus, you’ll need to pay for other essentials such as insurance and maintenance costs.
Besides money issues, you’ll also need to decide which brand and make fits you and your lifestyle. Do you go for an SUV, a pickup, or a luxury car? Even more baffling is whether you desire a brand-new model or a used car in excellent condition.
In choosing to buy new or pre-owned, you’ll need to consider a few things. It can be a complicated process, which is why it’s important to take a look under the hood and decipher which one’s better: a shiny new car or a set of pre-owned wheels.
Read on below to compare and contrast new and certified used cars to help you reach a decision.
Certified Pre-Owned Vehicle
Buying used can save you thousands of dollars, but it can come with added risks, such as costly repairs and replacements in the future. Getting certified, pre-owned Honda vehicles, for example, may eliminate these worries by giving you a well-maintained and low mileage car that costs less than a new model.
- Provides Warranty
A certified pre-owned (CPO) vehicle program also issues a vehicle warranty. Depending on the type of the certified pre-owned program and the manufacturer, they can either extend the original warranty or include unlimited mileage coverage. A tip is to compare details and examine the warranty papers before signing.
- Includes Upgrades
While certified pre-owned cars are more expensive than other used cars, these additions often include upgrades such as new tires, brake pads, and repairs after an initial inspection. These benefit you in the long run, as you are assured that the car is road-worthy in all aspects.
- Thoroughly Inspected
One thing that sets apart pre-owned cars is that it’s been inspected and certified by a mechanic. You can drive away knowing that safety mechanisms and significant electrical and mechanical components have been checked, and they can take you farther than a test drive.
- Financing Options
Used cars can also give you better rates when you obtain an auto loan. Since it is less expensive than a new model, you may even qualify for a short-term loan and pay it off sooner.
- Manufacturer-Backed Maintenance
Their manufacturers maintain pre-owned vehicles, so you’re not confined to doing maintenance jobs with your dealer. You can receive assistance from any authorized dealer. This also assures you that you get the same service and features as CPO programs are the same wherever you go.
While a CPO sounds good because it’s inspected and certified, the bottom line is that it’s still a used car. You can still expect some issues in the future. Besides, you might even need to spend some time hunting for the color or features you want in your next ride.
Shiny New Model
You can even consider the latest model and enjoy the following advantages:
- It’s Brand-New
What more is there to say? It’s flawless and even has that fresh leather smell that fills your nostrils with the scent of car heaven. You can enjoy its perfect condition for the first two to three years without worrying about costly repairs or a major overhaul.
- Latest Features
You know it’s one sweet ride with all the good stuff: shiny paint, impeccable interior, and efficiency under the hood. You may also enjoy the latest technology such as automatic emergency braking, a driver-assist system, a 360-degree camera, a video rearview mirror, and wireless smartphone charging and connectivity.
- Covered With Warranty
CPO vehicles and new cars share this same feature, ensuring you’re covered for the next few years. Plus, you’re protected by lemon laws that warrant the manufacturer’s replacement, should your new car show safety or mechanical defects.
The major bummer with a new car is that it can depreciate when you drive away from the dealership. You won’t be able to sell it for as much as you paid for, and its performance may not be guaranteed. There is also the possibility of dealers changing several features when these are found defective that you might end up not having the required spare parts in case of repair.
Certified pre-owned cars and new models have their advantages and disadvantages. Considering these two options, you’ll need to consider the financing options available to you, applicable warranties, future maintenance, and expenses. Ultimately, it all boils down to what you want and can afford to pay now and in the following years to come.