When it comes to making a car buying decision, there are many options to consider: make, model, features, seating and safety, color, etc.
But first and foremost is whether you should purchase a brand new vehicle or buy a used one?
There are pros and cons to both options. Determining which is best for you is dependent on your unique needs, budget and preferences. Below are several issues that you should consider:
New Vehicle Pros
- Lower interest rate
- Less maintenance/repairs needed
- Excellent warranties
- Roadside assistance service often available
New Vehicle Cons
- More expensive
- Depreciation (According to TrustedChoice.com, a new car depreciates in value by 11 percent just by driving it off the lot for the first time as a new owner.)
- Higher sales tax than a used car
- Additional dealership fees
Used Vehicle Pros
- Lower insurance
- Some warranties can be transferred
- Some manufactured warranties can be purchased
Used Vehicle Cons
- Lack of most recent safety features
- Early maintenance issues could arise
- The latest gadgets are not available
- Lack of “peace of mind”
To read more details to help make your decision on buying new or used, read this article.