Everyone that has bought at least one car in their lifetime has asked themselves whether it is better to purchase a new car or a used one. The main dilemma about it is whether it is worth spending much more money on a new vehicle or gambling with less money on a used car with potential malfunctions.
In this article, we will reveal the advantages and disadvantages of both new and used cars, so you know what to expect from each of them.
Pros of Buying a New Car
Purchasing a new car comes with many advantages, as long as a decent automobile company manufactures the featured car. Below we will mention some of the benefits of buying a new car.
You’re the First Owner
When buying a new car, you don’t have to worry about its past as you are the first owner. You don’t have to worry about whether a previous owner has had any accidents with the car or mistreated it in any way. It will come with only a few miles on the odometer, new tires and brakes and much more.
Get the Newest Technology
New cars come with the newest technology on the market, which is a very important feature as new technologies are constantly being introduced. The most important ones are the safety techs such as automatic emergency braking, lane-keeping assist and adaptive cruise control, which are very much needed.
New Cars Are More Fuel-Efficient
Automobile companies are improving the efficiency of their newly developed cars in terms of fuel- efficiency. You’ll find fewer V6 and V8 engines in today’s vehicles as better ones are replacing them in the newest editions.
You’ll Get a Full Warranty
Most new cars come with a full warranty agreement that covers everything but the powertrain for somewhere around 3 years. This new car warranty is included in the price, so you don’t have to pay extra funds.
Cons of Buying a New Car
Of course, we don’t want to just list the positives. You ought to know both sides of the story. Here are the biggest disadvantages of buying a new car.
They Can Be Super Expensive
Purchasing a brand-new car is the most expensive way of getting behind the wheel. The average price for buying a new vehicle goes around $37,000 while used cars have an average price of around $20,000.
More Expansive to Insure
New cars are typically more expensive to insure than used ones, especially if you want to include more types of coverage. Some leasing companies and lenders may also require you to carry gap insurance to cover the difference between what you owe and the car’s value.
You Have to Pay Lots of Sales Tax
When you buy your new car, you are also paying a tax on the entire value. This isn’t the case when purchasing a used vehicle, where the tax amount isn’t anywhere close to it, due to the lower price.
You Must Buy Them From a Dealer
New cars are only sold through car dealers, unlike the used ones which can be found from different sources. If your area features a small number of dealers, then your ability to strike a good deal is very much limited.
Advantages of Purchasing a Used Car
Often people prefer buying used over new cards. Let’s look at the benefits that come with buying a used car.
Buying a used car will save you a lot of money than purchasing a new one. You’ll get lower monthly payments when purchasing a previously owned car and you can avoid taking bank loans.
Its Value Won’t Drop Significantly
The moment you buy a new car, its value drops significantly as you drive it off from the dealer’s shop. That isn’t the case with used vehicles, as they will depreciate more slowly in the years that come.
You’ll Know What Problems to Avoid
After a car has been on the market for a few years, it will develop certain reliable information that you can use before buying a used car. You can explore reviews and rankings set by previous owners on the internet to decide which cars to avoid.
It Is Very Easy to Explore a Car’s History
Today, it is very easy to learn about a vehicle’s history by getting a car’s history report from a company that offers such services. This history report includes information on maintenance, the number of previous owners, the car’s title history, information about repairs and collisions, and much more.
Disadvantages of Purchasing a Used Car
All that is left now is to reveal some of the biggest disadvantages of buying a used car, which is shown below.
You Never Truly Know the Full History of the Vehicle
The vehicle history report is proving some very useful information, but they are still not perfect. Some of the things that may have happened very recently won’t appear in the history report.
You’re Purchase Someone Else’s Rejection
Most of the people that buy new cars instead of used ones do so to avoid someone else’s discard. Purchasing a used vehicle may come with all of the problems that the previous owner didn’t want to deal with in the first place.
No Warranty Coverage
Unlike new cars, used ones usually don’t come with any warranty coverage. You may pay less because of it, but in the long term, it may cause you to spend a lot of money on repairs.
You Can’t Be Picky When Buying a Used Car
Unless you wait a longer period or pay extra to find the perfect used car, it is very unlikely that you can locate one right out of the blue. You must compromise a little bit when looking at the mileage, car condition, trim level, and other features.