Is it Better to Buy a New or Used Car?

A car purchase is a major decision for many people, and a big part of the decision is figuring out whether to buy a new or used car. Recently, used car prices have increased dramatically, encouraging many people to look at new cars. In addition, new cars tend to have lower maintenance costs, better features, and a longer lifespan than used cars.

Historically, used cars that were two years old cost about 75% of the price of a new car. Recently, however, this has jumped to 90%. This means that buying a used car can still save a person money, but not nearly as much as it used to. In addition, the increased value of used cars means that a buyer is more likely to get their money out of a new car when it is time to sell.

Buying a new car can save an owner a lot of money in maintenance costs. New cars typically come with good warranties, making them virtually maintenance free for the first several years of ownership. Even without a warranty, a new car will typically have several more years of lower maintenance costs than a used one. While some used cars have been well taken care of, the fact that someone else has used the first part of their lifespan typically means that a person buying a used car will have to start replacing parts on their vehicle sooner than they would have if they bought a used car.

New cars also tend to have better features than used cars. Every year car manufacturers add new features to their cars, improving everything from their comfort to their safety. By purchasing a new car, a customer will be able to pick out the features they want. When buying a used car, a customer often has to accept the features that the car comes with whether they want them or not.

Finally, with used car prices at record highs, many people who need to replace their vehicle are seeing this as a good time to treat themselves. Buying a new car can make good financial sense, and it lets a customer get exactly the car they want.

Posted in Auto Warranty, Car Buying Tips