We must make important decisions at different moments in our lives and getting a vehicle is one of those decisions. However, an even tougher decision is deciding whether you should get a brand-new car or a used one.
You begin to ask yourself: “What type of car will fit my financial budget?”; “What brand or car model will offer me the best value for my money?; “Will a brand-new car be more reliable than a used one?”
The plethora of dilemmas we can go through in making such a seemingly “plain” decision can be tasking. That is why, in this article, we shall briefly compare used and new vehicles and what will ultimately be right for you.
New or Used Car: Which One Should I Get?
As we mentioned earlier, buying a vehicle may be a tricky one as a bunch of factors significantly tilt your conclusion either one way or the other. For instance, the State of Automotive Finance Market projects that driving a new car may cost around $700 monthly, while driving a used vehicle may hover around $525 monthly. Car costs and many other factors may eventually steer you toward your choice of car. Some of these factors include:
1. Warranty
Warranties are no-brainers for most people that are desirous of getting a car. Therefore, getting a brand-new vehicle in this context will be highly preferred over a used car, as these warranties aid the car owner in taking care of some of the repairs that may be required by the vehicle, and for a specific period too. Some warranties cover the vehicle for as long as two years.
Used cars dim in this regard, as most used cars demand repairs that warranties may not cover. Although, if you’re intent on getting a used car, it is possible to get cars that are termed “certified pre-owned cars” (CPO). These cars have been inspected by the manufacturer and subsequently resold. Some of these cars may come with a warranty.
2. Price
Another major factor when getting either new or used cars is the price tag attached to either automobile category. New cars are more expensive than used cars for many reasons. New cars may also appeal to certain people because many car dealers now offer mouth-watering financing options, including low-interest rates or even zero-interest financial loans.
With used cars, however, you will not find zero-interest financial loans. Although, you may still get considerably attractive loans from your local banks.
3. Insurance
The insurance rates on new cars are usually higher than rates on used cars, primarily because replacing a used one is not as expensive as replacing a new one. Also, the auto parts of newer vehicles tend to cost way more than older used models.
4. Technology
The latest technological offerings are common features of new cars. With the latest technology, you can easily connect your smartphone, enjoy music and even find your way around your city with the in-built GPS. When used cars are compared to brand-new cars in this respect, you find out that some of these old models don’t necessarily have some of these features, except in cases where such a used car is a “nearly new” car.
“Nearly new” cars are under a year old, with 5,000 or fewer miles under them. These cars are also known as “ex-demo” cars, as this category encompasses those cars used by a dealership as a “demonstrator.” These cars were used to attract potential customers or were used for commuting duties by the staff of the dealership. In most cases, these cars are fitted with the latest options and features.
5. Depreciation
New cars depreciate quicker, as against used cars. New cars may depreciate significantly –about 20%– after the first year of purchase. However, it should be noted that this depreciation rate is hinged on the make and model of the car. Used cars, on the other hand, have a slow depreciation rate, in line with the make and model of the car.
Should You Buy a New or Used Car?
In conclusion, a new car may be your pick if you are more concerned about new features, warranty, and zero mileage. If your priorities, on the other hand, hover around getting good value on a budget, a used car may be your go-to option.
In either case, ensure that you are financially capable of handling the payment and maintenance of the vehicle you settle on. A rule of thumb is that you should be able to repay your car loans entirely within the first three years of getting a vehicle. To get more information about top vehicle tips and deals, quickly head over to https://dyler.com/. At Dyler, you’re sure to get the best value for your money with their vast selection of vehicles.
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