So, you’ve decided that it’s time to buy a new car. Consider that step one, and it is complete. But, have you decided, or even considered, if that new vehicle will be a used car or a new one? With how well vehicles are made and how long they last, it’s not an easy decision, since there are pros and cons to both used vehicles and new cars. Whether you plan to purchase your next vehicle from a dealership or a private seller (if used), stick with us as we help weigh the ongoing battle of new vs. used.
When comparing a new car vs. a used one, there are many things to consider. For car buyers, a brand new car isn’t always better. That’s not to say that an old car is better; they are simply different and a car’s value can be subjective at times.
Let’s Compare
We like to keep things simple and fun around here; no need to waste time, after all, buying a vehicle is first, fast, and FFUN, so why shouldn’t the information we provide you be the same? Let’s kick it off by looking at the benefits and downsides of buying a new car.
The benefits of a brand-new vehicle go beyond that new car smell (if you like that smell). There’s the obvious peace of mind that you get from driving a new car, knowing it is reliable and if anything goes wrong, you have the manufacturer’s warranty to cover you. Let’s not forget that a new car will come with all of the latest and greatest features, including safety features and the latest technology.
When it comes to the actual purchasing of a new vehicle, often dealerships offer amazing incentives on brand new cars, and if you are taking out a new car loan to pay for it, on average, new cars have lower interest rates than an auto loan on a used vehicle. But, financing is all about your credit score. So, although the purchase price may be higher on a new car, having lower interest rates could make your monthly payments less than a used car loan.
Everything these days is advancing at rapid speed, and vehicles are no exception. One of the biggest advancements with new vehicles is their fuel efficiency of them. This doesn’t just apply to compact cars; SUVs are becoming incredibly fuel-efficient. This is, of course, when you compare like makes and models. For example, if you were to compare a brand new full-size pickup truck to an older Honda Civic, the Civic would win for fuel economy. But if you compared a new truck with the same truck, but older, there’s a good chance the new one will reign supreme with fuel.
The Cons of New Vehicles
There are always two sides to every coin (so the saying goes) and vehicle buying is no different. Buying a new vehicle is great, but one of the downsides is the higher car prices on brand new. The biggest downer about the higher prices is knowing you are probably paying depreciation costs, which the majority are within the first year of owning it. It doesn’t matter what you buy brand new in life; it doesn’t stay new forever, so even if you forgo the lower price of a used car and splurge on a brand new one, as soon as you drive it off the lot, that vehicle is now considered used. Not all is lost though, for eventually, you will most likely buy another vehicle and if you buy a new car that is known to have a good resale value, it can be used as a trade-in down the road.
Used Vehicles
If you’ve always been a fan of driving a brand new vehicle, you may want to think about altering your perspective; used vehicles are not what they used to be - they’re better. We know, there are a lot of really really bad cars out there, but not all used cars should be cast under the same umbrella. The reality is, there are loads of great pre-loved cars out there, especially when you’re looking at certified pre-owned vehicles. One of the obvious pros to buying a used car is the lower price. There will be those naysayers who comment on the no warranty issue, but depending on how old the vehicle is, it may still have some warranty coverage remaining. If not, and you’re buying from a reputable dealership like FFUN Cars, there’s the option of purchasing an extended warranty. Again, if buying from a dealership, ask for a vehicle history report such as CARFAX. By reviewing the report, you can get a better understanding of the years of ownership the previous owner had and any major issues and concerns. Think of a vehicle history report as a biography of the vehicle.
Unfortunate Cons of Used Cars
We’re big fans of used vehicles; why wouldn’t we be, it’s what we do. But, we will be the first to tell you that when you are buying a used vehicle and it’s not from us, and it’s from (say) a private seller, tread carefully. Obviously, a used car will have more wear than a new one - duh, it’s used! Not all used vehicles have the option of getting an additional warranty either, which some people want. To avoid any ridiculous costs down the road, prepare yourself as best you can so you aren’t shocked when things need repairing. You can start by looking at consumer reports to see if there are any common issues with the vehicle(s) you are considering.
Whether Used or New
Whether you are buying a used or new car, the car buying steps are still similar. To start, determine what type of vehicle will work for you and your lifestyle and then research them. Once you have narrowed it down, you can begin the fun part of actually shopping for a vehicle.
If you go with a used vehicle, we suggest taking it in for a pre-purchase inspection that way between that and the vehicle history report, you know everything about the vehicle. Always test-drive the vehicle before you buy it. We aren’t talking about going around the block; we mean a full test drive where you can get a feel for the vehicle. BTW, if you didn’t know, we offer 24-hour test drives.
Look at the total cost of ownership, including maintenance, repairs, insurance costs, fuel, and any taxes and fees that come with buying the vehicle. As easiest as it is to focus on monthly payments, pay attention to the total purchase price. Be wary of lenders as they try to get you by making you feel the deal is too good to be true. Speaking of lenders and paying, if you have a down payment, it can significantly lower your monthly payments. Trust us, it’s worth it to have one, or to use your current vehicle as a trade-in.
We shouldn’t have to say this, but we will. Take care of your car. If you’re good to it, it will be good to you.
We can’t sit here and tell you that a used car is better than a new one and vice versa. That’s up to you to decide. The great thing is, there are plenty of options, especially with used vehicles. Car buying doesn’t have to be difficult, people and traditional dealerships just make it that way. If you’re ready for a new way of buying a car, come try the new kid in town - us, FFUN Cars.
