Pros and Cons of Buying New and Used
Purchasing a vehicle can be a hard decision. Deciding between a new or used vehicle can make it even harder. While there is no right or wrong when it comes to choosing, there are some pros and cons of buying both that you should be aware of.
Pros and Cons of Buying Used
There is nothing wrong with buying a used vehicle. In fact, a lot of people buy used vehicles that have less than 100,000 miles on them. This means you get many of the benefits of purchasing a newer car without the price tag. Used vehicles are great for individuals or families that may not want to have a monthly payment or that want to spend less overall. In addition, while new cars depreciate nearly 60 percent five years after you drive them off the lot, used vehicles have a better resale value, which means they tend to be the better return on investment. It is also worth noting that insurance premiums are often much lower on used vehicles.
Used cars do come with some cons, however. While you save money by often not having a monthly payment and having a lower purchase price, maintenance may end up costing you just as much or more than a new car. Also, unless you get the record of previous owners, you can never be sure that the parts of the vehicle are the original, which means decreased value and safety. To get the most out of your next purchase of a used vehicle, be sure to ask for the vehicle’s records. If the used vehicle has been in a crash, you will want to ask for the details and auto repair information.
New Vehicles – The Pros and Cons
If you have decided to buy a new vehicle right off the lot, you may be excited to own a car that has only ever been driven by you. While this is certainly a perk, there are other pros and cons that need to be addressed. New vehicles lose 11 percent of their value as soon as you drive them off the lot. This means the return on investment is measley. Coincidently, because the vehicle is new, there may end up being recalls that have not yet been discovered. While this is rare, it is something to consider when purchasing a new vehicle. You are also paying much more for a new vehicle and not just in the initial purchase price. If you are financing, you will be required to obtain full-coverage auto insurance for the length of financing. If you plan on doing monthly payments, you will also have to calculate the amount of interest you will be paying in addition to the purchase price.
It may all be worth it, though. New cars come with updated safety features which means you and your family can feel safe and confident on whatever journeys you decide to take. You can also be confident that you are getting a great car with amazing reliability and built-in maintenance. Many dealerships offer wonderful financing and lease options, which can make purchasing a new vehicle obtainable for even the family with the tightest of budgets.
Buying a new-to-you vehicle is always exciting. Whether you decide on a new or used vehicle, stop by Ressler Motors and let us help you find the perfect fit for your lifestyle.