The Top Advantages and Disadvantages of New Cars and Used Cars: What You should Know

Buying a car is a big deal for many of us, and this is particularly true if it’s your first time buying one. But regardless of your reasons for buying a car, it follows that you should make the right decision. It’s a decision which will have an impact on your life for the next few years, after all, and it bears some careful consideration. All that being said, what does it take to make the proper decision when it comes to buying a vehicle? For many people wanting to buy a car, there is one foremost thought: should they go for a new vehicle or a pre-owned or used vehicle? Granted, each has its advantages (and disadvantages), so it pays for you to know what these are so you can make the best decision in the end. Here’s what you should know about the top advantages and disadvantages of new and used cars.

New cars: the advantages

Of course, when you get a new car, you will have a warranty; this is already a given. Most new vehicles will also require very little with regard to repairs in the next few years. Many dealers may also give you a good financing package with lower interest for new cars. Obviously, a new car will come with the best and latest features and technology as well, and you can take advantage of lower emissions and better mileage on gas too. You can even opt for a hybrid so you can reduce your transport expenses every month.

New cars: the disadvantages

One of the most significant disadvantages of new vehicles is that you will lose money on the car’s value once you drive it away from the car lot. The depreciation on new cars is greater than on used cars, especially during the first two to three years. This means that you are essentially 'throwing away' a few thousand dollars which you won't ever get back. One other disadvantage to new cars is that if you purchase a model that is brand new, the manufacturer may switch the car's engines or change the design, and the model of the car may end up having problems or issues.  But if you purchase a used vehicle, whatever problems it may have had in the beginning will already have been resolved.

Used cars: the advantages

When you buy a used car, one of the greatest advantages is the fact that you don't have to worry or be too concerned about depreciation. It has already depreciated under the previous owner, and if you choose to do so, you may even sell it at almost the same amount you purchased it for. Used cars also come with good options for financing depending on the dealer and local banks as well as credit unions. Of course, the biggest advantage of used cars is that they will be lower in price than new cars – and you can more easily save up for a used car and pay in cash. Also, if you choose a good model, you may be able to get a lower insurance rate with a used vehicle compared to a new vehicle.

Used cars: the disadvantages

With some used cars, reliability may be an issue, especially on older models. You may also have to consider repairs more often. But there is a solution for this: you can opt for a pre-owned or certified vehicle, which comes with careful inspections and thorough checks, such as the used cars in Evanston WY from Rocky Mountain Yeti Evanston. Here's other good news as well: since technology is better nowadays, most used cars will be built to run up to a hundred thousand miles and until they are a decade old, so if you buy a vehicle that's about two to three years old, you can use it without any significant repairs and still sell it for a reasonable price in five years.