A common dilemma that many car buyers face is whether to buy new or used. Although pre-owned vehicles are usually less expensive than newer models, there are many advantages to buying a new or used car. Let’s have a look, shall we?
Advantages of Buying a Used Car
It’s less costly
As we mentioned earlier, buying a used car typically costs less than purchasing a new vehicle. With lower used car costs, you typically get lower monthly car payments, and you may be able to get shorter financing terms.
It depreciates less
The second you drive a new car off the lot, its value depreciates. By purchasing used instead of new, the first owner absorbs most of the depreciation while you get a much lower-priced car that depreciates more slowly.
You can easily research the car’s history
Companies like Carfax.com or Autocheck.com make it much easier for used car buyers to check the car’s history. A vehicle history report can show you a car's title history, its record of maintenance, how many owners it has had, and information about collision and repairs.
Advantages of Buying a New Car
You’re the first owner
One of the great things about buying a new car is that you don’t have to worry about wear and tear, whether previous owners mistreated the vehicle, were involved in accidents, or failed to do routine maintenance.
Less investigative work
Rather than researching the car’s history (since there is none), you can spend your time researching the type of car you want.
The latest technology and features
Another advantage of buying a new car is that it can come with the latest technology and features such as a heated steering wheel, push-button start, adaptive cruise control, and Apple Play/Android Auto.
If you’re in the market to purchase a vehicle and need help getting approved for financing, a car dealership enrolled in the Credit Acceptance program can help. Simply fill out the form on our website and we’ll connect you with a car dealership near you that can help you start your credit approval today!