Should I Buy a New or Used Car?
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!