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Should I Buy a New or Used Car?

The decision to buy a new or used car is often determined by the car buyer’s budget, but that’s not always the case. Just because you can afford a brand new car it doesn’t mean that you should buy a new car. Sure they are some perks to buying a car that is brand new such as being the only owner, knowing how it was maintained, not concerned about it having been abused or if it was problematic and of course lets not forget about that new car smell.

Buy New or Used CarIf you are trying to decide if you should buy a new or used car you should also know that there are also some great advantages to buying a few year old model that has been inspected, service and maintained properly. Obviously one advantage of buying a used car is the price. The original new car depreciation will have been paid for by the original owner, which can be as high as 20% to 30%, however there are many variables that go into calculating the value of a good used car. When it comes to used car values, it’s only as worth as much as some one will pay.

One option you might consider if you are not quite sure whether you should buy a new or used car is a factory certified pre-owned vehicle. These vehicles are only available from a car dealerships that sells and services the same brand vehicle because the vehicle is inspected, repaired and serviced according to manufacturer standards because the manufacturer is gong to warranty the vehicle for an extended period often up to 100,000 miles.

New or Used Car and Budget

Some other things to consider when you are trying to determine if buying a new or used car is right for you is the method of payment. If you are paying cash the price may be the only consideration, but if you need to finance your purchase you will usually find that used and certified interest rates are higher than new car finance rates. Often times you can get new car rates as low as 0% or at least close for 60 months. When you finance a used car you could end up paying 4 to 5 percentage points higher interest and that depends on your credit score.Most Reliable Used Cars to Buy

Longevity, durability and reliability is a genuine concern when you buy a new car or a used car so you also to want to clearly understand the warranty that is included with your new or used car. Make sure you understand what is covered, what isn’t covered and what options you may have to purchase an additional warranty if you so desire. Automobiles today have numerous electrical systems that can be very costly to repair when there is a problem. The days of fixing almost anything on your car in your own garage is now a distant memory. Today you need training, diagnostic test equipment and special tools for even the simplest problem.

You can have problems with a car whether buy a new car or a used car, but who pays for the problems and the repairs is a serious consideration today. You need to make the decision to buy need or used vehicle based on your own personal situation, usage and budget. Do the homework, research and follow the advice in this car buying guide and you do fine when it comes to buying a car whether it’s new or used.


Car Research and Pricing at Edmunds.com
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