For some, the car buying process can raise many questions but the one that typically comes first to mind is "Should you buy a new or used car?"
Price is usually the driving factor in relation to the above question yet other aspects should be considered before making your final decision. In order to help you to arrive at a clear choice, here are some advantages and benefits that can make the case for buying a new or used car.
Advantages of Buying a New Car
Safety. With government regulations on the automobile industry that are constantly evolving along with safety laws becoming more stringent, car manufacturers are required to ensure that the latest vehicles being built are fully compliant. There is the added benefit of new technologies being offered such as adaptive cruise control, navigation interfaces and blind-spot monitoring systems which are available on newer model cars.
Improved Fuel Efficiency. Many car manufactures are focused on making vehicles that not only are more fuel efficient but are lower in emissions. A highly fuel efficient vehicle can translate to considerable savings at the pump. The latest diesel cars are cleaner than ever before while hybrid concept cars are gaining in popularity.
Financing. If you can't afford to buy a new car in cash, dealers are more than willing to offer low financing rates to those who qualify. When it comes to purchasing from a dealer, it's important to negotiate based on the total purchase price of the car and not from the viewpoint of a monthly payment.
Warranty. Buying a new car comes with new warranty coverage directly from the car manufacturer. The coverage may vary depending on the manufacturer but knowing that a new car comes with a clean driving history and is under warranty from the moment you buy is certainly reassuring.
Made to Order. Once you've decided on the brand and/or make of the car, getting a dealer to find the vehicle according to the exact specifications you want becomes the easy part. You won't need to spend time contacting multiple dealers or private sellers in order to get the car with specs that matter to you.
Advantages of Buying a Used Car
Depreciation. It's known that new cars can lose 40% or more of their value within the first year and even more with each passing month and mile. Buying used helps you to avoid a large ownership cost associated with depreciating value.
Insurance Rates. Insurance rates are in part calculated based on the age of the car. In many cases, a used vehicle tends to be less expensive to have it insured.
Extended Warranties. If you prefer to purchase a used car but want to protect yourself from repair costs on major parts, then purchasing extended warranty coverage is an option. There are several providers nationwide that offer extended warranties on used vehicles. Compare each company and what they offer in order to find the most suitable coverage at an affordable price.
Price. The main advantage of buying used is that a used car is less expensive. As well, buying used can allow you to purchase a nicer model car that you otherwise may not be able to afford brand new.
Ways to Protect Yourself. With the advent of Carfax, you now have the ability to verify the history of a vehicle simply by using the car's Vehicle Identification Number (VIN). This report can help you to determine if a car's odometer has been rolled back, whether there is a lien or identify any other discrepancies that the potential seller may not have immediately disclosed.
Buying a car, whether new or used is a significant financial commitment. Carefully weigh your options in advance in order to make the choice that not only meets your budget but your personal preferences as well.