Deciding whether to buy a new or used car comes down to many factors and is a very personal decision based on an individual’s finances and needs. Some important factors to consider include the cost,
available financing deals, current interest rates, depreciation, insurance costs, and mileage.
Below, we discuss some of the advantages and disadvantages of buying new or used cars to help you decide.
Advantages of Buying a New Car
There’s no denying the curb appeal of a brand-new car, from that new-car smell to the shiny paint,
the clean interior, and the “oohs” and “aahs” when your friends see it for the first time.
In our consumer culture, a new car is an undeniable status symbol that lets the world know you’ve arrived (literally). Cosmetics aside, a new car also has some other advantages.
Reliability and warranty protection. Most new cars have good reliability records, and if anything goes wrong, it’s probably covered by the manufacturer’s warranty.
Buying new also means you don’t need to be concerned about how the vehicle was treated before you bought it.
Free roadside assistance. Many new cars come with roadside assistance. This can save you the cost of paying for coverage on your own or being stuck with a towing bill if your car breaks down.
The latest features. New cars will likely meet the latest fuel efficiency standards and have the most up-to-date safety features.
Attractive financing deals. Many carmakers and dealers offer financing programs with low or no interest if you have good credit. That can make it less expensive to finance a new car than a used one.