What To Know When Buying a New vs Used Car

Updated on June 13, 2023
What To Know When Buying a New vs Used Car

The age-old question of whether you should buy a new or used car is one that never gets any easier. There’s a lot to consider, and there’s always the fear that you’ll be getting the raw end of the deal no matter what. If you’re making this decision right now, you’re probably torn between the two. This article will tell you what to know when buying a new vs used car so you can make the right choice for your lifestyle.

Pros of Getting a New Car

The first and most obvious benefit of buying a new car is the fact that it is fresh off the factory line with very few miles on it. The price is also something to consider, as you know exactly how much the car is worth by researching the invoice pricing here, and you can haggle down from there. Your new car will also have all the newest features in terms of safety and technology. New cars also tend to have better financing options that can make your monthly payments easy to manage.

Cons of Getting a New Car

This is important to know when buying a new or used car: a new car will lose value the moment you drive it off the lot. You won’t ever be able to recoup the full cost of a new car. Another thing to consider is that your car insurance will be more expensive, as the cost to replace parts of a new car is much higher than replacing parts in an older car.

Pros of Getting a Used Car

The amount that you’ll pay up-front is the biggest factor to think about if you want to get a used car, since the price will be much lower than a new one. Also, replacement parts are often easier to find for slightly older models compared to brand-new ones. And you can trust cars with higher mileage to continue their track record of reliability even as you add on more miles. You can also sell a good used car later for much less of a loss. If you’d like to buy a used vehicle, consider applying for used car finance.

Cons of Getting a Used Car

A used car will most likely need more frequent repairs than a new car. Unless you do an extensive background check, there’s no way to know for sure about the car’s history. Also, you won’t get to pick the exact aesthetics you would like; you’re stuck with the model, color, and features you find.