Before purchasing a car, every buyer has to decide between opting for a brand new car or a used model. There are pros and cons for both options, so it’s important to weigh them both carefully before making a final choice. To help with the decision making process, take a look at some of the pros and cons of buying a used car.
- Buying a used car is cheaper.
Price is usually what motivates people to buy a used car in the first place. Because you are not buying a brand new model, used cars are sold at a cheaper price than if you were to purchase it brand new at the dealership. This saves you money that you can spend on other important necessities.
- Your insurance premium is lower.
Used cars are priced at a lower value than new cars, which means they usually cost far less to insure. For new drivers and those with a history of accidents, this is a big plus because insurance rates run higher for these groups compared to other demographics.
- You’ll pay off loans sooner.
Compared to new cars, used-vehicle loans are shorter and quicker to pay off. You’ll be an official car owner sooner, and will have more time and energy to devote to other important items on your to-do list.
- You may pay for costly repairs.
While it is true that the quality of used vehicles has gone up as the quality of vehicles put out by automotive companies has risen, buying a used car is still riskier than purchasing a car that has never been driven off the lot. A car might look perfect on the outside, but have a variety of issues underneath the hood. These repairs can ramp up what you actually end up spending on the vehicle, making it almost as expensive as buying brand new. Make sure to request a vehicle history report before making the deal final, but even then you may not get a full picture of the car’s current state.
- The car may not come with a warranty.
Depending on how old the vehicle you’re looking at is, it may not be covered by the manufacturer’s warranty. This means repairs and maintenance checks won’t be covered and will have to be paid for you by you. Most new cars, however, come with a warranty that provides protection against any unexpected mechanical issues that may arise when driving your car.
- You have limited options.
In the new car market, you have all your options at your disposal simply due to the size of the market. You’ll like find the size, color, and interior you want, especially since most dealerships let you customize your car. You lose that freedom in the used car market, especially when considering how much smaller the market is.
Keep these tips in mind when shopping around for either a brand new or used vehicle. Remember to make the best decision for you and your unique needs.