Should You Buy A New Car Or A Used One?
A debate that constantly pops up among first-time car buyers is whether to buy new or used. There are advantages and disadvantages to both options. In this article, we will lay out the facts that hopefully help you decide what to go for.
Cars have a functional purpose in our society. They take us from point A to point B safely and securely. We can also transport goods and use them to take care of daily routines such as shopping. While there is a growing trend of carless households in the US, there are a couple of notable exceptions that take all the attention. According to USA Today, New York City has the biggest percentage of carless households – more than 54%.
But when it comes to buying your first care, what is the better option to go for? Let’s find out.
Advantages Of Buying New
To determine what works best, we have to look at the key strengths of both options. So let’s start with the key advantages of buying a new car.
The biggest advantage, and one that takes the center of attention, is the fact that a new car is far more reliable. When buying new, you’re buying it straight from the factory. You can look at any reliability rating or report out there to make sure this is true. New cars have that new car smell, but they also have warranty protection. So if anything goes wrong in the first few years, you’ve got the warranty to bail you out. More so, when buying new, you know that you’re the first owner and the car has driven zero miles.
Another advantage to buying new has to do with innovation. As carmakers update their models, they do it by implementing the latest tech and gadgets to go along. You won’t find a used Ford Focus model from the 2000s with a 9-inch screen, parking assistance, and braking assistance features. But these aren’t all the new features you’ll find in a new Volkswagen Golf, a new Toyota Corolla, or a new Focus.
You ask plenty of first-time buyers and they will express their desires to buy a new car simply for the joy of trying out the latest tech that carmakers implement. One thing that we have to touch on when talking about features is safety improvements. Nowadays, safety has become a massive concern when on the road. So that’s why manufacturers are focusing on developing up-to-date safety features to compete with the rest of the industry.
When it comes to that, there is one company that blows everyone out of the water. Tesla isn’t only known for its advanced AI self-driving feature. As written in the Verge, Tesla Model Y is the safest car on the planet. The safety ratings on the Model Y are not only impressive but they can be compared with top-of-the-line SUVs.
Disadvantages Of Buying New
All is not rosy when buying a new car.
Price is a huge disadvantage when buying a new car. A trip to the local car dealership will most likely end up in disappointment if you’re struggling to finance a new car.
Another disadvantage is the fact that the value of a car instantly goes down the moment you buy it. So if you’ve bought a new car for $20,000, expect the price to drop down by a lot the moment you park it in the garage for the first time.
Advantages Of Buying Used
Now, let’s look at the advantages of buying used.
If the price was a disadvantage when buying new, it is an advantage when buying old. Even if you’re looking to buy used but newer models, you will still get it much cheaper. It is said that a new car loses 20% of its value the moment you become a buyer. So even if you buy used but new, expect to pay 20% less than the original price.
Another advantage when buying used is the fact that insurance coverage comes very cheap. Since insurance is required for every vehicle on the road, expect to find very affordable deals.
Disadvantages Of Buying Used
Now, let’s see why you shouldn’t buy a used car. As one might imagine, the disadvantages of buying used are far more serious than those when buying new.
You could very easily find a used car with low mileage, but most people sell off their cars due to high mileage. The more miles a car has driven, the lower the lifespan. It’s not particularly smart to buy a used car with 120,000 miles driven.
Buying used also means you’re far more likely to spend more money on maintenance. There is a saying that goes “buying an old BMW is like buying a ticking time bomb”. Some cars are not worth your money even if they’re cheap. In many cases, buying old means spending more money on maintenance than you can ever possibly imagine.