Purchasing a vehicle may not be as much of an investment as it is a cost.
An pricey cost at that. Shopping around can save some pennies. But, ever wonder if buying a used vehicle would be a better way to spend your hard-earned money as compared to a new vehicle? There are pros and cons to both. So, you’ll have to bring out the calculator and put some mind to it before making that big a purchase.
Here are some of the advantages of buying a new vehicle. The first one that comes to mind is that it will have the newest technology and creature comforts. For instance push start is found on many new vehicles now a days, but, no so on used vehicles. There are now vehicles that can park themselves. With older used vehicles you’ll have to rely on what you learned about parallel parking to get the job done. New vehicles also have the most up to date safety features. Other pluses to a new vehicle is that it can be customized to your liking and may come with warranties. It is also less likely to have blemishes that older vehicles may have due to time on the road. There is also the issue of financing. New vehicles tend to get the better interest rates as compared to used vehicle.
But before you start checking the credit score to figure out the best interest rate that you may qualify on a car loan, consider some of the benefits of buying a used vehicle with not too heavy a mileage on it. For one depreciation. A new vehicle may depreciate up to 10% the moment it’s driven off the lot according to auto.com (https://www.auto.com/advice/car-depreciation-how-much-does-a-new-car-depreciate). Not so with a used vehicle. There is also the cost as a used vehicle should cost less that the same vehicle new. Car insurance is another point to keep in mind. Insurance tends to be cheaper on used vehicles, but, not always. Do some homework on the vehicle you want by contacting your insurer. It also helps that with used vehicles there is a track record that can be considered. One can more easily find how a 2018 Ford Explorer has performed with owners than a brand new vehicle which may have what are yet unreported issues.
Buying new or old will take some thinking. But do use that worldwide web to do some homework to help you pick that perfect vehicle.