Are you in the market for a car?
Even as vehicles get more expensive, vehicle ownership is at an all-time high in the United States. It’s easy to see why.
Owning a vehicle doesn’t just fill you with pride. It makes your life a whole easier because you can cruise around on your terms. You don’t have to worry about using public transport or hailing an Uber every time you want to commute.
However, there’s one big decision you need to make. Is buying a used car better than buying a new one? Used cars present unique pros and cons, as do new cars.
If you need help making a decision, read on!
The Pros and Cons of Buying a New Car
If you follow the desires of your heart when purchasing a vehicle, you’ll go in for a new car, no doubt. We all love shiny, new things.
New cars are packed with the latest automotive and infotainment technology. It will give you a great ride quality and the peace of mind that comes with knowing that car has no past history is priceless. And with a factory warranty, you won’t worry about repairs for a couple of years.
On the downside, new cars don’t come cheap. The average cost of a new car is $40,000. If you’re like the vast majority of Americans, you can’t afford to buy a new car in cash. And even if you’re able to get a loan, the cost of the loan on your finances will be unbearable.
New cars depreciate faster than you can imagine. You’ve probably had that a new car can lose up to 20 percent of its value in the first year. So, if you were to resell a new car after one year of ownership, you’d be staring at a 20 percent loss.
The Pros and Cons of Buying a Used Car
Over the past couple of years, used car sales have outstripped new car sales. Why are these cars getting more and more popular?
Buying a used car makes financial sense on two fronts. First, it’s obviously cheaper to buy a used car than a new car of the same make and model. Second, used cars don’t depreciate as much (or fast) as new cars.
If you’re on a tight budget, a used car is a perfect choice. Besides the purchase price, it’s cheaper to repair, maintain, and insure used cars.
The downside of buying a used car is you’re never too sure about what you’re getting. If you’re not careful, you could buy a car that looks great but is hiding expensive faults under the hood.
The good news is you can overcome this problem by finding quality used cars for sale. There are plenty of reputable dealerships selling certified pre-owned cars.
Buying a Used Car Makes Sense
If you’re in a position to afford a new car, go for it. However, if you’re on a budget, buying a used car is the smarter decision. You’ll get a quality ride that won’t put a dent in your finances.
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Learn more about the differences between a budget new car and high quality used car, on this website: www.carinsurancequotesnet.org
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