- March 14, 2023
Are you looking to buy a car? If so, you might be wondering if it’s better to buy new or used. As with most things in life, the answer isn't as clear-cut as we would like it to be. If you're on a budget and need something reliable that doesn't have high mileage, then buying used is probably the right choice for you. And of course, there are some other reasons why buying used can make sense:
The first 20% of the value of the car is lost as soon as you drive it off the lot. It then continues to depreciate at a rate of about 10% per year, meaning that within three years or 36,000 miles, your shiny new ride is only worth half what you paid for it. If you're looking at high-end luxury cars like Mercedes, Lexus or Porsche—or more moderately priced models from makers like Acura or Infiniti—the depreciation curve can go steeply down even faster.
New cars can have problems. Consumer reports estimate that about half of new vehicles will need expensive repairs within the first four years of purchase, and one in five are likely to suffer from a serious problem requiring repair. Cars less than three years old also have fewer miles on them, meaning less wear and tear than older models.
If you're looking at buying an older vehicle but still want something relatively new, you should probably go for it anyway. According to JD Power's annual Vehicle Dependability Study, reliability doesn't really improve until year six of ownership...and some models may not reach "peak" reliability until even later than that!
There is always something great about buying anything new, but there’s also something to be said for finding exactly what you want in the classifieds section or buying directly from an owner who doesn't have any hidden fees. Maybe your local dealerships don't offer the colour you want, or maybe the new car smell has worn off after a few years. If you buy used, there's no pressure to act fast since the vehicle won't be going anywhere if you need some time to think it over.
Insurers often give discounts if your car is older (cars built before 2000 are often cheaper than those that came out later), and for cars with lower mileage. And of course, they also factor in safety ratings for models they haven't tested, so buying used helps keep your premiums low which means extra savings! On the other hand, if you buy a used one then it may require expensive repair work in the future.
Many buyers take advantage of the fact that cars depreciate to offer less than they're 'worth', and you should be able to get a great deal on anything from a Ford to a Porsche. The price of your purchase will depend on how much money is made available for your car, what type it is (used or new) and its condition—but there's no reason why you shouldn't walk away with some extra cash in your pocket.
The automobile is one of the main sources of carbon dioxide emissions. Cars emit an average of 1,380 pounds of CO2 per year—almost half as much as the average American household! This is not good news for our climate, but if you buy used instead of new, and you can reduce your overall contribution to pollution and global warming.
So, if you are thinking about getting the benefits of buying a new car but can’t afford it, then buying a second hand one is the best option for you. All these above-mentioned reasons will help you out to decide whether buying a used or new car suits your needs more. However, if you want some more information about the different features and models of various cars, then you can check our new car buying guide.
On an ending note, check all the documents of the used vehicle very carefully before finalizing anything. Also, don’t forget to check car insurance quotes online before buying any car and see which one is more cost-effective for you.
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