Buying new vs buying used vehicles

To many, there is nothing like the feel and smell of a new vehicle. However, there is also nothing better than a fat wallet! In today’s economy, having a few extra dollars makes the most sense and more people are electing to buy a pre-owned vehicle.

Why buy a used vehicle?

  • larger selection – If you are on a tight budget, you can find many more choices for under the $10,000 price range.
  • more car for your money – For half the price of a new car, you can buy a 3 to 4 year old car that is larger and loaded with more features than a new small compact “bare bones” car.
  • better bargaining power – Believe it or not, you have better negotiating power on a used vehicle than a new vehicle. In fact, you may be able negotiate an even better deal by having CarMD when shopping for your used vehicle (click to see how)
  • lower depreciation – New cars tend to lose 30 to 40% in value within the first few years of ownership. A used vehicle is purchased at the point where depreciation slows down, which makes owning and operating the vehicle more affordable.
  • lower upfront costs – Your financing costs, registration fees, and insurance premiums will probably be much lower than a new vehicle as they are tied to the vehicle’s purchase price.

Why buy a new vehicle?

  • low maintenance costs – When you buy a used vehicle you really don’t know how the vehicle was cared for or how it was driven.With a new vehicle, you really don’t need to worry about any service costs until after a few thousand miles. Some manufacturers even include free scheduled services as part of the first few years of ownership.
  • warranty coverage – A typical vehicle includes a 3-year/36,000 mile warranty. Some luxury vehicles extend that to 4-year/50,000 mile warranty. The majority of used vehicles rarely include any type of warranty.
  • better technology – A new model vehicle will usually have the latest safety features and cool technology. But keep in mind that these may come at a premium price.

In the end, the decision to buy a used or new vehicle will be based on what you can afford and what will give you peace of mind. We suggest that if you are considering to purchase a used vehicle that you take CarMD with you…you’ll be glad you did. Good luck with your search!

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