New Car vs. Used Car What Is Better?
Buying a car is a big decision. In addition to being expensive, a vehicle also needs to fit a person’s individual lifestyle and taste preferences. A common question that frequently comes up for buyers is whether they should get a new car or a used one. Here are some important things to consider as you evaluate the options regarding your next car.
For most people, car payments are a part of life. Not many motorists can afford to pay cash for a vehicle, so the amount that you have to pay each month will be an important factor in your decision making process. New cars cost much more than used ones, so your monthly payment will be much higher if you choose a brand new model.
In addition to the purchase price, the amount that you will have to pay to insure your next car will be based on its age. If you finance a new vehicle, the bank will require you to carry full coverage on it, which includes both collision and liability coverage. In addition, because the value of a new car is much higher, your insurance premium will be too. Drivers who have a used vehicle with no loan against it have the option to purchase liability coverage only, which is designed to protect other parties in an accident. Taking liability coverage alone is a great way to save money on insurance costs.
Eventually, all cars will require mechanical repairs, but one benefit of buying a new vehicle is that you will be shielded from this reality for a few years. While used cars cost less, the expense to fix them on a regular basis could exceed the monthly payment on a new one. If your financial budget requires you to spend a fixed amount of money on auto expenses each month, a trouble free, new car might be the solution.
Maintenance & Gas Mileage
Even if your used car never breaks down, older vehicles will wear out brakes, tires and belts faster than new ones will. In addition, newer cars tend to get better gas mileage, so the cost of fuel consumption is important to take into consideration as well. If you have a long to commute back and forth to work each day, a new vehicle will certainly save you at the gas pump.
So Now What… New or Used??
Because there are so many different types of cars on the market today, it can be confusing for consumers to decide which one to buy. There are advantages to both new and used vehicles. When making your decision, be sure to consider other important factors involved in owning a car, such as the monthly payment, insurance, repair costs and gas economy. Taking the time to study these additional components of the auto buying process will result in a great decision that you will feel good about for many years to come. No matter what kind of car you choose, enjoy it!