It happens to every driver at least once-;your car gives up the ghost, and you’re stranded on the side of the road needing a new set of wheels. A shiny new car sounds nice, but what if buying a used vehicle is a better decision? Here, we will explore the benefits and risks of both new and used vehicle purchases.
New Cars
There’s no denying it-;new cars are appealing. For many, a new car is a status symbol, and there are other positives, such as:
Newness. Most new models have solid reliability records, and if something fails, the warranty probably covers it. When buying a new vehicle, you won’t have to worry about how it was treated by the previous owner.
Increased safety and fuel efficiency. The purchase of a new car means you’ll benefit from the most up to date safety features, and current fuel efficiency standards. Many companies offer low- or no-interest financing, making a new car a sensible choice.
Despite all the advantages of a new car, it can still be hard on your bank balance. New cars cost more than used cars do, and they also depreciate faster. Vehicles lose the biggest part of their value in the first few years; in fact, it starts to depreciate the moment you drive it off the lot. By buying a new car, you will incur more debt and you’ll pay more for insurance.
Used Cars
While a pre-owned/used vehicle lacks the allure and curb appeal of a new car, they’re hard to beat when it comes to budget friendliness. Other benefits include:
You’ll get the best value for your money. Late-model used cars are often available for about half the cost of a comparable new model. Certified pre-owned programs offer good warranty coverage, and you may be able to get an extended warranty as well.
If you want to get on the road without spending too much, you can get a car for several hundred or a few thousand dollars. If you are mechanically inclined, buying a car that needs TLC can lower your cost.
Despite their warranty coverage, buying a used vehicle still requires that you take a bit of a chance. Buying a car from Maplecrest Ford of Mendham is a big decision, and it’s one of the largest purchases you’ll ever make. Do your research, and you won’t get taken for a ride.
