Old or New: The Classic Conundrum
An old car with cheap insurance or a new car with no mileage? Is depreciation more important than safety features? Regardless of which path you take, both vehicles come with their fair share of pros and cons. We’ve narrowed down some of the top things to keep in mind so you can make the best decision!
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1. Money Saved
Buying a used car saves more money upfront, which is more than enough incentive for most drivers. Even if you opt for a vehicle that’s only a few years old, you’ll likely see a hefty cut to the sticker price.
2. Cheaper Insurance
Used cars often have cheaper insurance, saving you even more in the long run. It’s not as expensive to replace an older guy, meaning companies often charge less for coverage.
3. Lots of Reviews
It’s hard to know what you’re getting with a new car sometimes—models fresh on the market won’t have the same information as used vehicles. Older cars thankfully have a plethora of reviews and community advice, helping you make the best decision.
4. More Options Available
You might not get the color you want, but you’ll have plenty of model options available. Used car lots typically come with all sorts of choices, which means you aren’t married to particular manufacturers and can take your pick of the litter.
5. Less Depreciation
We all know new vehicles heavily depreciate in that first year of ownership—used cars, on the other hand, don’t see the same dip. Previous owners ate those early depreciation costs, meaning older models experience a fraction of what new ones do.
6. Flexible Payments
As if saving money upfront wasn’t good enough, leasing a used vehicle usually means lower monthly payments too. Reports state that used vehicle payments can be up to $200 less than new models, which quickly adds up.
7. They’re Reliable
Unless you’re nabbing a car from the ‘60s, used vehicles are far sturdier than you think. That’s especially true in today’s day and age, even if you grab a ride from the last ten years or so. Remember: if you’re nervous about reliability, used cars come with all those reviews!
8. Detailed Vehicle History
Of course, you’ll need more than reviews when buying a used vehicle. Today’s used cars come with detailed CARFAX reports that keep you in the loop about previous ownership and maintenance.
9. No Hidden Fees
As shiny as those new cars are, buying a squeaky clean vehicle usually means hidden fees. Dealerships can ding you on anything from documentation fees to sneaky traps like dealer prep and inspection fees—used car purchases won’t.
Swansway Motor Group on Unsplash
10. Cool Features of Older Cars
Say what you want about older models, a lot of them had some pretty cool features. From retro interiors to collapsable cup holders, there’s something to be said for nostalgia.
All that being said, there are still plenty of reasons to opt for a brand-new model! Let’s dive into some top reasons why you should.
1. The Latest Tech
Some older models need TLC before turning over, but new cars don’t. Equipped with the latest technology and safety features, buyers can rest easy knowing they have a top-of-the-line vehicle.
2. No Major Maintenance
New cars won’t have a laundry list of maintenance issues, which is a big selling point for some motorists. The sad truth is that older models generally need more upkeep, and therefore more money.
3. Helpful Features
From blind spot monitors to parking sensors, new vehicles have all sorts of helpful features for today’s motorists. While you should obviously know how to operate a vehicle on your own, some drivers like the added peace of mind.
4. Roadside Assistance
Many new vehicles have roadside assistance built right in, a particularly helpful feature in adverse weather or on dark roads. Best of all, these emergency services are also often free.
5. Mint Condition
No dings, no paint scratches, and no mileage—just you and that new car smell. Motorists don’t have to worry about any common problems associated with used vehicles; they can simply grab the one they want and make it their own.
Swansway Motor Group on Unsplash
6. More Customization
Speaking of making it your own, new cars come with far more customization options. Everything from color to specific add-ons tailors a vehicle to your exact preferences. That kind of customization also means you don’t have to travel from lot to lot looking for specifics.
7. Better Interest Rates
Though used cars typically have lower insurance and upfront costs, new cars come with better interest rates. Based on your budget, it’s worth looking at newer models to see just how much you can shave off your bill.
8. Advanced Safety
In addition to all the bells and whistles, new models also have tons of safety features. Drivers can better protect themselves and loved ones with things like forward-collision warnings, improved airbags, and rearview cameras.
9. Extended Warranty
Manufacturer warranties cover all sorts of issues with new vehicles, usually giving some leeway for up to three years (or the first 36,000 miles). However, some places extend warranties for up to five years.
10. More Incentives
Purchasing a new car comes with all sorts of incentives. Everything from lease deals and cash-back incentives to 0% financing can make that purchase even sweeter.
