New vs. Used: Making the Right Choice

The time has come. You’re ready to take the plunge and find a car to replace your old, worn-out Chevy Impala. But as you sit down to check listings near you, the same question keeps cropping up: “New or Used?”

It’s a question that doesn’t have an easy answer, but that’s a good thing! Both new and used cars have their pros and cons, ones that you should consider carefully before deciding which choice is right for your next purchase.

The Price

Used cars take the win here. Depreciation can slash the sticker price by thousands of dollars after only a year or two off the lot. The money you save could stay in your bank account or let you buy a better car than you could ever afford new. This extends all the way across the board: lower price means lower taxes; lower price means lower fees; etc.

If saving money is a top priority, then buying a good-quality used car can make all the difference.

The Financing

New cars, despite their initially higher price tag, are easier to finance than used ones. Lenders don’t like it when an appraisal is difficult, which is where used cars tend to take the fall. Buying new means that your set of wheels will have an established price which means lower risk to lenders. In turn, what you get is better interest rates and even financial incentives, like rebates that could slice a nice chunk off of your car loan.

If the price difference isn’t wide enough, you might want to consider opting for a new car and avoiding all that burdensome interest a used car might gather.

The Reviews

Used cars are tried and tested by the time you sign for their titles. There have been a few years for consumers to review them and for manufacturers to iron out all the kinks that might have slipped by with a brand-new vehicle. That wealth of information regarding recalls and reliability-over-time could significantly impact how many times you’re heading to the mechanic to fix a subpar starter or shoddy suspension.

Of course, new cars cannot be discounted outright in this regard. The testing for new vehicles before they roll off to dealerships is becoming more and more thorough. The ratings a car receives fresh out of the factory could be the very same ratings it keeps six or seven years down the line.

The History

New cars don’t have a history, plain and simple. When you buy new, you don’t have to worry if your car was beat up as a rental, or hasn’t had its oil changed for the past 50k miles, or had an accident that previous owners failed to report. With new cars, what you see is what you get—a pristine odometer and factory-new OEM parts.

CarFax and independent inspections could constrict the gap between new and used cars, but they steadily rack up the bill for a car you might not even end up purchasing. If you want an easy purchasing experience, new is the way to go.

The Resale Value

Used cars depreciate much less than new cars. The moment a new car pulls out of the dealer under new ownership, its value sinks like a stone. This is great if you’re looking to maximize the value of your dollars at purchase, but not so great if you’re planning to sell it later. Whereas a used car might lose two or three thousand dollars of value over a few years, a new car could see its value reduced by 25-50%.

But, if you’re planning to keep your car for as long as you can, resale value isn’t something to take too seriously.

The Features

New cars will always have the newest technology. This means more conveniences like navigation and entertainment suites, but it also means more safety. The safety technologies being placed in new models—the collision alerts and automatic braking—could save your life in an emergency. Used cars could contain many of these features as well, but buying new will always guarantee having the latest and greatest.

Want to keep your ride as safe as it can be? Buy new.

Conclusion: Buy What You Need

As you can see, new and used cars don’t inherently hold any major advantages over one another. It all depends on your preferences, what you need from your car. The best choice for one person may not necessarily be the best choice for another.

So let us help you. We at Sun Chevy understand that the process of buying a car can be difficult. Whether you’re interested in a new or used car, our team is always ready to hear what you have to say and offer the very best advice on what purchase can satisfy all of your needs.

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