Buying a vehicle is an important investment that shouldn’t be taken lightly. After all, some people, depending on their job or personal situation, may spend more time in their car than in their own homes. Adults that work or have kids know they are in their vehicles most every weekend and sometimes with extensive travel involved.
There are a variety of factors to consider before making this big decision. Whether you choose to purchase a new or used vehicle, research is vital before heading to your local dealership.
Fortunately, in this day and age of the internet, buyers are blessed with abundant information right at your fingertips.
Before making your next vehicle purchase, reflect upon your personal situation and consider your lifestyle, job, your family and budget.
There are pros and cons to everything in life, including buying a new or used vehicle. Here are some pros and cons to consider when purchasing a new vehicle.
- When you get a loan on a new car, the interest rate is generally slightly lower than when buying used.
- Reduced maintenance expense. A new car will typically not require maintenance as frequently as a used one.
- Warranties offered on new cars are a definite positive and often offered at three years/36,000 miles, five years/100,000-mile or ten years/100,000 miles.
- Roadside assistance coverage is often provided with the purchase of a new car and often is available free of charge until your warranty expires.
- A fresh smelling, clean car with no dents, stains, or wear and tear does not come cheap. You will have to pay for being the original single digit owner. However, for it to come shiny and new is a privilege and something some people highly desire. If you are under a very limited budget, used may be the route for you.
According to Cars.com, “For less than half the price of the average new car, you can buy a 3 or 4-year-old used vehicle that is larger and loaded with more features than a small, bare-bones new one.”
- Some are bothered by the fact that a new car generally depreciates 40% in value within the first year. In fact, it may be necessary to purchase an optional insurance called GAP coverage which covers the difference between the actual value of your car and what you have out on the loan.
- You will pay more sales tax on a newer car as well as a higher registration fee.
- When purchasing a new car, you will pay additional fees such as dealer closing costs that increase your final cost.
Likewise, used vehicles have their own set of pros and cons when it comes to purchasing:
- The sheer volume of choices available at most used car dealerships is extensive. For instance, you may have a love for an older Jeep Wrangler and can search for the exact model that appeals to you most.
- A used car is cheaper than a new vehicle, which is important to many who are on tight budgets.
- Some used cars come with original warranty that can be transferred to the next owner.
- Certain used cars – like the ones offered in our used vehicle inventory – can be purchased through certified pre-owned programs. This means that the used cars will likely come scratch-free and in great mechanical condition depending on the program.
- Sometimes purchasing a used car can bring early maintenance issues and end up costing you more money than if had you purchased a new one.
- The safety features of used cars are not as up-to-date so you’ll likely not get a vehicle with the most enhanced and safest features as in a brand new car.
- The newest and latest gadgets will not be available in a used car. Every year, more and more technologies create better vehicle gadgets, and a used car likely won’t have this technology.
- Peace of mind when purchasing a used car can be limited. New vehicles offer a much better sense of reliability.
Fulton New & Used Vehicles for Sale
You work hard for your money, so stop by a reliable dealership such as Callaway Chrysler Dodge Jeep Ram, located in Fulton, MO, to purchase a new or used vehicle you will be happy with for years to come. Your drive for the best deal ends here!