If you’re in the market for buying a vehicle, you’re likely wrestling with many options.<\/p>\n\n\n\n
Should you buy new or used?<\/p>\n\n\n\n
It’s not a decision to be taken lightly. There are definitely benefits to both.<\/p>\n\n\n\n
Much of your decision will depend on how much money you have to spend as well as your level of automotive savvy.<\/p>\n\n\n\n
Let’s take a look at the benefits of buying a used car versus buying a new one so you can make an informed decision.<\/p>\n\n\n\n\n\n
It’s important to state right at the onset that buying a new car will usually cost you quite a bit more than buying a used one.<\/p>\n\n\n\n
There are benefits to spending that extra money, though.<\/p>\n\n\n\n
Every component of a new car will be factory-fresh. You won’t have to take the time to research its history or get a pre-purchase inspection. <\/p>\n\n\n\n
You also won’t have to wait for a title to come from a used car owner\u2019s lender. Most dealerships will complete the necessary paperwork for you.<\/p>\n\n\n\n
In addition, if you’re looking for a specific make and model in the color you want, it will be much easier to attain this by buying a new car. Even if your specific choice isn’t on the lot, the dealer can either swap with another dealer or can order it from the factory.<\/p>\n\n\n\n
Most new cars come with bumper-to-bumper coverage for the first three years or 36,000 miles. <\/p>\n\n\n\n
This warranty covers everything but the powertrain. A powertrain warranty has coverage that can extend as long as 10 years or 100,000 miles. <\/p>\n\n\n\n
You don’t have to pay extra for a new car warranty, as it’s included in the car\u2019s price.<\/p>\n\n\n\n
When lenders decide whether to loan money and how much interest to charge, they look closely at risk. With a new car, the value of the collateral (in this case, the car) is known. And based on history, new car buyers are more likely to pay off their loans.<\/p>\n\n\n\n
All of that equals lower risk for lenders. That’s why they usually charge new car buyers lower interest rates on their loans.<\/p>\n\n\n\n
Every year, the technology available on cars increases by a huge measure.<\/p>\n\n\n\n
Safety features such as automatic emergency braking, adaptive cruise control, and lane-keeping assist are now standard on many new vehicles. And since safety testing has also evolved, automakers are forced to keep improving safety features.<\/p>\n\n\n\n
Meanwhile, new car buyers also expect their vehicles keep pace with their ever-growing needs for infotainment and connectivity. For example, a built-in navigation system was once good enough. But now it needs to be connected to outside services that give real-time traffic and road conditions.<\/p>\n\n\n\n
Finally, automakers continue to manufacture vehicles with increased fuel-efficiency. Advanced automatic transmissions allow cars to burn less fuel without compromising safety.<\/p>\n\n\n\n
If sticker shock is deterring you from buying a new car, you’re not alone. You may want to explore the option of purchasing a used vehicle.<\/p>\n\n\n\n
Fortunately, there are many benefits to buying a used car that go beyond the lower price.<\/p>\n\n\n\n