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New Vs. Used Car: Which is The Right Option in 2022?

Posted by on Dec 07, 2022 - Archived under Uncategorized

What should you do if you desire a new car given the supply chain for new cars’ swings and shortages in the used car market? We asked the auto loans staff to list some benefits and drawbacks of purchasing a new vs used car. They came up with something like this.

 

Pros of Buying a New Car

 

The engine is brand-new from the factory, and the vehicle has never been driven before you.

 

Full access to all vehicles offered on the market If you buy new, you have the freedom to select any make, model, and trim that fits within your price range. not simply what is currently available

 

Manufacturer and dealer warranties function similarly to insurance. There for you when you require them, something you do not receive with used vehicles.

 

Newest technology. New cars are equipped with the most recent safety and automotive technology.

 

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Cons of Buying a New Car

 

New cars are more expensive. Driving a new car is the most expensive option available, and they may be rather expensive.

 

Average new and used car prices (price in USD)

 

New cars depreciate fast. soon as you start driving away, a new car starts to lose some of its value. Over time, though, the rate slows.

 

 

Pros of Buying a Used Car

Less expensive than buying new: Used car prices can range from 20% to 50% less than those of new automobile pricing.

Close to cutting edge technology: If you purchase a car that is a few years old, you will continue to receive new technology, just not the most recent technology.

Borrow less: Because used cars are less expensive, you’ll need to borrow less money from your auto loan.

Cons of Buying a Used Car

Limited selection: You can only purchase what is offered, which is frequently limited to a small number of makes, models, and colours.

 

Wear and tear: There is some degree of wear and tear on every used car. Whether it be for the interior, mechanicals, or bodywork

Expired manufacturer’s warranties: are typically no longer valid by the time a car is sold again, and most dealerships only provide limited warranties on used cars.

New Vs. Used Cars: What Comes Out on Top?

As you can see, each choice between a new vs used car has benefits and drawbacks. You will need to decide which is best for you because they will each function differently for different people in various circumstances.

Whether you want to buy a new or used car, our auto loans staff has the knowledge and expertise to get you a fantastic deal! Click here to get started.

 

 

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