When buying or leasing a car, you are faced with countless options, such as make, model, color, gas mileage, price and many other specifics and features that must be considered. But one of the most important decisions you will have to make is whether to buy a new or a used car–and your decision will make a big difference.
When purchasing premium vehicles like a BMW or a Mercedes Benz, the decision becomes easier as these cars maintain their value better than most makes. There are, however, advantages and disadvantages with any choice you make, but one decision is surely more appropriate to your unique situation. Here are the pros and cons of buying a new or used car.
Pros of Buying a New Car
Buying a new car means you should be able to assume it is in tip top shape. You know it’s safe and reliable, that it has never been in an accident and, more importantly, it’s covered by the manufacturer’s warranty. This way you know that if anything breaks or malfunctions, it will be fixed for free as long as the warranty is valid.
Another advantage to buying a new car is that you can equip it with all the options your heart desires, as long as you can afford them. You get to pick the color of both the exterior and the interior and you have a vast choice of makes and models. With a new car, you also get all the modern technology that used or older cars don’t have.
Cons of Buying a New Car
The biggest con when buying a new car is that it loses a tremendous amount of value the minute you roll off the dealership’s lot. This means that you can never expect to get back the money you invested in the car and will eventually trade or sell it at a loss that will be in the thousands of dollars.
With new models that just hit the market, there may be defects, recalls or problems that haven’t been identified yet. This might be merely an inconvenience, or can turn into hours spent getting your car serviced.
Pros of Buying a Used Car
Chances are you will be paying far less for a used car than you would for a new one. Because the car has also lost so much of its value in the first few years of it being on the road, there is a good possibility that you will get most, if not all, of your investment back when you trade it in or sell it to someone else.
Another advantage to buying a used car is that you have access to performance reviews and can anticipate what kind of problems you might face, or how well this particular make and model performs.
Cons of Buying a Used Car
A used car will typically need more repairs than a new one would, even if the dealer has serviced it and gave it a clean bill of health.The other disadvantage is that you will need to be flexible on what you’re getting. Based on your budget and needs, you might not find the color you wanted or a car that’s equipped with everything you wished for, like newer technology. You will need to be patient when looking for a used car and hope to get lucky and find something close to what you wanted.
Also, it is extremely important when buying new or used vehicles to make sure that the dealership has a respected, excellent service department, but this is especially true when purchasing a used vehicle.