New Cars vs Used Cars: The Great Debate
In the world of cars there are a couple huge questions, and one of them is “new or used?”. Each side has their own vehement supporters and detractors, each with their own reasons why their side is better. We will attempt to take an unbiased look at this issue, and hopefully provide some insight into what is the best choice for you.
Let’s admit it; the biggest pro of a new car is that it is a new car. It’s got the new car smell, it’s got an immaculate interior and exterior, and it has 100% new materials. When you buy a new car you don’t need to worry about replacing the tires or the breaks, because it’s new.
Another benefit of a new car is the latest features. Things which were high-end options five years ago are standard now on more models. So whether it is the latest electronic gizmos, or the best safety gear, getting a new car means you’re getting something state-of-the-art.
The final benefit of buying a new car that we will cover is the freedom of choice. When you’re buying a new car you have a greater choice when it comes to colors, trim lines, and options. With a new car you have more freedom to make the car of your dreams instead of just taking what’s available.
The biggest reason people buy used cars is for the cost. Buying a used car often makes it possible to buy a car for less than any new car. Also, if you’re interested in getting more car for your money it is possible to get a larger or more luxurious used car for the same cost as a smaller, less cushy new car.
Another way used cars are less expensive is in the cost of ownership category. This might seem counter-intuitive because used cars tend to need more repairs, but the real factor in play is depreciation. Used cars lose 7% to 12% of their value every year to depreciation, whereas new cars lose around 30% of their value in the first two years. The lower depreciation means that even though there will likely be more repairs on a used car, the money spent over time is lower.