Is it Better to Buy a New or Used Car?
If the time has come to trade in your car for an updated ride, you might be stuck asking yourself, “Is it better to buy a new or used car?” While neither option is a definitively “good” or “bad” choice, one will likely stand out as the better option for your budget and wishlist. If you’re struggling to get started in Kansas City, allow the team at Hendrick Chevrolet Shawnee Mission to help! We’ll compare new vs. used car benefits and potential drawbacks in the guide below.
New vs. Used Cars: Benefits and Drawbacks of Each
New Car Benefits
- Updated Technology: When you buy or lease a brand new car, you can anticipate a cabin full of modern technology. In-vehicle technology is rapidly advancing year by year, so a used vehicle that’s only a few years old might already be outdated in terms of its tech package.
- Optimal Fuel-Efficiency: In order to compete in today’s auto market, a vehicle has to deliver competitive fuel economy numbers. Even trucks and SUVs are held to higher standards, leading to a decrease in V6 and V8 engines and an increase in turbocharged motors that are both fuel-efficient and powerful. In general, if you want the best available mpg ratings, you will want to look at new vehicles.
- Full Warranty Coverage: If full-term warranty coverage is important to you, then a new vehicle is probably the smartest choice. Unless you sell the vehicle before its warranty is up, you’ll reap the full benefits of the bumper-to-bumper and powertrain warranties.
New Car Drawbacks
- More Expensive: The benefits of new vehicles are reflected in the price. You’ll pay more for a new vehicle than you would a used or certified pre-owned vehicle, but some Shawnee Mission drivers place a lot of value in that new car feeling. If your goal is to bring home a brand new car, expect to pay a higher tax and plan for higher insurance costs. Additionally, once your new vehicle’s warranty expires, you’ll be responsible for more of the maintenance costs.
Used Car Benefits
- Budget-Oriented: If you have a tight budget, buying a used vehicle is a financially prudent choice. Not only is the sticker price lower, but you’ll pay a lower tax, and insurance rates are usually lower on used cars.
- Slower Depreciation: Used vehicles have already experienced most of the depreciation that every new car is subjected to. As used vehicles age, they lose their value at a much slower rate.
- Lower Risk of Becoming Upside Down On Your Loan: If you intend to take out an auto loan, there’s a much lower risk of negative equity (owing more than what the car is worth) when you finance a used car.
Used Car Drawbacks
- Higher Interest Rates: Most used car loans have higher interest rates than new car loans. However, the lower price of the vehicle helps offset that, so you should still be able to get an affordable monthly payment.
Compare New vs. Used Cars at Hendrick Chevrolet Shawnee Mission
Is it better to buy a new or used car? As you can see, it all depends on your budget and what you’re looking for as a future car owner. Wherever you land, you can find a vehicle you love at Hendrick Chevrolet Shawnee Mission! We have a diverse range of new Chevy models for sale, as well as a large pre-owned inventory. Contact us to learn more about our selection and services, and don’t forget to check out our new vehicle specials and used vehicle specials to save more on your upgrade!
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