Is It Better to Buy a New or Used Car?

Car-buying paperwork

 

Looking to upgrade to a sleek new Chevrolet, Buick, GMC, Chrysler, Dodge, Jeep, Ram vehicle? Perhaps an older, pre-owned model would be more accommodating to your budget? Here at Midway Auto Dealerships, we’ve compared the pros and cons of new vs. used cars so that you don’t have to. There’s a variety of benefits that come with both, so in the end, the decision will come down to which will best suit your Grand Island lifestyle. Is it better to buy a new or used car? Find out with the experts at Midway Auto Dealerships below, then contact us online to get the purchasing process started today!

Pros and Cons of New vs. Used Cars

Benefits of a New Vehicle

  • Full Warranty Coverage: Most new vehicles come with bumper-to-bumper and powertrain warranties to cover most of your car’s components for a certain amount of years and miles. 
  • Stronger Fuel-Efficiency: Getting reliable fuel-efficiency ratings is a goal for most automakers. Not many vehicles today are equipped with V6 and V8 engines, they’re being replaced with turbocharged motors designed for better fuel economy. 
  • Newest Technology: Financing or leasing a new car allows you to have access to the latest advanced technology features. Automotive technology updates frequently and a vehicle that’s even a few years old can be considered technologically outdated. 

Costs of a New Vehicle

  • More Expensive: New cars are more expensive than used and certified pre-owned vehicles, and you can expect to be taxed on the price you pay. Also, once the warranty coverage expires, your car’s state-of-the-art technology could be expensive to repair and maintain. 

Benefits of a Used Vehicle

  • Less Chance for Negative Equity: Negative equity is when you owe more on your car loan than what it’s worth. So, if the car is lost or irreparably damaged, you may have to pay on the auto loan, even though you can’t drive the car. When you finance a used car, the car loan is smaller, making it less likely that you’ll end up “upside down” on the loan. 
  • Slower Depreciation: The value of a new car diminishes as soon as you leave the dealership. A lot of the car’s value is lost during the first few years of its lifespan. Used cars have already taken that initial depreciation hit, which is why they lose value slower.
  • More Cost-Effective: Buying a used model is great for Hastings shoppers looking to save money on the purchase, as well as on auto insurance and taxes. 

Costs of a Used Vehicle

  • Higher-Priced Financing: Lenders typically charge higher interest rates on used-car loans, leading to higher monthly car payments. With that said, the vehicle’s price will be lower, so the loan term will also be shorter. 

Find Your New or Used Chevrolet, Buick, GMC, Chrysler, Dodge, Jeep, Ram Vehicle Today!

So, is it better to buy a new or used car from Midway Auto Dealerships? That all depends on what type of car best suits your Kearney budget and lifestyle. However, you can rest assured that when you shop at our Chevrolet, Buick, GMC, Chrysler, Dodge, Jeep, Ram dealership, our new and pre-owned vehicle specials are guaranteed to save you money!

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