To get an idea of which option makes more sense to you, take a look at the pros and cons of buying a brand new car over a used car to get a better understanding of whether this option will make more sense to you or not. The main advantage of buying a brand new car over a used one is that you get the benefits of its warranty.
Pros:
Lesser Purchase Value
The average age of vehicles today is about 11 years. It makes sense that the number of second-hand cars offered for sale is much greater than that of new cars. With the increasing supply of new cars in the USA, used car plots can generate significantly more sales than their brand new counterparts due to the increased supply.
Buying a used luxury car allows you to drive a high-quality vehicle without the rapid depreciation that comes with a brand new model. The used car purchase does not include a money-saving warranty. Still, the price difference usually ensures that you buy a late model that has passed an in-depth inspection and includes an extended warranty from a certified manufacturer or dealer. It can cost you less than the cost of a used car.
Cons:
You Might Get a Lemon
If you are not careful, a cheap car that you thought was a theft could end up being a lemon that will cost you thousands of dollars in repairs to make it worthy of the road. Some people have the wrong idea that if you buy a brand new car from a dealer, the vehicle will have a warranty. One of the biggest disadvantages of buying a used car is that there is no warranty, so you need to find out if the car, even if it is only a few years old, has a transferable warranty or not.
Additional Expenses for Repair
If you don’t research, you can get a car that was badly repaired after an accident or was so badly damaged that you can hardly use it. You can sell it again in a few years for roughly the same price you paid, and it will still avoid the big blow of devaluation.
Bottom Line
When you decide to buy a car, one of the first decisions you make is whether you should choose a new or used car. Once you have an idea of which option makes more sense to you, take a look at the pros and cons of buying a newer car over a used car to get a better understanding of what options are available to you and which ones to choose.
