Is it Better to Buy a New or Used Car?

It can be a tough choice for a lot of Charlotte drivers.Used cars are less expensive, but new cars are more reliable. So, is it better to buy a new or used car? We’ve put together the buying new vs. used car analysis below to help you decide.

Buying a New vs. Used Car — Cost

If you’re on a budget, is it better to buy a new or used car? Most budget-conscious Gastonia drivers will opt for a used car because of the lower purchase price. But comparing the cost of new and used cars isn’t always that simple. Here are some things to keep in mind:

• Upfront cost — Used cars usually have a lower purchase price than their new counterparts.
• Interest rates — Loans on used cars generally have higher interest rates than those on new cars. So, payments may not be that much lower than a new car.
• Gas mileage — Newer cars generally have better gas mileage as automakers seek to improve fuel efficiency, making them well-suited for the typical Concord commute. A car’s performance will also decline over time, decreasing fuel efficiency in used vehicles.
• Repairs — Newer cars normally need fewer repairs than used cars.

Buying a New vs. Used Car — Depreciation

Is it better to buy a new or used car if you plan on keeping it for a while? A new car will start to decline in value rapidly the moment it is driven off the lot. But that rate of depreciation slows over time. That means financing a used car can carry less chance of incurring negative equity, or eventually owing more than what the car is worth.

Buying a New vs. Used Car — Coverage

Discerning consumers often consider warranty coverage when making a vehicle purchase. While all new cars always come with a warranty, it is possible to find used vehicles that are similarly covered:

• New cars — New cars always come with a warranty.
• Used cars — Usually only late models are still under warranty and may not have much time remaining on the warranty, depending on how old the car is.
• Certified pre-owned cars —Certified pre-owned cars are used, but also come with an extended warranty that is tacked on after the original warranty expires.

Check Out the New and Used Cars at Rick Hendrick City Chevrolet

Have you decided between buying a used or a new car? We offer great deals on both at Rick Hendrick City Chevrolet, in addition to certified pre-owned vehicles. Check out our new vehicle specials and our used vehicle specials. We’re just down the road from Rock Hill, SC. So, drop by or contact us today!