Is it Better to Buy a New or Used Car?
When you’re getting ready to go car shopping in Raleigh or Durham, one of your first questions is likely, “Is it better to buy a new or used car?” The answer is personal, and different drivers prefer different things. In this guide, we’ll walk you through the pros and cons of the new vs. used car segment, so you can find the best option for your needs in the Apex area.
New vs. Used Cars: What are the Differences?
New Car Advantages
- Newest Technology: New cars are on the cutting edge of automotive technology, so you can expect the latest and greatest features available. With the speed of technology, even cars from a few years ago can be considered out of date.
- Greater Fuel Efficiency: Fuel efficiency is a top priority with modern drivers, and manufacturers have taken notice. You’ll find fewer V6 and V8 engines and more fuel-efficient turbocharged motors on the lots today, which means you can save a lot at the gas pump.
- Full Warranty Coverage: New vehicles include great warranty packages, including bumper-to-bumper and powertrain warranties that cover most of the car’s components. This can save you money in maintenance and service costs.
New Car Disadvantages
- More Expensive: New vehicles are typically more expensive than either used or certified pre-owned models, which means a higher sticker price and higher insurance costs. Plus, the technology can be more expensive to repair and maintain than the simpler designs of older vehicles.
Used Car Advantages
- More Cost Effective: Used cars are usually less expensive than newer models, which means you can save on everything from sticker price to auto insurance to taxes.
- Slower Depreciation: Because used cars depreciate much slower than new cars, a used car will lose value much slower than a brand new model. No need to worry about the steeper decline of a new model.
- Less Chance for Negative Equity: Negative equity occurs when you owe more on your car loan than what the car is worth. This can be a huge financial loss if your car is irreparably damaged or lost, but you still have a loan to pay. Because the price of a used car is lower, you have less risk to go “upside down” on the loan.
Used Car Disadvantages
- Higher-Priced Financing: Monthly payments are typically lower for a used car, but lenders often attach higher interest rates. However, the loan term is often shorter.
Find Your Next Car with Hendrick Kia of Cary
Whether you’re looking for a new vs. used car, the team at Hendrick Kia of Cary can help you determine which is the best fit for your budget and lifestyle. Feel free contact us with your questions or apply for financing online. Or just stop by our showroom in Cary to start test driving the models of your choice!
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