New vs. Used Cars – What Should I Get?

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Even a used vehicle can often represent a sizeable investment. Deciding whether to go with a used car or to finance a new vehicle is not a choice that should be taken lightly. From reliability and expected service life to the total cost and selection of vehicles available, there are many details that may need to be considered when deciding what to get.

Reliably, Warranty and Maintenance

Previously-owned vehicles can often be obtained for a fraction of the price of their newer-model counterparts. While buying a car for less overall cost can be an attractive option for those working within the confines of a limited budget, reliability and maintenance issues are far more likely to become a problem for those who choose to go with an older vehicle. 

Warranty options and other consumer protections may also be more limited for those who elect to purchase a used vehicle.

Total Cost, Depreciation and Financing

A vehicle’s sticker price is often the single biggest factor that prospective buyers will wish to consider. In addition to their available budget, the potential for a new vehicle to depreciate over time should be weighed carefully, especially for buyers who may be planning to trade in their vehicle after a few years. 

While new vehicles are often more expensive, there are plenty of financing options that can make owning a new car much easier. The best auto loan refinance options can also ensure that monthly payments can be more easily managed. 

According to Lantern by SoFi, other situations where electing to refinance an auto loan may also include when you’ve had a change of income, when more favorable interest rates are available or when “you want to remove a cosigner but can’t or don’t want to do so via a standard release.”

Available Selection

Shopping for used vehicles often means having to face a more limited selection. Not all buyers may be willing to spend top-dollar on a used car or be able to keep searching for as long as it takes to find the perfect vehicle. 

Having to make it with a vehicle that isn’t the right color or buying a model that may not have all of the features and options that buyers are interested in can often be unavoidable. While choosing to purchase a new vehicle instead may be more expensive, the expanded selection of options and choices could end up being well worth the added cost.

Technology, Features and Amenities

Older-model vehicles often lack the high-tech features and the latest automotive technology. Used cars are far less likely to utilize sophisticated features like GPS systems, assisted parking or onboard cameras. For drivers who want the latest range of onboard features, options and amenities, purchasing a new car is often the best choice.

When it comes to buying a vehicle, taking plenty of time to consider all of the options available can end up making a world of difference. Price, consumer protection and financing options are all issues that need to be weighed carefully when deciding which option you should get.

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