Brand New Vs. Used: Which One Should You Get?

Post date: Jul 11, 2018 10:1:29 AM

Cars are necessary for people who work far from home, have children, and whose business or job requires them to have one.  However, buying a car as a necessity can sometimes still be hard on a pocket.  To get the best value for the cost, some argue one should buy a brand new car, while others suggest it’s still prudent to buy a used one.

Used car

Prices for brand new cars are soaring, yet fuel consumption remains relatively the same as older models.  A secondhand car can save a buyer about 10 to 70 percent of a vehicle’s original price, which depends on factors like age, condition, and mileage.  Older models are great for lower insurance costs.  If one has a plan to resell the car in the future, buying a used car would be the best choice, as used cars depreciate less than brand new ones.  A used car can be sold later for almost the same amount the buyer paid for.

Image source: jaysonlo.com

Brand new car

If one will be buying with the help of a car loan, go for the brand new car.  Interest rates are lower for new cars than those for used ones.  When time is a concern, choose to buy a new vehicle, as finding the right used vehicle can take longer.  A new car can afford a buyer the peace of mind when it comes to maintenance issues, as in many cases, used cars come with defects.  If a buyer doesn’t have any plans to resell the car, buying a brand new car would be the best choice.  

Image source: clark.com

Jeff Lupient is the president and CEO of the Minnesota-based firm Lupient Automotive Group. He is skilled in automotive sales, customer retention, and process improvement. For more updates like this, click here.