Is it Better to Buy a New or Used Car?

2020 Volkswagen Passat

 

Comparing new vs. used cars is an important part of finding your ideal next vehicle. As with most decisions, the answer to “Is it better to buy a new or used car?” depends on your priorities, budget, and circumstances. We’ll dive into the details below, but if you have any questions, don’t hesitate to contact us.

New vs. Used Cars: Differences and Advantages 

New Car Advantages

  • Newest Technology: Norman and Edmond drivers will find that the main advantage of new vehicles is simply that they posses the latest technology. This is something that can be hard to find in the used car market, especially as new technology is continues to rapidly develop and evolve.
  • Greater Fuel-Efficiency: While not true across the board, modern vehicles are generally much more efficient and clean, regardless of their fuel type, than vehicles from a decade ago.
  • Full Warranty Coverage: New vehicles tend to come with full bumper to bumper warranties on everything, increasing the peace of mind of the driver.

New Car Disadvantages

  • More Expensive: The primary disadvantage of a new car is that new vehicles are significantly more expensive than used vehicles. Much of this initial cost is not recouped through future value either, as depreciation is worst when a vehicle leaves the lot with its first owner.

Used Car Advantages

  • More Cost-Effective: The greatest advantage of a used vehicle is vastly reduced costs when compared to new vehicles. This applies mostly to purchase price, but is also often true of registration and insurance costs. 
  • Slower Depreciation: The lower cost of used vehicles in the Oklahoma City area is backed up by other financial advantages, like how used vehicles retain more of their value over time. In general, a reliable used car will put much less financial stress on a buyer.

Used Car Disadvantages

  • Higher-Priced Financing: The one financial advantage new cars have over used cars is that financing on used vehicles is more expensive than new ones, in terms of the interest rate. Because less is paid for a used vehicle overall, lenders tend to raise the interest rate of used car loans.

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