Buying a car is certainly one of the more significant purchases that many people will make throughout their lives.
This, combined with the fact that many people often find themselves having to buy a car under difficult circumstances, can cause a lot of people to panic about the impact that it will have on their overall financial health. In response to that, many people will suggest that buying a used car is always a better option. However, things are often a little more complicated than that. The truth is that there is something of an ongoing debate over which is actually the more financially savvy option. With that in mind, here are some factors to consider when deciding to by a used or new car.
Cost
The obvious answer here is that, all other things being equal, a used car is always going to be cheaper than a new car. However, things are often not quite as simple as that. One of the most common ways in which people attempt to afford a car is through financing and the financing options for used cars often come with far higher interest rates than those for new cars. This is often because dealers are selling new cars with low-interest deals in order to create interest. Being able to take advantage of that fact can often lead to a new car being much cheaper in the long run.
Quality
It is often assumed that if you want to be absolutely sure about the quality of a car then buying new is the only option. There is certainly some truth to this but it often depends on who you’re buying from. If you’re buying a used car from a reputable dealer like Trade Price Cars, then you’re almost certainly going to find a high-quality vehicle with a full history. However, if you’re buying from an independent seller then the chances of something being wrong with the vehicle or some kind of dishonesty going on do increase pretty significantly.
Features
Of course, it’s no longer just a matter of the basics when it comes to buying a car. Most people are interested in many of the new features that a lot of modern cars come with. The truth is that if you want to the most exciting features then the newer a car is the better. But it’s also important to remember that many of these features have been standard in many cars for a long time which means that there will almost certainly be plenty of high-value used cars that also have them installed.
One of the most important things to be aware of is that there never will be a cut and dry answer to which option is more financially viable. The fact of the matter is that it will almost certainly come down to the needs and circumstances of the individual. From your income to your needs as a driver to your credit score, there are so many factors to consider that there never will be a one-size-fits-all answer to the question of used vs new.
