I frequently get asked about buying a used vehicle vs. a new one. Is it cheaper? Will it cost me more by fixing it? I have decided to write about the pros and cons of purchasing a used vehicle against buying a new one.
Pro – Often you can find a later model car for about half the cost of a new one. New cars depreciate once they have been registered in a person’s name, regardless of how many kilometers have been put on it. This is because it is now classified as a used vehicle.
Con – You don’t know how the last owner treated the car. Sure, it looks great and the inside looks like it was never used, but that does not mean it was taken care of. Dealers have every used vehicle inspected, fixed and reconditioned to show the vehicle at its best, regardless of its true condition.
Pro – You own the car. You can add aftermarket accessories, paint, sell it or whatever you decide.
Con – If the vehicle you are buying has run out of its factory warranty and you did not purchase an extended one, you may incur repair costs.
Pro – Insurance costs are generally lower than a new vehicle, as it costs less to repair.
Con – You don’t have that new vehicle smell…I had to put this one in there as everyone likes that smell. And no matter what they say, a new car air freshener does not smell like a new car!
I always suggest you do you research as to what best suits your situation – leasing, financing or buying a vehicle with cash. They all have advantages and disadvantages. As I mentioned in my past blog, it’s essential to order a CarProof report on the vehicle you are looking to purchase to know its true history. Most dealers offer them; you just have to ask. To see a sample report or to learn how to read one, check out https://www.carproof.com/products/why-carproof/free-sample-reports, or you can always contact me.