Cars: When to Buy New vs. Slightly Used

This post is part of a series of sponsored posts. 

Let’s say it’s time to purchase a new car, but once you start doing your research you’re not sure if you want to buy a new vehicle or one that is slightly used. You’d think there wouldn’t be much of a difference between the two but there are a few varying points to think about.

When You Buy New

For one, when you purchase a brand new vehicle, you are the first owner. Everything is typically still factory settings, and ready for you to make your mark. However when you purchase a brand new vehicle, you are paying the highest amount that car will ever be worth, taking depreciation into account. On the other hand, you can rest assured that if anything breaks or needs attention, you’ll have your factory warranty to take care of it. So you can see, there are pros and cons to purchasing a new vehicle.

People usually buy a car new when they can afford to do so, and because they appreciate the fact that it has never had a previous owner. The tires have full tread, the seats are barely sat in, and the stereo equipment hasn’t been tampered with. It’s all a luxury worth paying for, if you can afford to do so.

When You Buy Used

I think we’re all pretty familiar with buying a used vehicle, as so many of us have done so before. They tend to hold value better once that initial ‘newness’ has worn off. In fact, in the first three years some cars can depreciate up to 50%, and the average car depreciates 20-30% as soon as they leave the dealership. (Auto Trader)

However, when you purchased a used vehicle, you have to deal with being it’s second (or third, or fourth…) owner. You have to handle any repairs that are due, replace the tires, and deal with any other issues that need fixing. The factory warranty may be expired and you would then be on your own with those repairs unless you sprung for the extended service plan through the dealership.

No matter which route you decide to take, at the end of the day you are doing what’s best for you. Whether it be buying a new vehicle, or a slightly used, as long as you are happy with your purchase!