If you’re shopping around for a new vehicle, one of the first considerations is to figure out whether you want to purchase a new or used car. It’s essential to consider which option makes the most sense for your budget and needs.
Here’s why buying a used car can be a better option than getting a brand new vehicle.
Financing Can Be More Flexible
When purchasing a brand new vehicle, the dealership will typically charge you the MSRP. Depending on the offer, you might have to come up with a minimum down payment as well.
If there is a special offer on the vehicle, you will have to go through the financing service of the auto manufacturer to qualify, which limits your options because you won’t be able to shop around to find a better rate.
Financing can be more flexible when purchasing a used car. You can usually negotiate the price with the dealership and can shop around for financing.
You can apply for financing through a bank or credit union of your choice or opt for dealer-arranged financing. Either way, you will be able to compare different financing offers and choose the one that makes the most sense for your budget.
Depreciation Is Slower
By the end of its first year, a brand new vehicle will have lost between 20 and 30% of its value. Between the next two to six years, your new vehicle will lose 15 to 18% of its value every year. New cars depreciate at a fast rate, and you can expect a significant difference by the time you resell this vehicle or trade it in.
If you decide to purchase a vintage car from the 60s or 70s, you will find that its value remains constant. Things like putting miles on the vehicle can cause the value to drop, but you won’t see significant depreciation like with a brand new vehicle. Some vintage cars can even go up in value as the make and model becomes harder to find.
No Risks of Recalls
The advantage of buying a used car in Charlotte is that it’s been on the road for a while. The fact that the car is still around is proof that previous owners took care of it and performed necessary repairs and maintenance.
Recalls can be an issue with newer vehicles. It typically takes a few months or years for the auto manufacturer to issue a recall if there is an issue with a vehicle.
While your dealership will take care of any necessary repairs, turning your car in for a recall is an inconvenience. There is also a risk of driving around with a vehicle that has a serious security flaw before the manufacturer issues a recall.
Maintenance and Repairs Are Simpler
Between the onboard computer and multiple sensors, modern vehicles rely on technology extensively. If something goes wrong, you will need to take your car to a dealership or repair shop to have a professional use a specialized diagnostic tool. Some repairs and maintenance are difficult to perform by yourself because of the technology involved.
A vehicle from the 60s and 70s is much simpler. It’s easier to do simple repairs and maintenance by yourself, and it’s usually much easier to diagnose the issue since you don’t need a digital diagnosis tool.
Another advantage of purchasing a used vintage car is that you can find second-hand parts or shop for aftermarket parts. You will have fewer options with a new vehicle and might have to spend more to get OEM parts if you need to do repairs.
Vintage Vehicles Are More Unique
If you want a vehicle that stands out, a vintage used car is your best bet. Older cars have a unique style that differs from what you can see on the roads today.
If you look at newer vehicle lineups, you will find that a lot of manufacturers offer different takes on the same basic design. It’s sometimes difficult to notice any significant differences between the lineups of two brands that offer similar types of vehicles.
Insurance
There are different factors that affect the cost of your influence policy, but insuring a new vehicle can be more expensive because your policy has to cover the cost of repairing or replacing your vehicle. Your premiums could cost more before your new car starts depreciating, and you might also see a higher cost because parts tend to cost more for new vehicles.
Final Thoughts
Purchasing a brand new vehicle might not be a good option for you if you’re shopping on a budget or want something that is truly unique. Buying a used car in Charlotte often means simpler repairs and maintenance besides giving you access to more flexible options for financing. It’s important to weigh the pros and cons of each option to figure out what makes the most sense for you.
Facebook Comments