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Used Cars vs. New Cars

Trying to figure out if buying a new or used car is the right for you is not an decision. On this page we have summarized what we determine are the disadvantages and advantages of each. Take note, what may be vital or considered a concern to one person may not be important to another. It all comes down to personal choice as to what your needs and wants are.

If you have any comments or concern please feel free to contact us. We suggest that you also check out the auto purchasing tips page prior to applying for a car loan. This page will guide you in your choice of deciding if buying a new car or a used car is better for you. You can learn what your needs and wants are.

It is a good idea to examine our auto loan rates so that you see what the difference in interest is between new and used cars.

New Vehicles
Advantages of new auto:
1. Factory support.
2. No potential abuse.
3. Warranty: Complete factory warranty.
4. Full range of leasing options.
5. Lower financing rates are associated with auto loans.
6. Lemon Law coverage.
7. Lower interest rates.

Disadvantages of buying a new vehicle:
1. Limited price variation.
2. You take the hit for depreciation.
3. Higher price.

Used Cars - Learn more about buying pre-owned vehicles and what the top used cars are.
Advantages of used cars.
1. More price variation (you can always go one year older on a similar vehicle and pay less).
2. Lower price.
3. Initial depreciation has already been taken.
4. You can buy a certified pre-owned vehicle.

Disadvantages of used cars.
1. Warranty: May only have balance of factory warranty or no warranty at all.
2. How has the car been treated?
3. Where has it been?
4. In general, used car loans have a higher financing rate.
5. Limited or no factory support.
6. Limited or no Lemon Law coverage.
7. Limited or no leasing options.
8. Higher interest rates.

If you are looking to sell a used car we recommend that you read the tips to selling your used vehicle page. You can also learn how to get top dollar for you used car.

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