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.
Advantages of new auto:
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
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
2. Lower price.
3. Initial depreciation has already been
4. You can buy a
certified pre-owned vehicle.
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
dollar for you used car.
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