When shopping for a new car, the possibilities are endless, and it can seem nearly impossible to come to a conclusion about the best choice. One of the biggest decisions you’ll make regarding your new car purchase is whether to buy a new or a pre-owned vehicle. While you may have the room in your budget to make a new purchase, it might be in your better interest to seek out a pre-owned deal. It works both ways, too—although you may initially see new cars as out of your budget, there are plenty of deals and financing options that can allow you to stretch your budget and get the most for your money. The most important part of the decision-making process is figuring out whether a new or a pre-owned purchase will serve your needs the most effectively. From there, you can find a way to work the purchase into your budget.
The Benefits of Buying New
The benefits of buying a new car may seem obvious, but they are more numerous than you’d initially expect. With a new purchase, you often enjoy a longer warranty than you’d receive making the same purchase pre-owned, which can come in handy for maintenance and technical problems that may appear in the first few years of the car’s life. Additionally, there’s more selection in terms of model, color and amenities. Many dealers will order a new car that isn’t in their stock at the moment if that’s what you need in a purchase, and the same benefit isn’t available in pre-owned purchases, where you are limited by the inventory.
When You Should Consider Pre-Owned
Pre-owned vehicles have the advantage of being inexpensive compared to new models, often by thousands of dollars. If you’re willing to sacrifice selection to some level, you can find a good working pre-owned vehicle that meets your needs, whether you need a family-sized sedan or prefer a sleek two-person convertible. There’s often a host of financing options available for pre-owned vehicles, including trade-ins, making them even more affordable. If you have no use for add-ons, don’t prefer a specific color and don’t mind compromising, you can find an excellent deal on a pre-owned vehicle.
Once you’ve decided whether new or pre-owned is the right decision for you, check into specific models at your favorite dealer and inquire about pricing and financing options. Most people think of financing as strictly for new car purchases, but plenty of dealers and lenders will also finance a pre-owned purchase, especially if it’s a relatively large purchase. If you’re trading in your previous vehicle, you can often get a hefty credit from the dealer that will make it possible for you to reduce the cost even further. Whatever purchase you choose to make, you’re sure to find a way to make it worthwhile.