You love your vehicle. It has a long history with many fond memories attached that bring a smile to your face. However, it’s old and tired. To repair it would cost thousands, with no guarantee that something else won’t go wrong shortly after. Before pushing to buy a new vehicle explore all of your options.
Buying Brand New
There’s something about the fresh and pure smell that comes with a brand new car. You’re the first person to leave a mark and occupy its interior. It has only a few driven miles and you can put as many more on as you want. Owning a new vehicle offers reliability for long commutes to the office and road trips with loved ones. New vehicles also come with the latest technology giving you the option of adding many beneficial features to improve performance, safety and convenience. You can customize it to meet your specific needs. While you will need to change the oil, major repairs are further down the road. Car loans are much easier to get when buying brand new. If you have a high credit score, credit union loans offer some of the lowest interest rates available.
Buying a Certified Pre-Owned Vehicle
Dealers acquire many used vehicles either through customer trade-ins or expired leases. Most of the vehicles are in good condition with low mileage and minimal visible signs of wear. They also come with a warranty of 12 to 24 months, giving you comfort that the vehicle is reliable and should anything go wrong you can bring it back to the deal to make the repairs at no cost to you.
Pre-owned cars purchased from a dealership cost thousands less than those brand new on the lot making the payments more affordable. Unlike a new vehicle that depreciates thousands once off the lot, a used car already accounts for it. If you live in a state that charges excise tax the annual cost is also lower than a new vehicle.
A Leased Vehicle
For some, leasing a vehicle is the best option. If you use the vehicle only to run errands and a short drive to the office, you can own a new vehicle every couple of years. The payments are low allowing you to enjoy a luxury car or SUV. You’ll also have the new car smell and look. There’s no worry of depreciation as you’ll replace it and lease a new vehicle every two to three years. Leasing a car also gives you access to the newest features available. There are some drawbacks to leasing. You must keep the miles limited to about 12,000 annually. If you go beyond the agreed miles, you’ll pay additional per mile. You must return it in excellent condition otherwise you can be liable for the damage. Since you never own the vehicle, it’s much harder to get an approval for a lease.
Private Sale
You can find a good deal buying a used vehicle from an owner versus a used car lot. Someone who’s selling their vehicle often under markets the value to make a quick sale. Family members may also place an ad for an estate sale to sell a vehicle belonging to a loved one recently deceased. If you find a vehicle for sale privately, have your mechanic check it over thoroughly to make sure that nothing serious is wrong that could cost thousands after signing the agreement and handing over cash.
If you’re in the market for a new car, you have several options. Decide ahead of your search whether you want to travel the open road, or have a vehicle for local runs. Find the one that best fits your budget and needs.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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