There are three varieties of vehicle that you can buy. Those are new, certified pre-owned, and used. We won’t be talking about certified pre-owned vehicles in this article, but we’ll discuss the other two options.
If you’re thinking about shopping for used cars, Nevada residents, there are definitely perks that go along with that option. However, buying new has notable benefits as well.
Is it a better value for your money to buy a brand-new car or a used one? We’ll talk about that in detail now.
You Get a More Generous Warranty with New Cars
There are just as many reasons to buy a brand-new car as a used one. We’re concentrating on doing your vehicle shopping based on value, though, which changes the way you might look at the situation.
If you’re thinking about buying a used car versus a brand-new one, one thing that’s undeniable is that you’ll get a more generous warranty with a new car than one with previous owners. If you’ve never bought a vehicle before, you might not think warranty length matters very much. Nothing could be further from the truth.
Let’s say you are looking at buying a used car. You have $5K to spend. That makes purchasing a new car unlikely, unless you can secure a loan. You might be reluctant to do that, though. You may have less-than-great credit, and you don’t want to get a loan with a high interest rate.
Buying a used car means you will have to pay a lot less than you would for a brand-new car, which might start at a price of $20K or more. This could make you think that the value of the used car is better than what you’re getting with the new one.
However, the car lot where you are getting the used vehicle will only give you a 30-day warranty on it. If they’re feeling particularly generous, maybe they’ll give you 90 days.
That’s a stark contrast to the two or three-year warranty you might get with a brand-new car. New cars are a lot less likely to break down, but even if yours does, that warranty will kick in.
By contrast, if you buy a used car, and it has a 30-day warranty, then what happens if something goes dramatically wrong with it six months after you bought it? You may have to spend multiple thousands of dollars to fix it.
This is an obvious way that buying a new car can turn out to be a better value than purchasing a used one.
It’s Not Likely a New Car Will Have Mechanical Problems
It’s also true that your new car is not likely to break down. This means that the price you pay for it, while it will be higher when you’re making the initial purchase, is likely to be all you will pay for that vehicle for the foreseeable future.
If you buy a used car, then the chances that it will break down are a lot higher. In general, the less you pay upfront for a used car, the more suspicious of it you should be.
At the very least, you will want to get a mechanic to look at a used car before you buy it. They can hopefully spot anything obviously wrong with it before any money changes hands.
The problem with used cars is that if you pay less for it upfront, but then it immediately starts having problems and needing costly fixes while it’s in your possession, the total amount you’re dispensing will quickly start to approach what you would have paid for the new car. That’s why it’s sometimes better to do whatever is necessary to buy a brand-new vehicle, since you probably won’t have to pay for constant fixes while you own it.
You Get More Safety Features with New Cars
New cars also tend to come with more modern, updated safety features. These safety features, such as rear backup cameras, forward collision warnings, and lane departure alerts, can often help you to avoid accidents.
Any crash you get in can potentially cost you money, unless you’re lucky and your insurance covers all of the damage. It’s another way buying new cars can be a better value than purchasing used ones.
A used car, since it does not have those features, will not be as good at keeping you from getting into an accident. It’s another potential expense you may have to pay for during your time owning a used vehicle.
You Must Only Buy What You Can Afford
All of this seems to point strongly toward new cars being better values than used ones. While that’s not true 100% of the time, the reasons we’ve mentioned make a pretty compelling argument for most drivers.
Still, you can only buy what you can afford. While what we’ve said may have convinced you that buying a new car makes more sense, if you don’t have the money for a down payment, and if you don’t think that you can secure a loan for the rest, then you may be forced to buy what you can afford.
Most people seem to think that having a used car is better than having no vehicle at all, especially if you need it to get you to and from work every day.
The Bottom Line
The bottom line with new and used cars is that new ones make more sense if you are at a certain point in your life, and used ones make more sense in other circumstances. There is nothing wrong with buying a used vehicle if that’s all you can afford, especially if you get a brand and model that is generally well regarded.
Doing a little research is a great idea if you’re opting for a used car, since buying the right make and model makes breakdowns and similar problems less likely. Otherwise, it’s probably worth it to buy new if there’s any way you can make that happen.
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