Should I Buy a New or Used Car?

2021 Ford F-150 Platinum parked outside of a cabin

 

Are you in the middle of a new vs. used car debate? Is it better to buy a new or used car? That largely depends on your needs and budget. If you’ve been asking yourself, “Should I buy a new or used car?”, keep reading.

New vs. Used Cars: Which is Right for Me?

Is it better to buy a new or used car if you’re on a budget? The answer might seem obvious, but many Conway car shoppers have sometimes found after running a new vs. used car cost analysis that buying used isn’t always the most economical choice. Here are some of the costs beyond the sticker price that you should take into account:

Benefits of Buying a New Car 

  • Interest rates – Loans on used cars generally have higher interest rates than those on new cars. So, payments may not be that much lower than a new car.
  • Gas mileage – Newer cars generally have better gas mileage as automakers seek to improve fuel efficiency, making them well-suited for the typical Florence commute. A car’s performance will also decline over time, decreasing fuel efficiency in used vehicles.
  • Repairs – Newer cars normally need fewer repairs than used cars and are covered under a warranty.

New Car Disadvantages

  • Depreciation – New cars lose their value much more quickly than used cars. You’re far less likely to find yourself owing more on the car than what it’s worth if you bought it used.
  • Higher Cost – The sticker price, down payment, and monthly payment will all be higher on a new car vs. used.

Benefits of Buying a Used Car

  • Upfront cost – Used cars usually have a lower purchase price than their new counterparts.
  • Depreciation – Used cars don’t depreciate as fast as new cars

Used Car Disadvantages

Used cars are more likely to incur repairs and cost more to keep running on Murrells Inlet roads. As seen below, your used car may not be covered under warranty. And, of course, there are the higher interest rates on the auto loan, as mentioned above.

Why Buy a New or Used Car at Beach Automotive Group?

Whether buying new or used, you’ll find a helpful team and quality models waiting for you at Beach Automotive Group. What’s more, we make shopping for and purchasing your vehicle stress-free with:

Schedule Your New or Used Car Test Drive at Beach Automotive Group

We have a wide selection of both quality new and used cars. Why not come down and take a test drive today? And, if you’d like to learn more, check out our posts on how to avoid paying sales tax on a used car and the best used cars to buy. We’re just down the road from Florence. So, drop by or contact us today.

 

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