Is it Better to Buy a New or Used Car?

Exterior image of the 2022 Nissan Pathfinder

While neither one type of car is necessarily better than the other, there might be some advantages to one that you’d want more. So if you’re in the market for an upgrade in Martinsville, you should compare the advantages and disadvantages of both types. Find out more in the following new vs. used car guide and if you have any questions, contact the team at Gunter Nissan of Martinsville.

 

 

New vs. Used Cars: What are the Differences?

New Car Advantages

  • Newest Technology: Buying or leasing a new car allow you to use the latest and greatest technology from whatever brand you choose. Automotive technology updates frequently and a vehicle that’s even a few years old can be considered technologically outdated. If you love using the best technology, then you might find investing in a new car to be worth it.
  • Greater Fuel-Efficiency: In today’s automotive market, achieving impressive fuel-efficiency ratings is a goal for most automakers. Today’s vehicles feature fewer V6 and V8 engines, as they’re being replaced with turbocharged motors that are designed for greater fuel economy. This will also help you save more money in the long run as you continue to rack up more miles in Danville.
  • Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain amount of years and miles.

New Car Disadvantages

  • More Expensive: New cars are much more expensive to purchase than used and certified pre-owned vehicles, and you can expect to be taxed on the price you pay. You can expect a more expensive cost upfront and if you can afford the price tag, you might not find this to be that much of a disadvantage.

Used Car Advantages

  • More Cost-Effective: Buying a used car is a good way to save money near Roanoke. You’ll save money when you purchase from the dealer, buy auto insurance, and pay taxes. It is also ideal for building credit if you have none or you have an less than ideal credit score.
  • Slower Depreciation: The value of a new car begins to diminish the moment you leave the dealership. In fact, a large portion of a car’s value is lost in the first few years of its lifespan. However, used cars have already taken this initial depreciation hit, and lose value much more slowly as they continue to age. So even if you want to sell your car down the road, you can possibly earn some money back.
  • Less Chance for Negative Equity: Negative equity is when you owe more on your car loan that what the car’s worth. So, if the car is lost or irreparably damaged, you may get stuck paying on the auto loan, even though you can’t drive the car. When you finance a used car, you’re likely to have a smaller car loan, so it’s less likely that you’ll end up “upside down” on the loan. There’s also a better chance that you’ll pay off the loan sooner.

Used Car Disadvantages

  • Higher-Priced Financing: Lenders tend to charge higher interest rates on used-car loans, which leads to higher monthly payments. However, the price of the vehicle will be lower, so the loan term will also be shorter. Depending on your financial situation, you might find this to be disadvantageous or not.

Find Your New or Used Car at Gunter Nissan of Martinsville Today!

So are you leaning towards a new or used vehicle in Ridgeway? You can find either or at Gunter Nissan of Martinsville! Start browsing and when you’re ready to move forward, apply for financing online.

 

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