Life comes with plenty of important purchases to make. Few have as profound an impact on your life and family than buying a car. The deciding factors can vary wildly when trying to determine what kind of car to buy. The gas mileage, size of your family, work needs, and more all play a part in your choice. Another important consideration is if the car should be new or used. Below, we’ll offer some pros and cons of buying or leasing a car.
Reason to Buy a New Car
Reliability
New cars come with warranties that offer much greater peace of mind than a used car. With no previous owners, there’s far less risk of hidden or unforeseen maintenance issues popping up unexpectedly, as wear and tear will not be an issue.
Latest Features
The technology of new cars can be leaps and bounds ahead of previous models. Purchasing new can give you the advantage of the latest safety features, driving assistance, smartphone integration, and infotainment systems. These features tend to offer a more enjoyable and convenient driving experience for you and your passengers.
Customization
Purchasing a new car gives you the unique opportunity to get a car exactly the way you want it. Details like car color, trim, interior material, and much more can all be selected to your preferences.
Better Financing Options
There are promotional offers and manufacturer financing options that are only available when purchasing a new car. These options make it easier to get the car you want. Typically, there are lower rates available for new cars versus used cars.
Reason to Buy a Used Car
Lower Cost
Used cars are often cheaper than new cars. If affordability is paramount in your decision between buying new or used, used will always be more advantageous.
Less Depreciation
It’s common knowledge that a new car loses thousands of dollars in value the moment it rolls off the lot. A used car has already gone through its initial period of depreciation, meaning a used car will hold its value longer.
Larger Selection
The market for used cars is, by its very nature, larger than new cars. The options available in this market offer a far greater selection if you’re looking for a specific year, make, or model.
Lower Insurance Cost
Again, if affordability is the most important factor in buying, then insurance cost will make buying used a no-brainer. The monthly insurance premium of a used car tends to be lower.
Protect Your Investment With Farm Bureau Insurance
Whether your car is new or used, you’ll need high-quality insurance before you hit the road, and Farm Bureau Insurance has you covered. Get a free, no-risk quote on auto insurance now.