Should You Buy a New or Used Car


If you are on a tight budget and you’re looking forward to owning your first car, you can find it a bit overwhelming to choose between a used or new car. When you opt for a used car, you’ll be spending some bucks on functional fluids from PEAK Auto and regular maintenance, which is costly.

Used Car

Choosing whether to buy a used or new car is not that easy, and that is why we’ve come up with this short guide on buying cars. Keep reading before you make that move to buy your dream car.

Why you should buy a New Car

A new car is the best option if you drive your second car and don’t want to go through the huddles of maintaining a used car. Here are more reasons you should buy a new car:

Benefits of Buying Used Cars

New cars may seem a better option if you want to custom your vehicle. However, if you are looking forward to saving some money, a used car is an option to consider. Here are some reasons to opt for used cars:

  • Slow depreciation: A new car can lose up to 20% of its value within the first year of ownership. That means if you’re planning to buy a new car and sell it the following year, you should be ready to lose a significant part of your investment. The depreciation rate is between 9-12% for used cars, depending on the model you buy.
  • Low cost; everyone that goes for a used car is saving some money. You can find vehicles that are 1-2 years used and almost brandy from used car dealers. It is also cheaper to get insurance for a used or cheaper car, saving you some money on monthly premiums.

Final Thoughts

Buying a new or used car is a decision you make based on your budget. If you want to save some money, you should go for used cars at least 2 years old.

Alternatively, if you can afford a down payment and qualify for a car loan, you can opt for a new car. Since buying a used car saves you on insurance and you get to drive your favorite model at a 20%% lower price, it is the best option for those on a tight budget.

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Harlan J. Whelan
Pop culture fanatic. Tv scholar. Coffeeaholic. Zombie maven. Food advocate. Analyst. Enthusiastic about buying and selling cannibalism in Pensacola, FL. Had some great experience licensing robotic shrimp in Phoenix, AZ. Earned praise for analyzing accordians for farmers. Enthusiastic about training lint in Libya. Earned praised for my work researching wooden tops in Orlando, FL. Crossed the country exporting the elderly in Jacksonville, FL.