Is it Better to Buy a New or Used Car?

Tiny car with coins and finance paperwork

 

If you’re looking for a new ride for your Dover lifestyle, you may wonder, “Is it better to buy a new or used car?” There is no set answer to the question because it depends on your situation. Below, we at Kent County Motors compare new vs. used cars to help you make an educated decision, and if you have questions, contact us. We’re always happy to help.

 

 

New vs. Used Cars: What are the Differences? 

There are many things to consider when buying a new car versus a used one. These are some of the advantages of buying a new car.

New Car Advantages

  • Full Warranty Coverage: Most new cars come with a full bumper-to-bumper and powertrain warranty that covers most of the car’s vital components for a specific amount of years and miles. 
  • Newest Technology: Buying or leasing a new vehicle provides the benefit of the latest and greatest technological features. 
  • Greater Fuel-Efficiency: Achieving the best possible fuel-efficiency ratings is important to many Milford drivers. Today’s new vehicles feature better engines with turbocharged motors designed for better fuel economy. 

New Car Disadvantages

  • Cost More: New cars cost more to purchase than used and certified pre-owned cars, and you‘ll have to pay taxes on the price you pay. Plus, once the vehicle’s new car warranty expires, you may find that your car’s state-of-the-art technology is costly to repair and maintain. 

Used Car Advantages

  • Less Expensive: Buying a used car vs. a new one is a good way to save money. You’ll also save on auto insurance and taxes. 
  • Less Chance for Negative Equity: Negative equity is when you owe more money on your auto loan than what the vehicle is worth. In the event the car is stolen or irreparably damaged, you might get stuck paying on the auto loan, even though you are no longer able to drive your car. When you finance a used vehicle, you’ll likely have a smaller car loan, so it’s less likely that you’ll get “upside down” on your loan. 
  • Slower Depreciation: The value of a new car begins to diminish at the moment you drive it off the lot. A large part of a vehicle’s value is lost in the first few years of its lifespan. Used cars have already had this initial depreciation and lose value much more slowly as they age. 

Used Car Disadvantages

  • Higher-Priced Financing: %%target_city%_2%%lenders typically charge higher interest rates on used-car loans, which means higher monthly payments. Still, the price of the car will be lower, so the loan term should also be shorter. 

Why Shop at Kent County Motors?

Now that you know more about buying a new car vs. used, remember Kent County Motors has a wide range of new and pre-owned vehicles. Whether you’re interested in a new vs. used, our sales team will help you find the perfect match for yourMiddletown budget and lifestyle. Our finance team is happy to explain your leasing and financing options. To get started, you can apply for an auto loan online or use our payment calculator to estimate what your monthly payment will be. 

Find Your Next Car at Kent County Motors Today! 

Now that we’ve answered the question, “Is it better to buy a new or used car?” Kent County Motors is your best source for your next vehicle. Maybe you’ll choose a new GMC Sierra or a new Hummer! We invite you to check out our new vehicle specials for excellent savings you won’t want to miss! If you have any questions, reach out to us. We’re here for you!

 

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