BUYING NEW VS BUYING USED: WHAT YOU NEED TO KNOW

July 13th, 2020 by

When you’re in the market for a car, there’s a big decision that you have to make. Do you buy new or used? There are benefits to each, so it’s worth doing a bit of research. At Cumming Chevrolet, we have a large inventory of new and used vehicles. Plus, our knowledgeable sales staff will guide you every step of the way.
A Look at Models
It’s important to know what you’re looking for in a car, truck, or SUV. Some of the features that you want may dictate the model year that you’re after.

If you want all of the latest and greatest tech, driver-assist features, and more, it may be advantageous for you to shop new. Some of the latest releases have some impressive features – and they’re all new for you to enjoy.

If you want a few high-end features but want to save money, choosing used can be better. Often, you can get a high trim level that is a few years old for less than what you would buy a basic trim level new model for.

Financing Options
If you don’t plan on paying cash, you will want to explore financing options. You’ll have more options when you buy new. This includes both financing and leasing. There will be lower interest rates, too, because there are incentives to move the inventory.

Depending on your budget, you may not be able to afford the monthly payment of a new car. The reality is that the newest models are more expensive. You pay for that new car smell that you love so much. While interest rates may be higher, the cost of the car is lower. You can pay less per month and, potentially, have the car paid off faster when you opt to buy used.

Buying Insurance
You will need to buy insurance regardless of whether you buy new or used. A used car will typically be more affordable to insure because the cost to replace isn’t as high.

When you buy new, the cost of the car will impact insurance. Additionally, some lienholders may require you to have collision and/or comprehensive coverage. There will be better safety features, though, so that can end up saving you quite a bit of money.
Once you know the model you want, you can get insurance quotes to see what it could cost to insure both a new and a used version.

The Warranty
When you buy a new car, you get a warranty. Depending on the manufacturer, you can get between three and five years. It has more peace of mind knowing that if something goes wrong, you have coverage in place.

Some used cars will still have the original warranty. Otherwise, you can choose to get an extended warranty. While this will cost you a little bit of money, it can offer financial protection in case something goes wrong.

Overall Value
There is something to be said about the overall value of new and used cars, too. Often, it comes down to looking at how long you are going to hold on to a vehicle.

Used cars don’t have as much depreciation. It’s already used, so it isn’t going to suddenly become used once you drive it off the lot. This means that if you wanted to sell it after a year or two, you would get a similar value to what you paid for it.

With new cars, you get all of the latest bells and whistles. However, there will be substantial depreciation because of it becoming used the moment you drive it out of the dealership. As long as you are going to hold on to the vehicle for a few years, it can still maintain a significant amount of value for you.

In the end, it’s important to do some research. Identify what you want in terms of features. Establish a budget for what you can afford. From there, you can determine whether you should buy new or used.

Are you ready to start car shopping? Visit us at Cumming Chevrolet today. We’ll help you explore the various financing deals and find a car that you love (and can afford).

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