New vs. Used Cars: Which is the Better Buy for Me?

If you’re like other first-time car buyers in Shelby, you may be wondering whether you should buy a new or pre-owned vehicle. We at Spitzer Motors of Mansfield CDJR understand that purchasing a vehicle is a major milestone for just about every driver, which is why we have highlighted the pros and cons of new vs. used cars below to help you make an informed decision.

New vs. Used Cars: Advantages & Disadvantages

Buying a New Vehicle: Pros

• Better Fuel-Efficiency: One area the automotive industry has increased its focus on significantly over the years is fuel efficiency. While many vehicles used to have V6 and V8 engines, it’s becoming more common to see turbocharged engines due to their higher level of efficiency.
• Access to the Latest Technology: Advancements in technology are a frequent occurrence in the automobile industry and you will have access to it all when you opt for a brand-new vehicle.
• Warranty Coverage: A majority of automotive brands automatically include bumper-to-bumper and powertrain warranties with the purchase of a new vehicle.

Buying a New Vehicle: Cons

• More Expensive: As you may have guessed, the main downside to buying a brand-new vehicle is the higher price tag. Newer vehicles may also be more costly to maintain after your warranty coverage expires, as they are equipped with all the newest technology.

Buying a Used Vehicle: Pros

• More Budget-Friendly: One of the most obvious benefits of buying a used vehicle is the lower price. Used vehicles not only have a lower price tag, but they also cost less to insure and lower registration fees.
• Less Depreciation: When you buy a used vehicle, you don’t have to worry too much about depreciation since a majority of it has likely already occurred. New vehicles typically take the largest depreciation hit within the first few years of their lifespan.
• Lower Chance for Negative Equity: Financing a used car typically results in a smaller car loan, so there’s less of a chance of ending up “upside down” on it.

Buying a Used Vehicle: Cons

• Higher-Priced Financing: You may have higher monthly payments with a used vehicle as Ontario lenders typically charge higher interest rates on used vehicle loans.

Start Shopping with Spitzer Motors of Mansfield CDJR Today!

We understand that choosing between buying a new vs. used car is a difficult decision for many of our Ashland and Galion customers. Fortunately, you can count on our friendly and knowledgeable finance experts to sit down with you one-on-one and walk you through your options so you can feel 100 percent confident in your decision. Contact us today and feel free to check out our car buying tips for more information!