Is It Better to Buy a New or Used Car?

Looking for a new set of wheels but not sure whether to go with a brand-new ride or a reliable old one? Don’t worry – other Myrtle Beach drivers have this same issue. Let’s look at the differences between new vs. used cars to help you decide which is best for you. Is it better to buy a new or used car? We’re here to make things easier for all theCharleston drivers out there, and the following article should make the decision much easier based on your budget and needs.

Difference Between New vs. Used Cars

Advantages of New vs. Used Cars

1. Updated Tech and Convenience Features: When you choose a new car vs. a used car, you get the most up-to-date automotive technology. Technology advances quickly, and even a car that is only a few years old might feel like the tech is obsolete.
2. Complete Warranty Coverage: Most new cars include bumper-to-bumper and powertrain warranties. That means that many of your vehicle’s components are protected for a set number of years or miles, depending on which comes first.

Disadvantages of New vs. Used Cars

1. Price: New cars are more expensive than pre-owned ones. Be prepared to pay higher taxes on the purchase. Furthermore, once your car’s warranty ends, your protection is gone and you’re in the same boat as owning a pre-owned model.

Advantages of Used Cars

1. Saves You Money: When you ask, “Is it better to buy a new or used car?” remember your budget. Purchasing used is a budget-friendly option. You’ll save money by going with a gently used car – and not just on the front end. Savings also include insurance and taxes.
2. Slower Depreciation: New cars lose a large portion of their value the moment they leave the dealership. This early depreciation hit already happens much slower with used models, as the value loss with a pre-owned is more gradual over a longer period.
3. Reduced Risk of Negative Equity: Negative equity can be a major issue for Charleston and Columbia drivers, which means you owe more on your car loan than the vehicle is worth. If your vehicle is lost or seriously damaged, you may face financial difficulties as you’re still on the hook for the loan. Used cars frequently have shorter terms on their loans, lowering the chance of becoming “upside down.”

Disadvantages of Used Cars:

1. Higher Interest Rates: Lenders frequently demand higher interest rates on used-car loans, which means greater monthly payments. However, since the car is less expensive, the loan period is shorter, as mentioned above.

Experience the Best of Both Worlds at Hadwin-White Subaru

Is it better to purchase a new or used car? AtHadwin-White Subaru, you get the best of both worlds. If you’re in the market for a new model, we have a fantastic showroom. Our professionally inspected range of pre-owned vehicles appeals to all budgets! We have a standard used car selection, certified pre-owned cars, and even options for under $25,000. Browse our large selection of cars, trucks, and SUVs and get pre-approved for low-interest financing. Any further questions? Contact us and we will lead you on the right path to new or used ownership.