New or Pre-Owned? Answer These 6 Questions to Find Out Which Car Type You Should Buy

A personal vehicle is always a substantial investment, so you want your new car to last for years. One of the first questions you must answer when you're in the market for a car is whether to buy a new vehicle or a pre-owned vehicle.

Both options have pros and cons. Answering the following six questions can help you decide which option works better for your lifestyle, budget, and driving habits.

1. Do You Have a Down Payment Available?

While your financing options depend on numerous factors, the bank that issues your loan first considers whether the car is new or used. Buyers with good credit scores who want to buy newer cars tend to have smaller down payment requirements. This requirement may come directly from the loan guarantee or be made possible through incentives like rebates.

Almost all used car purchases require a significant down payment, regardless of the buyer's credit score.

If you do not have a down payment readily available, you may want to shop around until you find an incentivized new vehicle so your down payment will be smaller.

2. Do You Have Particular Needs or Desires for Your Vehicle?

You have a lot of options when buying a new car, from the color to the sound system. While there are plenty of pre-owned vehicles available, it may be harder to find the all specifications that you want in an existing car. With a pre-owned vehicle, you also have to consider the mileage and accident history along with any special features you want.

When you buy a new car, you have the option to customize certain aspects of the vehicle. With most new cars, you can decide whether you want a sunroof, how many features you want on your dashboard console, and if you want other non-standard elements.

3. What's Your Auto Insurance Budget?

All car purchases consist of an initial cost and long-term vehicle expenses. One of the biggest potential expenses is your insurance rates. Insuring a newer vehicle tends to cost more, both to purchase the policy and to maintain the coverage.

Pre-owned cars, especially vehicles that are a few years old, tend to be more affordable to insure.

4. How Important Is a Comprehensive Warranty?

Your insurance coverage protects your vehicle in the case of an accident, but your warranty covers you in the case of defective parts and other issues. New vehicles tend to come with more comprehensive warranties.

Most manufacturers cover their new vehicles for three years or until the car has 36,000 miles on it. Some warranties can last even longer.

Used cars may be insured by the manufacturer or by the retailer, but these warranties are usually not as comprehensive as new vehicle agreements. Additionally, if a pre-owned vehicle is still under manufacturer warranty, that warranty may not transfer to you when you buy the car.

5. How Often Do You Drive?

Your driving habits are one of the most important factors to consider when deciding which vehicle type to purchase. For example, long-distance commuters tend to opt for fuel-efficient models.

Your driving habits can also influence whether you need a new or pre-owned vehicle. If you drive for work, commute several hours every day, or take frequent trips, you may want a new car. Newer vehicles tend to handle frequent driving better than their pre-owned counterparts.

What makes new cars better for these driving situations? Pre-owned vehicles come with an existing mileage and used internal parts. These vehicles can last a long time when properly maintained, but they may perform better for drivers who use their cars for shorter or less frequent trips.

6. Can You Afford Regular Auto Repairs?

As mentioned above, car ownership comes with long-term expenses. In addition to fuel fill-ups and oil changes, you also have to account for any maintenance or repairs the vehicle needs.

Because they've already accumulated miles, pre-owned vehicles tend to need repairs more often than brandnew cars. If you feel confident that you can afford routine repairs, a pre-owned vehicle may be a more costeffective choice for you. Pre-owned vehicles cost less to purchase, but remember that they may need high mileage oil and frequent tune-ups to run reliably.

New vehicles can cost more initially, depending on the incentives, but they tend to need less maintenance during the first few years of ownership. For this reason, new vehicles can be a better choice for individuals with irregular or unpredictable incomes, since they may not always be ready to pay for auto repairs.

Regardless of whether you decide on a new or pre-owned vehicle, you should always shop with a reputable dealership. Start your search with Young Automotive Group's new vehicle inventory or pre-owned vehicle inventory.

Working with a dealership that you can trust ensures that you get a high-quality vehicle with the best possible warranty.

Categories: Pre-Owned Inventory

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