Yes, it has probably happened to you as you drove to work or an occasion- the old bummer starts overheating, spurts several times then shuts down leaving you with the reality that you need to invest in a new car. Now you have a tough decision to make. This article further explores the pros and cons of buying new and used vehicles to help you decide which car is right for you.

New

New vehicles always have that undeniable curb appeal. From the smell of a new car, the paint, the super clean interior down to the definite compliments you’ll receive when you drive it out of the lot. Yes, you have arrived (literally). A host of other positive attributes includes the fact that it is new, would have a good reliability record and damage is probably covered by warranty. It also saves you worry about what the car has been through before getting to you. They are more likely to offer topmost fuel efficiency and latest features plus their finance options also gives lower interest rate as opposed to used cars

Negatives

Number one is “Expensive.” Well, not for all but most people. Not to mention, their accelerated depreciation in value, unlike used cars.  The most value is lost in the first few years of ownership. When you purchase a new car, you pay the retail price same as dealer charges for a new car. As soon as you take it off the lot, the car is worth wholesale price (the amount the dealer would be willing to pay if you tried to sell your car back).

Buying a new car means that you are incurring higher debt and losing value more quickly than if you had purchased a used car. Insurance costs for new vehicles are higher than used models

Finally, new cars don’t stay new for long. You’ll get your first scratch or nick anytime and eventually the thrill of having a new car will be long gone.

Used

While used cars lack the mystique of new vehicles, they are hard to beat when it comes to financial reality. Buying a late-model, low-mile car can be a bargain dream come true.

A good used car gives you the best for your money. You can find a late-model used car priced at less than half the cost of a new one on the lot. Pre-certified dealer programs offer excellent warranties and the opportunity to purchase an extension.

Negatives

Even if the vehicle is perfectly sound, you will need to perform required maintenance sooner than on a new car. Also, finding a used car that comes with the options and features that you want may be challenging.