New or Used? What to Consider When Buying Your Next Vehicle
The vast majority of people need a car or truck to get from point A to point B. A brand new car or truck is a great option as far as getting something under warranty that’s going to last you a while. But in reality, looking at used trucks for sale can be just as wise (and sometimes a wiser) option.
The Pros and Cons of Buying New
Unless money is no object (for most of us, that’s not the case), buying new can be more of a financial strain than buying used. Consider that the average midsize car sold for just over $26,000 in 2018. That translated to an average monthly payment of $462! And if you want a new truck, add about $20,000 to that amount. New car loans can vary greatly in APR and terms, depending on the buyer’s credit.
However, buying new has obvious perks. You get a brand new car with a warranty that’s not going to expire for quite a while. You have the peace of mind of driving a vehicle with no accident history that isn’t going to break down on you. And, as long as you buy from a dealer, most maintenance, auto service, and repairs are covered by the warranty.
The Pros and Cons of Buying Used
Brand new isn’t the only way to get a well-maintained, quality vehicle, however. Dealers often sell used vehicles that have been gently used and well-maintained. Consider that many car rental agencies sell their vehicles when they still have less than 30,000 miles on them. For a well-maintained vehicle, that’s extremely low mileage with a lot of life (and warranty) left. This saves you thousands of dollars on the purchase price, without sacrificing much of the reliability and quality.
On the other hand, the obvious downside of buying used is that not all dealerships are the same, and not all vehicles have been well-maintained. You will still likely need a used car loan, as most used decent used vehicles are a larger financial investment than what most people have on-hand. Additionally, if you buy a Dodge Ram at a Jeep dealership, for example, there’s usually only a minimal guarantee as to the vehicle’s reliability. That’s not the case with all dealerships, however, some of whom have warranty/guarantee programs of their own, regardless of what brand the vehicle is.
When considering your vehicle purchased, whether new or used cars for sale, or new or used trucks for sale, there are options for most budgets and levels of credit. The key is to know that you’re being given great service and that you have faith in the dealership to deliver a reliable vehicle.
A brand new car or truck might be the best choice for many people, and there are certainly perks of having a brand new vehicle, and it’s exciting to shop for your first new vehicle! But for many people, shopping for used trucks for sale and used cars is a fiscally responsible way to get a vehicle that you’re going to love and drive for years to come.