Getting a car loan doesn't have to be a nightmare, even with bad credit.

Should I buy a new or used car? Many vehicle enthusiasts struggle with this question. Before you start window shopping, you should understand that there are pros and cons regardless of your choice. While new cars are more costly, chances are that you’ll get what you’re looking for.Let’s look at new vs used cars.

New vs Used Car

New vs Used Car

When you’re looking to buy a vehicle, there are numerous choices available in the market. First, you’ll need to pick the make and model of your preferred car, and then you’ll want to decide whether you want a new or used car.

The latter is a critical decision to make and especially if you’re working on a budget. It’s worth noting that purchasing a car can’t be classified as an investment. Further, your options will depend on your preferred payment plan, that is, whether you should pay in cash or, you’re eligible for a loan.

What are the Pros of Buying a New Car?

The good thing about buying a new car is that the car comes with a warranty. Additionally, you won’t need to repair the car at least in the first years. This means that you’ll only need to focus on maintaining your car.

Chances are high that your dealer will give you low-interest-rate financing, which can cut down the comprehensive interest you pay for the loan. In this day and age, everyone wants a car that’s technology compliant. New cars feature the latest technology. This means that you’ll find energy-efficient cars with lower emissions.

What’s more, you could end up buying a hybrid and reduce your monthly transportation expenses. New cars are also compatible with mobile gadgets which enhances convenience while on the go.

Can a College Student Get Auto Financing?

Cons of a New Car

One of the cons of purchasing a new car is; you’ll start losing as soon as you drive it away. This is because the largest depreciation when it comes to new cars takes place within the first two or three years. What this means is; you’ll be spending money you’ll never recover. When it comes to brand new cars, the manufacturers often change engines and vehicle design in specific years. Such vehicles are prone to various problems. Should you buy a used car, however, you can be sure such problems will be in existence.

Pros a Used Car

One of the advantages of purchasing a used car is; you transfer a big percentage of depreciation on someone else. Additionally, should you want to sell your car, you’ll be able to sell it in almost the same amount you spend on it. There are good financing options which include: a credit union or a local bank. Further, chances are that your insurance rates will be lower for a used car depending on your preferred car model.

Cons of a Used Car

Often, you’ll need to carry out more repairs on a used car. This means you’ll incur additional costs. Further, your needs may not be ultimately met and often you’ll have to compromise your preferences. For instance, you may have to settle for a different color to get a car with better mileage and history. When you’re in the market for a used car, you should be more patient and flexible. This way, you’ll get the best car that meets your needs.

What’s the Best Time to Buy a New Car?

When you’ve decided on your ideal car, consider the best time to buy the car. Remember, car prices can fluctuate depending on the month and sometimes the day. If you can wait for the perfect time and you could end up saving some money. Here are some tips to help you establish the ideal time to buy a car.

Do You Know What a Lien is?

Shop during the Weekdays

Avoid shopping during the weekends and opt for weekdays instead. Monday, Tuesday, and Wednesday are specifically the perfect weekdays to buy a car. This is because there’s less human traffic and this means you have a higher chance of landing a food deal. During the weekends, car dealerships are often crowded. Shopping on Saturday specifically denies you the benefit of getting individual attention from salespeople, making the idea of negotiating a deal a daunting task.

Shop Late in the Month or Year

The perfect time of the year to shop for a car is during October, November, December. This is because car dealerships offer sales quotas which break down into monthly, quarterly, and yearly sales goals. These goals start aligning later in the year. If you start shopping then, chances are that your salesperson will propose the best quotas.

You may also consider buying a car during:

  • Memorial day
  • Holiday sales and
  • New year’s eve

Which is the Best Way to Buy a Used Car?

Before buying a used car, you want to consider the following factors.

Research extensively before going to your car dealer

Figure out the vehicle make and model you need and the market price within your locality. Compare different vehicle makes and models and concentrate on the mileage and features you’re interested in. this way, you will have comprehensive information on what you want. After making your decisions, you want to:

Try the Car

Take your car for a test drive. This will help you establish whether everything about the car is perfect. Get the vehicle’s history report and validate the odometer reading, reports about accidents, ownership history, and flood damage.

Dealing with Private Dealers

It’s worth noting that dealers will charge approximately 10% more as opposed to private dealers. Before paying for your car to a private dealer, ensure that they have signed the title. Remember, some of the dealers in the market are neither skilled nor professional. You need to be cautious to avoid getting duped. Ensure the car is insured before driving it off. Purchasing your car from a private dealer is a great idea. However, ensure they are reliable and trustworthy.

Working with Dealers

When i comes to new vs used cars,  you’ll have a wide variety of cars to choose from. Many dealers have a good reputation and you can be sure that the deal is genuine. Some of them will even give warranties regardless of their duration.

How to buy a new car

Buying a car requires good planning and budgeting. Begin by deciding whether you: need to lease your car, pay cash, or take out a loan. Paying cash eases your budgeting process. However, when it comes to new vs used cars, ensure you don’t spend your entire savings. Remember, you’ll need to pay additional fees in terms of registration, sales tax, and insurance. Get assistance from your salesperson in calculating your down payment and monthly installments.

Choose the Ideal Car

How do you want to use your car? Are you looking for a family or a business car? How spacious do you want it to be? These factors should help you when considering new vs used cars.

Check Ownership and Reliability Costs

Choose your car make and model depending on their cost of ownership. Remember, while some cars may be cheaper to buy, they will cost more in the long run due to various costs such as depreciation, maintenance, insurance, and repairs. Choose a car that doesn’t come with prolonged expenses.

How to Test Drive a Car

At the end of the day, you need to test drive all the vehicles you’re interested in to establish the one that best meets your needs. One of the best ways to succeed in test driving is to book an appointment. This is because chances are high that the car may not be on the main dealer’s collection. Scheduling an appointment, therefore, will have the dealer prepare the car in advance to avoid delays. You may want to reserve a morning or an afternoon for the test driving process. Do it midweek where possible because dealerships aren’t busy then. Choose a test drive route that incorporates everything from rough pavements, hills, a stretch of highway, and curves.

While at the Driver’s Seat

When you’re the one driving, avoid the idea of getting in and igniting the car immediately. Begin by making all the essential adjustments for safety and comfort. Adjust your seat, steering wheel, mirrors, foot pedals, and seat belt. This will help you establish whether or not they’re adjustable. Drive naturally and pay attention to the vehicle response in terms of braking, acceleration, and cornering. Ensure that visibility is efficient on all sides and that you can reverse and park the car with ease.

New vs Used Cars….

While you may get overly at the idea of purchasing a new car, always be on the lookout for the specific features that meet your needs. Decide the features and vehicle make and model you need before visiting the dealer. Beware of salespeople of close friends who may lure you into buying something different from what you need.

Apply Now Get Started