Is it Better to Buy a New or Used Car?

Used cars on a car lot
 

If you’re looking to upgrade your ride in Triadelphia, you might wonder, “Is it better to buy a new or used car?” Neither is inherently better, but one is likely a better fit for your lifestyle and budget. Below, the team at Straub Honda compares new vs. used cars to help you decide which makes more sense based on your current situation. Read on to find out the pros and cons of both, and contact us when you’re ready to start car shopping!

 

 

New vs. Used Cars: Which is Best?

New Car Advantages

  • Newest Technology: When you buy or lease a new car, you get the latest and greatest auto technology. Automotive technology progresses quickly, and a car only a few years old can already feel technologically outdated.
  • Greater Fuel Efficiency: Achieving impressive fuel economy ratings is a goal for most automakers and sometimes even mandated by the government. Recent vehicles include fewer V6 and V8 engines, which have been replaced with turbocharged motors designed for better fuel economy on Wheeling roads.
  • Full Warranty Coverage: Most new cars are protected with a bumper-to-bumper and powertrain warranty that covers most of the car’s parts and quality for a specific number of years and miles.

New Car Disadvantages

  • More Expensive: When considering new vs. used cars, you’ll find new cars have a higher price tag than used and certified pre-owned vehicles, and you’ll have to pay sales tax in most states. Also, once the warranty expires, you may find that your car’s state-of-the-art technology costs a lot to repair and maintain.

Used Car Advantages

  • Slower Depreciation: The value of a new car diminishes as soon as you leave the dealership. Unfortunately, a large portion of a car’s value depreciates in the first few years of its life. Used cars have already depreciated and continue to lose value much more slowly as they age.
  • Easier on the Budget: Buying a used car will be easier on your Moundsville budget. You’ll save on the listing price, auto insurance, and taxes.
  • Less Chance for Negative Equity: Negative equity is when your car’s value is less than your loan balance. If the vehicle is lost or totaled and you don’t have gap insurance, you could get stuck paying back the auto loan, even though the vehicle is undrivable. When you finance a used car, there is less risk of ending up “upside down” on your auto loan.

Used Car Disadvantages

  • Higher Interest Rates: Lenders typically charge higher interest rates on used cars, increasing your monthly payments. But since the price of the vehicle is lower, you can pay it back faster.

Why Shop with Straub Honda?

At Straub Honda, you’ll find a wide selection of new Honda models, gently used cars, and certified pre-owned Honda models. Whether you’re interested in new vs. used cars or the other way around, our sales team will help you find one that suits your budget and lifestyle. Then, our finance team will work with you to get you a monthly payment you can afford. Please apply for financing online to get started.

Start Car Shopping at Straub Honda Today!

Straub Honda is your best source for a vehicle that matches your needs. When you’re at the dealership, browse our new vehicle specials and pre-owned incentives for additional savings you shouldn’t miss! Let us know how we can help when you contact us today.

 

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