New cars get a bad rap. Critics challenge the purchase of a new car arguing that depreciation alone makes it a bad investment.
But there’s more to the story. The value of a new car is truly dependent on your financial situation and goals.
Why buy a new car instead of a used car? Check out these top five reasons a new car might be the best option for you.
5. Maintenance
There’s no getting around it. A used car will have maintenance issues due to regular wear and tear.
The extent of maintenance costs will depend on the make, model and year of the vehicle, but the need is guaranteed. There’s much less fuss with a new car.
Fewer miles mean fewer problems. Avoid the inevitable by choosing a car with a brand new engine and parts.
You will eventually have maintenance concerns but major defects are generally covered by a warranty. The minor maintenance will be a tiny expense compared to regular issues used cars encounter.
4. Low Cost of Entry
With good credit, you can get a new car with little to no money down. Used cars don’t offer this benefit especially when it’s sold at a cash price.
Low maintenance fees and no down payment means you’re into the car for little to nothing compared to a used car. Shop around at car dealerships to compare specials on new vehicles.
To get the lowest monthly payment, wait until you get your credit score into the good to excellent category. This guarantees you the best interest rates possible.
3. Insurance
Insurance premiums are lower on new cars. Used cars are more likely to have unforeseen issues that could make them more likely to have problems.
Insurance companies reward new car owners as vehicles tend to be safer with the latest collision prevention technology. The condition of the windshield, brakes, and tires are questionable on used cars.
2. Reliability
There’s no convenient time for a car to have a breakdown. If you have a career that requires dependable transportation, opt for a new car.
You can’t plan when a used car might have issues or for how long. Major repairs like engine failure can take days or weeks to fix.
Large unexpected expenses also make it difficult to save money. New cars are a fixed expense as the first few years of ownership will require mainly car and insurance payments at a fixed cost.
Oil changes and car registration are a nominal fee in comparison to that of used cars.
1. Emissions
If you own a car in one of the unfortunate places that require emissions testing in order to register a vehicle, a new car is best. Used cars that fail emissions testing are left with expired tags and become undrivable.
The range of reasons a car might fail an emissions test vary. The older the car, however, the more likely it will experience one of these reasons.
Why Buy a New Car?
New cars offer more than the chance to show off a shiny new ride to your neighbors. There’s access to the latest technology and car safety features.
Why buy a new car instead of a used car? When you buy smart, you save money in the long run and have dependable transportation.
For more information on buying the best car to fit your needs, check our blog for updates.