New vs used cars

There are many considerations and options when buying a vehicle, one of the first being whether you should buy a new one or go a pre-owned. There are no right or wrongs answers to this question; it is a choice that each person makes based on their individual needs, wants and financial situation.

New Car

A new car is going to be the most appealing option to many buyers.

Increased Fuel Efficiency and Lower Emissions

Thanks to technology, vehicles are becoming more powerful and, at the same time, more fuel-efficient. While you are saving money on fuel costs you are also protecting the environment somewhat with a cleaner burning engine.

Mint condition

The phrase says it all! Your shiny new car will not have any wear, mechanical problems, or body damage. Plus, it’s never been in any accidents that could affect your insurance premium.

Rebates

Several provincial governments now offer money back incentives to those who purchase electric or hybrid vehicles. The idea is that people will be more motivated to purchase a vehicle that doesn’t consume gas or produce greenhouse emissions. The rebate amount depends on the province, make and model and purchase date.

Enhanced Safety Features

With every new year a vehicle is updated with the latest safety features. The advanced computer technology available in some of today’s newest models improves safety, with features like blind-spot and lane monitoring, rear view cameras and stability, control which are unavailable in older models.

Buying Used

Used cars are a cost effective option for most car buyers. If you’re weary when it comes to driving a pre-owned car, fear not. Dealerships perform bumper-to-bumper inspections before sale and will do any necessary repairs or maintenance so you can drive with peace of mind.

Save Money

You can get a great vehicle for a fraction of what it would have cost new, without sacrificing quality. Vehicles depreciate by approximately 20% as soon as they leave the lot, so a car that was originally $16,000 would be worth $12,800 when it hits the street. In addition, depreciate increases to 30% when the vehicle reaches a year old. So in terms of sticker price alone, you could be saving a ton of money buying used.

Warranties

If a vehicle is still within the original warranty period you will often get the remainder with the purchase. Some dealerships also offer used car buyers the opportunity to purchase an extended warranty that would cover the vehicle for a longer period of time.

Peace of Mind

Buying from a dealership means you don’t lose sleep worrying about whether or not your used vehicle has been in an accident or damaged in any way. The dealer will provide you with detailed records pertaining to the vehicle – something a private seller can’t guarantee you!

This is definitely a situation to weigh both the pros and cons of buying new and used. Consider what you learn in regards to your personal financial situation to determine which option best suits your needs. Ultimately, whether you have a specific make and model in mind or would like to look at used options, we at CarLoans411.ca can connect you with experienced lenders prepared to accommodate various credit situations. We can assist you in obtaining a loan that will ensure a smooth, timely purchase to get you on the road as soon as possible.

By | 2017-08-09T16:19:08+00:00 February 2nd, 2017|New cars, New vs Used, Used cars|

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