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Should I Buy a New or Used Car?

salesman passing over new car key

If you’re interested in an upgraded ride for your Hudson commutes or trips near the Hudson River, you may want to know if it’s better to buy a new or used car. Neither one is inherently better than the other, but one will likely be a better choice for you than the other. Learn more about new and used models to see if you should buy a new or used car at Sawyer Chevrolet, Inc..

New vs. Used Cars: What are the Differences?

So is it cheaper to buy a new or used car, what are their respective benefits, and if this is your first vehicle, should your first car be new or used? Learn more about buying used cars vs. new below:

New Car Advantages

  • Newest Technology: Should your first car be new or used? This depends on you. If you’re looking for the latest and greatest technology, then a new model might be the right option. Even a used model that’s a few years old can be considered technologically outdated with the constant upgrades to new models.
  • Greater Fuel-Efficiency: In the current automotive market, impressive fuel efficiency is a goal for automakers. Today, new vehicles are built with turbocharged motors instead of V6 and V8 engines as they’re designed for greater efficiency. This is great, especially for your trips near the Catskill Mountains.
  • Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain amount of years and miles.

New Car Disadvantages

  • More Expensive: Is it cheaper to buy a new or used car? The main disadvantage of buying new is that you can expect higher up-front costs as well as higher taxes on the price you pay.

Used Car Advantages

  • More Cost-Effective: If you’re looking for a way to save more while upgrading your Windham commutes, a used model is the way to go. Choosing a used car means saving money on the vehicle, auto insurance, and taxes.
  • Slower Depreciation: Is it better to buy a new or used car? When it comes to depreciation, you’ll find that a used model has a slower depreciation since it has already aged and been driven for a number of miles by the previous owner.
  • Less Chance for Negative Equity: Negative equity is when you owe more on the vehicle than what it’s worth. So if your vehicle is lost or totalled, you may get stuck paying the auto loan even if you can’t drive the car. When financing a used model, you’re likely to have a smaller loan, and you’re less likely to end up “upside down” on the loan.

Used Car Disadvantages

  • Higher-Priced Financing: With used models, lenders tend to charge higher interest rates which leads to higher monthly payments. Also keep in mind that the price of the car will be lower, so the loan term will be shorter.

What are the Pros and Cons of Buying a Used Car?

While you’ve seen the difference between buying used cars vs. new cars, if you’re set on buying pre-owned, here are some of the pros and cons of buying a used car below:

Pros

  • Lower prices
  • Small loan amounts
  • More car options to choose from

Cons

  • No guarantee of warranty coverage
  • Less reliability
  • More maintenance needs

Learn More About Buying Used Cars vs. New at Sawyer Chevrolet, Inc.

After checking out the pros and cons of buying a used car, are you ready to get the financing process started on your favorite new or used model at our dealership near NY Interstate 87? Apply for financing online to get pre-approved. Our finance team is here to help you get behind the wheel of the new or used model that’s right for you. Contact Sawyer Chevrolet, Inc. today with any questions about the pros and cons of buying a used car and to schedule a test drive at our dealership here in Catskill!

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Sawyer Chevrolet, Inc. 42.216, -73.8842.