Should you buy a new or used car?
When it comes to buying a new or new-to-you vehicle, there are plenty of options, ranging from brand new models to extremely cheap road-side deals, and everything in between. The choices can be dizzying, but if you have been asking “Should you buy a new or used car?” we are going to lay out some aspects to consider.
Features, Quality, and Warranties
The newer the vehicle, the newer the features on it, and the less likely it is to end up in the shop. However, that doesn’t mean that a used car doesn’t have good technology and driving options. Depending on the model you get, and the trim level it is, a used car can still come with plenty of bells and whistles. And, while an older car may be more likely to end up with mechanical problems, they can usually be purchased at a significantly cheaper rate.
Even better, a newer used car may still be covered under the factory warranty, or come with a new limited warranty from the dealership selling it. This can offer significant peace-of-mind for vehicle shoppers.
One of the biggest things in favor of buying a used car is pricing. Because of vehicle depreciation, a new car will lose value the second it leave a lot. That translates to several thousands of dollars in savings on used vehicle when compared to a similar new vehicle.
Financing and Down Payments
If you have good credit, a new vehicle may offer some financing advantages. Some automakers will offer low financing rates that require only a small down payment, or no down payment at all. However, if your credit score is low, then it might be better to go for a cheaper used car. While these will usually require a down payment, it can be easier to pay them off.
If you are looking for an affordable used car, and need financing for a challenging credit situation, check out our selection of vehicles at Third Coast Auto Group. We have three dealership locations in the Austin TX area and offer a wide variety of vehicles with financing for many different credit levels.