As a consumer in the market for a new car, the task of finding the right match is no joke. While there is a plethora of cars and manufacturers to choose from, one is also faced with the following question: should I buy a new car or a used one? While conventional opinions have swayed towards buying used vehicles, here are five reasons why it’s actually better to buy a new car.
1. Lower Maintenance Costs
The higher the mileage on a car, the more maintenance it is going to require on average, as shown here. Hence, when comparing a new car to a used one, one thing is clear – a new car requires a higher upfront price, but will likely require far less trips to the dealership in case of issues with the car. Although cars in general can break down at any time, a new car is statistically far less likely to break down than an old one with several thousand kilometres on it, causing used car owners to worry more.
Estimates of how much more you must pay for maintenance on a used car vary, of course, but some trustworthy sources put the number at about $3,000 over five years. Although this will vary depending on the make and model of your car as well as the condition it was in when bought, on average you can expect to shell out a significant amount to maintain a used car.
2. Manufacturer’s Warranty
While a used car typically will not come with a manufacturer’s warranty unless it is still under the initial warranty period, you can take advantage of the full powertrain warranty when buying a new car. You can also add third party warranties to a used car; these are typically more expensive and cover far fewer options than the manufacturer’s warranty. This means that a new car provides higher value and a peace of mind. Note that many dealerships also offer certified pre-owned cars that cost a little more than used cars, but offer a factory-backed limited warranty.
3. Ability to Choose Options
Consider this scenario: you’ve been searching for your dream car for weeks and are about to meet with a used car owner that has the perfect Toyota Corolla for you. Upon inspection, however, you notice that the car doesn’t come with some of the options you really want. Another advantage of buying a new car is that you can customize it and add on exactly the options you want, making the car a perfect fit for you. Buying a used car would save you a few bucks, but it would also exclude some of the features and colour choices you want, which would then likely lead to buyer’s remorse.
4. Higher Price, Higher Value
When car shopping, the biggest argument against buying new is the instant depreciation or hit in value the car takes as you drive it off the lot. However, weighing in the other positives, this does not really matter unless you are planning to sell your car somewhere down the line. Another factor that can point in favour of a new car is better gas mileage. Obviously, this will vary from vehicle to vehicle and depend on your driving style, but on average, new cars will provide better gas mileage than their used counterparts, due to advances in technology and the fact that cars’ engines become less efficient as they grow older with wear and tear.
5. Special Financing Options
When you are in the market for car deals, every little dollar saved up counts. If you are dealing directly with the dealership and looking for a new car such as a Ford Escape, you will likely be eligible for special financing options and better interest rates, further sweetening the deal compared to buying a used car.
Keeping these five reasons in mind, it is clear that for most people, a new car provides significantly higher value than it’s used counterpart, with better warranty coverage and lower maintenance costs helping you save money in the long run.