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Should I Buy a New or Used Car?

2023 Nissan ARIYA parked by hills
 

One of the first questions that any Bartlett driver will ask themselves when they hit the market for a new ride is: Should I buy a new or a used vehicle? There’s no universal answer to this question, but there is a way to decide which fits your needs. Wolfchase Nissan covers new vs. used car benefits below!

 

 

New vs. Used Cars: Which Are Better to Buy?

Benefits of Buying a New Car

  • Better MPG: Automotive manufacturers are constantly trying to improve their fuel-efficiency ratings, with turbocharged motors, hybrids, and other innovations helping you save at the pump.
  • The Latest Technology: If you’re asking yourself, “Should I buy a new or used car,”, and you’re a tech junkie, you’ll want to consider how new vehicles are loaded with new features. The pace at which car technology changes means that even something a couple of years old can feel outdated.
  • Warranty Coverage:: New vehicles have standard warranties for powertrain and bumper-to-bumper coverage that last a number of years.

New Car Disadvantages

  • More Expensive: If you’re asking yourself, “Is it better to buy a new or used car,”, and your budget is of primary concern, there’s no getting around the fact that new cars are the more expensive option. What’s more, maintenance costs for all the new technology in your vehicle can be expensive once the warranty expires.

Benefits of Buying a Used Car

  • Saving Money: The new vs. used car debate often starts with the simple fact that any Memphis driver knows: used cars, even when purchased from a dealer, with insurance and taxes, are much cheaper than new cars.
  • Variety of Vehicles: There are always a larger variety of used cars than new cars, but this is especially true these days when production issues have delayed new car production. So, between used and Certified Pre-Ownedvehicles, you have lots of options.
  • Depreciation Takes Longer: As soon as your new car hits the road, it begins to lose value, and most of that value is lost over the course of its first few years. Used cars have already undergone their initial depreciation, which is a significant advantage.
  • Less Chance of Negative Equity: When you own more on your car loan than what your car is worth, that’s negative equity. This isn’t a great scenario, as you can get stuck in an auto loan for a car that is irreparably damaged or even lost. The smaller car loans on used vehicles mean that you aren’t as likely to go “upside down” on the loan.

Used Car Disadvantages

  • Higher Interest Rates: Used car loans almost always come with higher interest rates than new car loans. Still, that loan will be for a smaller amount of time, and the loan period shorter.

Why Shop for a New or Used Car With Wolfchase Nissan?

If you’re wondering, “Is it better to buy a new or used car?” then you’re probably also trying to find a great place to get both. At Wolfchase Nissan, we make sure to have a wide selection of vehicles for Cordova commuters and families.

Moreover, our finance center will work closely with you to figure out the loan term and interest rate that fits your budget. You can even get started on our website, using the finance application, payment calculator, and value your trade tool!

Find Your Next Ride with Wolfchase Nissan Today!

So, is it better to buy a new or used car for you? Whichever you decide, Wolfchase Nissan is here to help you in Bartlett. We’ve always got new and pre-owned vehicle specials on excellent cars. Contact us today with any questions you may have!

 

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