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Is It Better to Buy a New or Used Car?

2019 Ford Fiesta Cabin
 

Looking to get yourself a new set of wheels but not quite sure whether to go for a brand-new ride or a trusty used one? Don’t worry; it’s a common dilemma. Let’s break down the differences between a new vs. used car to help you figure out which one suits you best. Is it better to buy a new or used car? We’re here to simplify things for all the Knoxville drivers out there and have an expert finance team ready when you need assistance. 

 

 

New vs. Used Cars: What’s the Difference? 

Advantages of New Cars

  1. Latest Tech Features: When you opt for a new vs. used car, you’re getting your hands on the latest and greatest technology in the automotive world. Technology evolves rapidly, and even a car that’s just a few years old can feel a bit outdated.
  2. Full Warranty Coverage: Most new cars come with bumper-to-bumper and powertrain warranties. That means many of your car’s components are covered for a specific number of years or miles, providing peace of mind.

Disadvantages of New Cars

  1. More Expensive: New cars come with a hefty price tag compared to their used counterparts. Be prepared for higher taxes on that purchase. Plus, once your car’s warranty expires, maintaining its state-of-the-art tech can be costly.

Advantages of Used Cars

  1. More Cost-Effective: Buying used is a wallet-friendly choice. You’ll save money when purchasing from the dealer, insuring the car, and paying taxes.
  2. Slower Depreciation: New cars lose a significant chunk of their value as soon as they leave the dealership. This initial depreciation hit is already behind used cars, which tend to lose value more slowly over time.
  3. Less Chance for Negative Equity: Negative equity can be a real downer for Indianola and Pella drivers, meaning you owe more on your car loan than the car is worth. This can lead to financial headaches if your car is lost or severely damaged. Used cars often come with smaller loans, reducing the risk of being “upside down.”

Disadvantages of Used Cars:

  1. Higher Interest Rates: Lenders often charge higher interest rates on used-car loans, resulting in larger monthly payments. But keep in mind that the car’s price is lower, so the loan term is shorter.

Get the Best of Both Worlds at DeYarman Automotive Group

Is it better to buy a new or used car? At DeYarman Automotive Group, you can get the best of both worlds. We have a beautiful lineup of new models if you’re in the market. Our carefully vetted selection of pre-owned vehicles caters to budgets of all sizes! We have our standard used car selection, our certified pre-owned models, and even options under $25K. Browse our extensive gallery of cars, trucks, and SUVs, and get pre-approved for low-interest financing. Any additional questions? Contact us and we’ll help point you in the right direction. 

 

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