Is it Better to Buy a New or Used Car?

If you are shopping for a vehicle that better suits your needs near Conway, you may be wondering whether to opt for a brand-new vehicle or a more budget-friendly used car. Is it better to buy a new or used car? There isn’t a one-size-fits-all answer to this question, as both options have their merits and drawbacks. Compare buying a new vs. used car with Hadwin-white Buick GMC, Inc. below to see which is the right choice for you. 

New vs. Used Car

New Car Advantages

• The Latest Technology: One reason why so many Myrtle Beach shoppers are drawn to brand-new vehicles is that new cars have all the latest technology. 
• Improved Fuel-Efficiency: Today’s vehicles feature fewer V6 and V8 engines, so you can expect better gas mileage as you drive around North Myrtle Beach.
• Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties so you can drive with complete peace of mind. 

New Car Disadvantages

• Higher Price: The major drawback of buying new is the cost. New cars can be significantly more expensive than pre-owned models. 

Used Car Advantages

• More Cost-Effective: Used cars are more affordable. They also cost less to insure. 
• Slower Depreciation: New cars depreciate rapidly as soon as they leave the dealership. Used cars depreciate at a much slower rate. 
• Less Chance for Negative Equity: Negative equity is when you owe more on your car loan than what the car is worth. When you finance a used car, the loan amount is likely smaller. If that is the case, there is less of a chance to become “upside-down” on your loan.

Used Car Disadvantages

• Higher-Priced Financing: Lenders tend to charge higher interest rates on used car loans, which leads to higher monthly payments. However, the sticker price of the vehicle is lower. 

Start Shopping for Your Dream Car 

So, is it better to buy a new or used car? We can help you narrow down your search today. You can compare our new vs. used car inventory in person to find your dream car. We are dedicated to helping you find a vehicle that exceeds your expectations but not your budget. Contact us today for details.