To help our customers make their best choice, Clayton Motors Inc. offers the following thoughts on the benefits and drawbacks of buying a new car versus a used one.
Special Financing Offers
New car buyer incentives sometimes include 0% financing that might help defray the upfront purchase costs. The availability of a special financing deal is a possibility on a used car if it is certified pre-owned,
Technology Features
A safety or convenience feature available this year might not have existed last year. If having the latest technology is essential to you, buying new is your only choice. Desire some advanced technology, but you don't care if it's the newest tech? A car a couple of years old may have modern safety systems like Lane Departure Warning or Blindspot Detection.
Warranties
Some states require a minimum guarantee on pre-owned vehicles. That protection won't be as comprehensive or long-lasting as a new vehicle warranty. For instance, new Volvos carry a bumper-to-bumper warranty for four years or 50,000 miles. Some used car guarantees demand that the consumer bear part of the repair costs.
Protection plans are another reason to explore purchasing a certified pre-owned car. A manufacturer's warranty on their certified pre-owned vehicles is extendable. It could be nearly as inclusive as a new vehicle warranty.
Repair Costs
Used cars are older, so they cost more to repair and maintain. For the life of a new car warranty, covered repairs cost the car owner nothing. Certain auto builders include oil changes and other routine preventative maintenance as part of a new vehicle's protection plan.
Cost and Financing
New cars are naturally more expensive than their pre-owned counterparts. With a lower depreciation rate, used cars hold their value better than new vehicles. Lenders are more likely to finance a used car for purchasers who can't afford a large down payment.