Tuesday, 5 June 2012 15:13
If you are looking into buying a vehicle, you may be deciding whether to buy a new auto or a used one. There are pros and cons to both options, so here are a few things to consider when determining which route to go.
Interest rates for new vehicles are significantly lower than used auto rates, and dealer specials such as 0% and cash back options are associated with new vehicles as well. However, there are competitive interest rates for used autos as well.
When talking depreciation, you can expect a new car to drop in value by 10 -15% as soon as you drive it off the lot. A used car has already incurred that loss and depreciates at a much lower rate.
Most new vehicles come with a maintenance package as well as warranties. You can expect to pay much less on maintenance with a new vehicle; however, the savings of buying a used auto (or keeping your paid for vehicle) can outweigh the cost of maintenance.
While there are thousands upon thousands of used cars for sale, and you are sure to find one that comes close to being your ideal car and possibly afford more custom features, for some, there is nothing like being able to get a new car that meets your exact specifications.
There are many Auto Calculators to help you with the decision of buying a vehicle like using a Depreciation Calculator to determine the vehicle’s future value.