- Posted May 27, 2014 by
The Pros And Cons of Buying A New Vs Used Car
A new car depreciates rapidly while a used vehicle tends to retain its value for much longer. Reliable cars like the Honda Accord can fetch a good price even with many miles on them. If vehicle reliability is an issue then consider buying certified pre-owned. Certified vehicles have undergone rigorous inspections and may come with a warranty.
Another benefit of purchasing used is that the lower price enables the buyer to buy a more luxurious vehicle. A brand new loaded Honda Accord can end up costing just as much as a certified used BMW or Mercedes that is 5-7 years old depending on the model.
Some buyers prefer new cars because they may want that coveted “new car smell” and be the first to own it. There is something to be said about being the first person to own a vehicle. It's also easier to have a brand new vehicle customized. You can pick any options you want and any special packages to your liking.
One way of getting the best of both world's is by purchasing a late model used vehicle. This way you don't end up with a car that is outdated while still reaping the financial rewards. Check sites like Edmunds and Kelley Blue Book in order to get an idea of the retail value of a vehicle. It's also a good idea to run a Carfax report in order to check if the vehicle has been in any accidents.