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When shopping for a vehicle, one of the first choices you need to make is whether you want to buy something brand new or something used. We'll take a look at the pros and cons of each type of car to help you figure out what fits your lifestyle better.
Buying a New Car
Pros: With a brand new car, one major benefit is the fact that you can essentially create the exact car you want-you can choose the options, color, features, and so much more. You'll get the latest technology and best safety features. New cars also come with extensive warranties that you can take full advantage of, meaning you won't have to worry about a lot of out of pocket repairs.
Cons: One of the biggest downsides to a brand new car is its depreciation. A car loses the most value in the first few years of ownership. New cars will also give a driver higher insurance premiums for longer since you are required to carry full insurance until a car is fully paid off.
Buying a Used Car
Pros: The biggest benefit to a used car is the fact that it is less expensive. For the same price or lower than you would pay for a brand new car with very few options, you could buy a fully-loaded version of the same car that is just a few years old.
Used cars also depreciate at a much slower rate than brand new cars, which may help you feel more comfortable with your purchase. Another benefit to used car is the endless variety. If there is a model no longer in production or a feature no longer used, you can find it in a used car.
Cons: With a used car, you run the risk of not really knowing a vehicle's full history. While a Vehicle History Report has a lot of helpful information, it won't tell you if the previous owner did all the recommended maintenance. Used cars also come with shorter warranties or no warranties at all, meaning you may end up paying more in repair costs.
In the end, the best car for you is the car that fits within your budget. If you can afford a new car, there is nothing wrong with going that way. And, if a used car is all you have room for, there's no shame in that choice, either.