Before beginning your car search, the first thing you need to consider is – Should I buy a new or used car? New and used cars for sale have their own benefits depending on what best suits you and your budget.
A new car may require less maintenance. The parts on a new car haven’t experienced the “wear-and-tear” of everyday use yet – meaning you will likely spend less on vehicle upkeep. New cars come with manufacturer-backed warranty coverage and may have roadside assistance in case of emergency. They are a good purchase if you are planning to keep a vehicle for a long period of time. The downside to buying a new car is the depreciation rate. Some lose up to 50% of their value in the first year alone.
If you’re on a budget, buying a used car can bring you the most “bang” for your buck. You may be able to afford more of the extra features and options that more expensive new cars may have. If you like to buy a different car every few years, you may take less of a depreciation hit each time if you buy used cars. Financing for used car buying may also be more difficult to secure– depending on how much your loan amount is and the duration of your loan.
If you want new car features without paying the new car price, Certified Pre-Owned (CPO) cars may be the option for you. These cars live up to the high standards set by manufacturers – ensuring they are as good as new. CPO vehicles often come with extended warranties and other added benefits, such as a Carfax Report and a rigorous inspection already done for you.
*When buying any used car, Carfax suggests that you get a mechanic’s inspection, a CARFAX Vehicle History Report and take a test drive to help ensure a great buy.