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Is it Better to Buy a New or Used Car?

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So, it’s time to get a vehicle for your Los Angeles commute. But, now you have a decision to make. Is it better to buy anew orused car? That largely depends on your needs and budget. So, we’ve put together the buying new vs. used car analysis below to help you decide.

Buying a New vs. Used Car – Price and Other Costs

Is it better to buy a new or used car if you’re looking to save some money? While the obvious answer may be to buy a used car due to the lower sticker price, some Beverly Hills drivers have found that it can sometimes be more economical to buy new. Here are some things to keep in mind:

  • Upfront cost – Used cars usually have a lower purchase price than their new counterparts.
  • Interest rates – Loans on used cars generally have higher interest rates than those on new cars. So, payments may not be that much lower than a new car.
  • Gas mileage – Newer cars generally have better gas mileage as automakers seek to improve fuel efficiency, making them well-suited for the typical Bel Air commute. A car’s performance will also decline over time, decreasing fuel efficiency in used vehicles.
  • Repairs – Newer cars normally need fewer repairs than used cars and are covered under a warranty.

Buying a New vs. Used Car – Resale Value

Is it better to buy a new or used car if you’re concerned about resale value? A new car depreciates much more rapidly than a used one. The rate of depreciation slows over time, which means a used car can carry less chance of incurring negative equity, or eventually causing you to owe more than what the car is worth.

Buying a New vs. Used Car – Warranties

Lots of drivers enjoy the peace of mind that comes from driving a vehicle that is backed up by a warranty. While all new cars always come with a warranty, it is possible to find used vehicles that are similarly covered:

  • New cars – New cars always come with a warranty.
  • Used cars – Usually only late models are still under warranty and may not have much time remaining on the warranty, depending on how old the car is.
  • Certified pre-owned carsCertified pre-owned cars are used, but they also come with an extended warranty that is tacked on after the original warranty expires.

Come See the New and Used Cars at Jaguar Los Angeles

We offer a fine selection of both new and used cars at Jaguar Los Angeles, as well as certified pre-owned vehicles. But perhaps you’d ratherlease your next automobile than buy one. We can help with that, as well. We’re just down the road from Los Angeles. So, drop by orcontact us today!

 

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