Buying a New vs. Pre-Owned Car, Truck, or SUV in St. Charles, IL
Whether you’re purchasing a new or used vehicle, the process of obtaining a new or new-to-you car is an exciting process. Of course, before you complete the process, you should be aware of the benefits and disadvantages of each option. Our Chevy team has highlighted the pros and cons of buying both new and used vehicles.
Benefits of Buying New
- Reap the full benefits of new car manufacturer warranties. Extended warranties may also be available to you.
- New cars are generally associated with excellent reliability. If you do have problems, the warranty will most likely cover the issue.
- You have a seemingly endless selection of the latest technology, as well as the option to choose premium interior appointments and stylish exterior features.
Benefits of Buying Used
- The price of a used car will be much less than if you bought the same model new.
- Avoid the quick depreciation that comes along with buying a new car.
- If you choose a certified pre-owned model, you’ll receive many of the same new car benefits at a lower price.
Disadvantages of Buying New
- New cars are simply more expensive. If you don’t have a large down payment, you will incur more debt than if you bought used.
- If you finance the vehicle, be prepared for higher insurance rates.
- The value of the vehicle rapidly depreciates as soon as you drive it off the dealership lot.
Disadvantages of Buying Used
- Although used models typically come with a vehicle history report, you don’t know exactly where the car has been or how the previous owners kept up with maintenance.
- Used models do not come with a manufacturer warranty, which means you’ll be responsible for all repairs and maintenance.
- Higher APR financing is common when buying used because of the higher level of risk.