Things To Do In San Diego With 5 Year Old Car Buying Tips – New Cars, Used Cars – Pros and Cons

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Car Buying Tips – New Cars, Used Cars – Pros and Cons

Some very rich people have never bought a new car in their lives. With so many used cars at super low miles, what’s the point of paying thousands extra for a few miles?

Then there are those who refuse to buy used regardless of their financial situation. They’d rather buy a brand new beater than get into a high quality vehicle with someone else behind the wheel.

After all is said and done, deciding between new and used cars really comes down to personality and goals. The 20/20 rule applies – 20 percent of people will never buy new, while 20% of people will never buy used. For the remaining 60%, this article is for you.

Choice

Between the huge dealer inventories, the ability for dealers to trade in and bring in a vehicle from another dealership, and custom ordering becoming more popular, the selection factor is all about new cars.

It is certainly possible to find a used car for popular vehicles. The internet makes it easy for someone to search around the corner or across the country for the perfect used car. Still, that’s nothing compared to the new options.

Price matters

Even in today’s ultra-competitive new vehicle market, where MSRP has replaced invoice as the default marker for price negotiations, a car still loses 10-20% or more of its value the moment it hits the street.

Low-end used cars that are a year or two old can be significantly cheaper than their brand new counterparts. There are exceptions – for example, Honda tends to lose less at the top because they rarely have discounts and their reputation is very strong.

With a few exceptions, a used car is usually significantly cheaper than a new one.

Interest rate

For the 95% of us who borrow money and make car payments, the interest rate becomes an issue. New cars are less of a risk for lenders, so their bank rates are lower than for a used car. Manufacturer credit divisions make buying new with 0% financing available for most vehicles at some point after their launch even more attractive.

Two or three points on a $30,000 loan can mean big money over 4-6 years. For shorter loans, the rate is less important.

Loan period

While the rate is usually lower for new cars, the term is usually longer. A prudent buyer can get the same payments on a used car as a new car, just with fewer payments.

There is also the possibility of extending the period of purchase of a used car to the length of a new car. Vehicles last longer. There are loan companies that will extend a note for 6 or more years on a 3 year old vehicle because they expect it to still be in service after that time. In these cases, the payments can be much cheaper than a new car.

Peace of mind

Going back to the new car smell, the familiarity of a new car is very appealing. A rough driver who doesn’t do car maintenance and likes to drive his Kia Rio at 90 mph can really hurt a car, even with low miles. When you buy a used car, you run the risk of owning the car and not knowing what went wrong for months until it starts having problems prematurely.

Justice

Vehicles are not like houses. They depreciate regardless of what happens to the market. Some depreciate less than others, but regardless, each day is worth less than the day before.

Used cars have already absorbed the initial depreciation and are closer to breaking even on the depreciation scale. The first 2-4 years of a vehicle’s life lead to a loss of up to 75% of its original value. In the first few years of a standard 5-year note, it’s almost impossible to trade in a vehicle that was bought new without losing money and negative equity.

It’s still hard with used cars, but nowhere near as hard as new cars.

Final thoughts

How often you trade in, how well you negotiate, and the make and model of vehicle you buy will determine a lot about the pros and cons of a new or used vehicle. Prudent buyers will look to dealers like Used Cars Oklahoma City to help determine which one is best.

If there is no local dealership that is trustworthy enough, do your research online. Check Kelley Blue Book for new car values ​​and

San Diego Used Cars – San Francisco Used Cars for used car price comparison.

Information is key to making a good decision, whether you’re buying new cars or used cars.

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