Should I Buy a New or Used Car – 3 Tips for Your Next Vehicle Purchase
Are you wondering, should I buy a new or used car for my next vehicle? Here at Peters Auto Mall, we believe that used cars make sense for most families. When buying from a car lot you trust, such as Peters Auto Mall, you’re making a great financial decision. Here are three reasons why a used car makes sense, as well as tips to help you make your next vehicle purchase. We’ll help your money go further, so you can get the car of your dreams.
Avoid the Depreciation Hit When You Buy Used
You may have heard that a car loses its value as soon as you drive it off the lot. This is true… for NEW cars! In fact, according to NerdWallet a new car can lose up to 20% of its value immediately upon purchase. It can lose up to 30% in the first year.
Over time, this depreciation slows down. Yes, a car will usually depreciate as the mileage goes up. (The exception being some classic and luxury cars.) However, when buying a new car for $30,000, it could be worth as little as $21,000 after one year.
On the other hand, a used car won’t depreciate nearly as much. And, keep in mind that if you take good care of your used car, it will likely depreciate even less.
Over time, some cars hold their value better than others do. Our team can point you toward the best options, and you’ll be able to test drive any car you see. This is the best way to find a good fit: if you’re interested in buying a car, drive it. Browse our stock, and click the button to schedule a test drive for any vehicle.
Should I Buy a New or Used Car to Save on Ongoing Costs?
At first, you might think that buying a new car is the cheaper option over time. When buying a used car, you might be worried that you’ll spend money on costly repairs. However, this is not necessarily true. It all boils down to where you buy your used car.
At Peters Auto Mall, all cars go through a 125-point inspection before they become available for purchase. This is part of what makes the Peters experience different. We want you to have complete trust in the cars you buy from us. So, you don’t have to worry that your vehicle will immediately need major repairs.
With a used car, keep in mind that your insurance costs will be lower in most cases. Insurance rates do vary based on your driving history. That said, since the car has already depreciated, the costs are generally lower.
As you are searching for your next car, also ask about gas mileage. Since the money you spend on gas will be one of your biggest ongoing expenses, fuel economy is important.
Once you choose a car, we can help you get a loan. This is often the easiest financing option. Instead, you can also find your own financing from a bank or credit union you love. In both cases, we’ll work with you to ensure you get a vehicle you can afford. Our financing team will work with you to obtain the best rates and a monthly payment within your budget. Since we have an excellent reputation in the area, we are able to process loan applications regardless of your credit rating. Click here to learn more about our affordable options. We even have a loan calculator you can use to determine the monthly payment that is best for your budget. Your money will go much further with a pre-owned car!
Finding a Used Car with the Features You Love
With a new car, you can get many special features, such as heated seats, a back-up camera, Bluetooth, and more. You can order a car with whatever features you want. Some people think that these special features are not possible with a used car. However, that couldn’t be further from the truth.
In reality, we have used cars with many different special features. These are all included in the price, whereas with a new car, you will pay to upgrade with these options. Just let our sales reps know which features are most important to you, and we’ll help you find a great used car.
In general, cars from the last few model years have more upgrades than older cars. So, if certain features are important to you, look for a used car that is less than three years old. Luckily, we have dozens of cars for you to browse. If you are wondering should I buy a new or used car the answer is clear: buy used! Don’t spend more money than necessary. Start browsing our inventory now and contact us with any questions you may have.