Should I Buy A New Car? (All the Factors to Consider)

The weather gets warm, the trees start to turn green and simultaneously something inside of us gently nudges us to hop online and browse for new cars.

Should I buy a new car or used car?

Personal finance writers like myself will tell you reasons to never buy new cars, obviously there may be times that make sense to buy a new car.

Advantages of Buying a New Car

1. Brand new, low miles 2. Low interest rates 3. Factory warranty and perks 4. Little to no maintenance costs early on

Disadvantages of Buying a New Car

1. More expensive than buying a used car 2. 10% immediate depreciation 3. 20% depreciation during the first year of ownership

Advantages of Buying a Used Car

1. Less expensive vs. buying a new car  2. Avoid new car depreciation 3. Can still have a warranty when buying certified preowned cars

Disadvantages of Buying a Used Car

1. Unknown vehicle history and treatment 2. Higher miles, mark-up, interest rates, and potential chance of problems 3. It is used

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