Should I Buy A New Car? (All the Factors to Consider)
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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.
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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.
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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
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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
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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
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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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More STORIES
What Car Should I Buy? Here Are 12 Factors to Guide Your Decision
7 Reasons You Should Never Buy A Brand New Car
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