Is It Better to Buy a New or Used Car?

If you’re looking to upgrade your vehicle, you might ask, “Is it better to buy a new or used car?” The new vs. used car debate has merits for both sides, and neither is inherently the “better” choice. However, based on your personal needs, one will likely be best for you. Below, we’ve got a comparison of new vs. used cars to help %%target_city_1% drivers decide which makes the most sense for them. Read on to get the facts from our Santa Monica dealership!

New vs. Used Cars: What are the Differences? 

New Car Advantages

• Newest Technology: When you buy or lease a new car, you can get cutting-edge automotive technology. This is especially important considering the rate of technological progress in cars is faster than ever.
• Greater Fuel-Efficiency: In addition, fuel economy in new cars is the best it’s ever been. You won’t find as many V6 and V8 engines as you used to; now, new cars feature advanced turbo options that are designed to conserve fuel while maximizing performance.
• Full Warranty Coverage: Most new vehicles have bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain year and mileage amount.

New Car Disadvantages

• More Expensive: Sherman Oaks drivers can expect to pay more for a new vehicle as well as pay more in taxes. In addition, when the warranty coverage expires, you’ll have to pay more to repair your vehicle.

Used Car Advantages

• More Cost-Effective: You can save money when you buy a used car. That applies to the purchase price, taxes, and insurance rates.
• Slower Depreciation: The value of a new car begins to diminish the moment you leave the dealership. In fact, most of the depreciation happens within the first few years. Used cars have taken the bulk of the depreciation and lose value more slowly compared to new cars.
• Less Chance for Negative Equity: Negative equity is when you owe more on your car than the car’s actual value. If you total your car, you might still be paying off your auto loan despite having no car. When you finance a used car, you’ll have a smaller car loan, so it’s not as likely that you’ll end up “upside down” on the loan.

Used Car Disadvantages

• Higher-Priced Financing: Lenders will typically charge more interest on used-car loans, which leads to higher monthly payments. On the flip side, the price of the vehicle will be lower, so the loan term will also be shorter.

Why Shop with Santa Monica GMC?

At Santa Monica GMC, Sherman Oaks drivers can find a vast selection of both new and used cars. And if you’re still asking “Is it better to buy a new or used car for my needs?” our team would be more than happy to walk you through the new vs. used car question. Our online financing form will get you pre-approved for an auto loan, new or used.

Start Shopping with Santa Monica GMC Today! 

If you’ve still got unresolved questions about your car-buying situation, come talk to our sales professionals today. Is it better to buy a new or used car when you go with our dealership near Glendale? When you shop with Santa Monica GMC, we can guarantee you a great deal and a courteous sales experience no matter what type of vehicle suits your needs. Check out our vehicle finder service to make quick work of our vast selection!