Is it Better to Buy a New or Used Car?

 
Is it better to buy a new or used car? While the answer to that question may depend on what you’re looking for, neither option is better than the other. Compare new vs. used cars with our team at North Coast Mitsubishi West Cleveland to help better determine which type of vehicle is right for you. We’re here to help you get back to living life to the fullest in Cleveland Heights and Akron. Get started today by reviewing our guide and then browsing our Parma inventories. If you have any questions about whether you should buy a new or used car, feel free to reach out to our team.

New vs. Used Cars: What are the Differences?

Is it better to buy a new or used car? There are advantages and drawbacks to both. Take a look below:

New Car Advantages

• Newest Technology: Buying or leasing a new car gets you access to the latest and greatest technology from whatever brand you choose. Automotive technology updates frequently, and a vehicle that’s even a few years old can be considered technologically outdated.
• Greater Fuel-Efficiency: In today’s automotive market, achieving impressive fuel-efficiency ratings is a goal for most automakers. Today’s vehicles feature fewer V6 and V8 engines, as they’re being replaced with turbocharged motors that are designed for greater fuel economy.
• Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain number of years and miles.

New Car Disadvantages

• More Expensive: New cars are much more expensive to purchase than used and certified pre-owned vehicles, and you can expect to be taxed on the price you pay. What’s more, once the vehicle’s warranty coverage expires, you’ll likely find that your car’s state-of-the-art technology is expensive to repair and maintain.

Used Car Advantages

• More Cost-Effective: Buying a used car is a good way to save money; you’ll save money when you purchase from the dealer, buy auto insurance, and pay taxes.
• Slower Depreciation: The value of a new car begins to diminish the moment you leave the dealership. In fact, a large portion of a car’s value is lost in the first few years of its lifespan. Used cars have already taken this initial depreciation hit, and lose value much more slowly as they continue to age.
• Less Chance for Negative Equity: Negative equity is when you owe more on your car loan than what the car is worth. So, if the car is lost or irreparably damaged, you may get stuck paying on the auto loan, even though you can’t drive the car. When you finance a used car, you’re likely to have a smaller car loan, so it’s less likely that you’ll end up “upside down” on the loan.

Used Car Disadvantages

• Higher-Priced Financing: Lenders tend to charge higher interest rates 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.

Compare New vs. Used Cars at North Coast Mitsubishi West Cleveland Today!

Should you buy a new or used car? Now that you have more information to better answer that question, it’s time for you to take the next step in your new or new-to-you car journey. Value your trade and then browse our new and used inventories to find the model that best suits your Cleveland needs. Feel free to contact us anytime or call us at 216-877-9472, and we’ll be happy to tell you more about our available models.