Should I Buy a New or Used Car?

When looking to upgrade your Blue Springs commuter, you may be wondering,”Is it better to buy a new or used car?” While neither is better than the other, one may be better for you and your needs than the other. Here, we go over the process to buy new or used cars. Independence drivers can consider their options to the fullest by assessing the advantages and disadvantages of each.

Is It Better to Buy a New or Used Car?

Is it better to buy a new or used car? One isn’t inherently better than the other, but our finance team at Lee’s Summit Dodge Chrysler Jeep Ram ponders whether you should buy used or new cars by assessing the benefits of each.

Benefits of Buying a New Car

• Up-to-Date Technology: You can enjoy the latest technology when you buy a new vehicle, and because automotive technology is frequently updated, it can quickly become outdated.
• Optimizing Fuel-Efficiency: Most automakers are working to achieve the highest fuel-efficiency numbers properly. The traditional V6 and V8 engines are being more commonly replaced with turbocharged motors that are designed for greater fuel economy.
• Full Warranty Coverage: Typically vehicles are covered by bumper-to-bumper and powertrain warranties when you buy them new, and that will cover most of the car’s components for a certain amount of years and miles.

Disadvantages of Purchasing a New Vehicle

• More Expensive: One of the main differences and determinants of Kansas City drivers buying used or new cars is the price. New vehicles are usually more expensive than CPO or used vehicles. When the warranty expires, the newer technology may be more expensive to repair.

Benefits of Buying a Used Car

• Cost-Effective: When you purchase a used car, you’ll save money not just when you purchase at Lee’s Summit Dodge Chrysler Jeep Ram but also when you purchase auto insurance and pay taxes.
• Less Depreciation: We all know the common saying, “The value of a new car depreciates significantly as soon as you drive off the lot.”, but it’s different with a used car. A large portion of a car’s value is lost in the first few years of its lifespan. Gladstone drivers can purchase the vehicle after the initial depreciation hit, and will lose value slower than a new car does.
• Reduced Possibility for Negative Equity: Negative equity is the term for owing more on a car loan than what the car’s worth. If your car is lost or irreparably damaged, you could get stuck paying on the auto loan even if you can’t drive the vehicle. Financing a used car usually equates to a smaller car loan, so it’s less likely that you’ll end up “upside down” on the loan.

Disadvantages of Buying a Used Car

• Higher-Priced Financing: One of the disadvantages of buying a used car is that it may lead to higher interest rates, which is pretty typical of used-car loans. The cost of the vehicle will be lower though, so the loan term isn’t as long as that of a new vehicle.

Work side-by-side with our finance team to find the best situation for you. Take the time to apply for financing online today or use our payment calculator to estimate your monthly payments.

Visit Lee’s Summit Dodge Chrysler Jeep Ram to Find Your New or Used Car Today!

Whether you figure out if a new or used car is better for you, you can rely on Lee’s Summit Dodge Chrysler Jeep Ram to find your ideal vehicle. We are happy to introduce you to our new Chrysler, Dodge, Jeep, Ram inventory and our extensive used car selection. Meanwhile, browse our new car specials and pre-owned offers for savings, and contact us online or call us at 816-434-0674 if you have any questions.