New or Used?

The first question most people ask themselves when they’ve made the decision to buy a new car is: new or used?  It’s the age old car buyer’s debate that we will always deliberate because there is no right answer.  It all depends on preference.  I’ve strictly bought used cars my entire life but it wasn’t because of any firm predilection towards used cars… the deals just fell into place.  I understand the appeal of brand new cars.  Shiny.  Unadulterated.  Yours and no one else’s.  On the other hand, I see the downside of buying new.  Like mentioned, it all comes down to what you’re looking for.  Let’s take a look at the pros and cons for both purchasing a new or used car. 

Advantages of buying new:

The biggest advantage has to be condition, right?  A new car has no wear, damage, and hopefully no mechanical problems.  It has the latest, newest features and a complete manufacturer’s warranty. 

Disadvantages of buying new:

Higher insurance.  Used cars are typically less expensive to insure.  You’ll also pay a higher overall price for a new car.  A new car also depreciates the second you buy it.  The value can drop thousands of dollars the day you drive it off the lot.

Advantages of buying used:

The lower price of a used car seems to be the biggest advantage.  You can work with auto dealers or private sellers to get a great deal.  Cars always depreciate, but they usually depreciate the most within the first 3 years, making the value of a used car more desirable. 

Disadvantages of buying used:

Used cars may have limited or no warranty.  This point can make the higher maintenance of a used car harder to swallow.  These cars have been used, and you typically have no idea how the previous owner treated it.

To me, the debate is too close to call either a favorite.  I can see both sides of the debate.  How about you?  Do you have a definite preference for a new vs. used car?  Let us know in the comments section!