Imagine you just got out of college and you have a small amount of money saved (5000 dollars) and you want to spend it on a new vehicle but you’re debating on whether to buy a used vehicle or a brand new vehicle. 

One of the questions buyers face every day is whether to buy a used vehicle or a brand new vehicle. Usually new cars tend to go to well established people and used cars are commonly bought by people that are lower on money. But that’s not stopping anyone from buying a new car or a used car. 

What are the benefits of getting a new car

Do you think it is worth the price jump for a new car? Kelly, an employee in the Honda service department stated “I prefer new because of all the possible problems with the used cars.” Which is a valid reason because there could rust on the frame of an old car but not on a new car. Or there could be bad breaks or your parking brake could be broken. According to (New VS Used cars USN). “It is easier because then you don’t have to worry about getting pre-purchase inspections, and having to research the car’s history.” so in the end you’re not having to pay all that money for unnecessary procedures. Another quality example of a benefit for a new car is “you can customize your car to your own liking every little bit of it from colors to what features comes with the car.” (new vs used advantages of each option). So you are able to personalize your car to make it more like you and something that you would want to drive everyday.

What are the benefits of getting a used car

There are many ups and downs to used vehicles; one of those ups consist of “the price. It is definitely a huge difference even when paying the car off for a long time still has a huge difference in price. In the end you are saving a ton of money if you were to buy a new car the price of it goes down as soon as you drive it off the lot.” (new vs used advantages of each option). Jerry is a person who is highly interested in cars. Jerry had a family of 5 at the time he bought a brand new mini van. Then a couple months later his wife was pregnant with another child and had to sell the minivan. Which ended up costing a fortune, losing a lot of money and it was all due to depreciation.

Paying for a new car 

2022 is probably a great time to trade in an old car and get a new one. but if you don’t have a car to trade it you will probably be better off getting a used car. so you’re not having to pay extra for insurance and other fees that you wouldn’t have or they would be less if you bought a used car. According to Jerry, usually you would want to put down about 20% for new cars, and for a used car you want around 10%. Obviously if you have the money saved up to put down more use it for the down payment because then you don’t want to have to pay all that extra money to the bank. if you have a lower interest rate that will also help out with how you spend your money. Jerry said the easiest way to save up for a vehicle is to “Set up a savings account and put a little bit of it away each paycheck.”

It’s Really up to you!

Is it better to get a new car or a used car that is for you to decide. but can you pass up something that is brand new completely customized to your liking just for some more payments to the bank. I certainly will not pass up a brand new car if I am in a good financial position to buy one.