Is it Better to Buy a New or Used Car?

If the time has come to upgrade your Lawrenceville commute with a new vehicle, you’ll probably ask yourself, “Should I buy a new or used car?” Both options have their benefits and potential drawbacks, and what’s best for one driver may not be for another. Rick Hendrick Chevrolet Duluth is home to a premium inventory of new Chevrolet vehicles, as well as a diverse selection of used vehicles. Compare new vs. used cars in the guide below to learn which option is better suited for your needs! 

Compare New vs. Used Car Pros and Cons

Is it better to buy a new or used car for your upcoming upgrade? Compare the pros and cons of new vs. used cars to learn what’s best for your Suwanee travels.

New Car Benefits

• Modern Technology: A brand-new vehicle will come equipped with all the latest in-vehicle technology, performance, and safety features. 
• Better Fuel Efficiency: Today’s new vehicles must compete in terms of fuel efficiency, and there are some high mpg ratings to match! As such, even a brand-new truck or SUV will deliver fantastic fuel economy. 
• Full Warranty Coverage: When you buy or lease a new vehicle, you’re protected by the full coverage of the manufacturer’s new vehicle warranty. 

New Car Disadvantages

• More Expensive: As you’d expect, new cars are higher-priced than used cars, and you also have to factor in the sales tax. Is insurance higher for new or used cars? New cars tend to be associated with higher insurance rates since their value is greater. 

Used Car Benefits

• More Cost-Effective: Used cars have the advantage of reduced sticker prices. Additionally, you should see savings on insurance and registration. 
• Slower Depreciation: It’s no secret that new vehicles, regardless of make or model, depreciate as soon as they’re purchased and driven off the dealership lot. Much of the depreciation occurs within the first few years, which puts you at an advantage if you purchase a used car because it will depreciate at a much slower rate.
• Less Chance for Negative Equity: Thanks to the reduced depreciation on used vehicles, financing one puts you at less of a risk of becoming upside-down on the loan. 

Used Car Disadvantages

• Higher Interest Rates: When you’re asking “Is it cheaper to buy a new car, or used?” it’s important to consider that used car loans often come with higher interest rates. You can certainly still save a significant amount by getting a used vehicle instead of a new vehicle, but you will need to consider the higher interest rates in your budget. 

Compare New vs. Used Cars at Rick Hendrick Chevrolet Duluth!

We hope you now feel more confident answering “Should I buy a new or used car?” for yourself! However, if you’d like some one-on-one guidance, you’re welcome to visit our dealership’s finance center near Johns Creek. Our team will listen to your needs and assess your budget to help you make a confident choice between a new vs. used car. Apply for pre-approval to kickstart the process, and value your trade to make your upgrade more affordable!