The Biggest Difference: Price
There’s a story that you may have heard about new cars. People say they lose half their value the moment you’ve driven your new car off the lot. That’s not entirely true, but the car does lose about 10% immediately, and it can lose up to 30% in the first year. That’s not the best investment. However, a used car has already been through that process and costs significantly less. If the car is only a year or two old, it will still have a lot of the newer features, but it may be several thousand dollars less.
Cost of Insurance
While the costs of insurance can be eased by taking a defensive driving class, it’s still one of the biggest expenses of car ownership. A lot of factors go into insurance rates, and one of those factors is the age of the car. If age were the only factor, older cars would cost less to insure. But this can be balanced out by the safety features of newer cars, which can lower the insurance rate.
History of the Vehicle
There are websites out there that can tell you many things about the history of used cars. The sites can tell you whether the car has been in a flood or sometimes even if the first owner was a smoker. However, the sites can’t tell you how the original owner drove it. Maybe the first owner had a tendency to slam on the brakes, or maybe they wore out the clutch on a manual car. Either way, you’d be buying a car with problems that will need to be fixed fairly soon. Another thing those sites can’t tell you is why the owner decided to part with the car. It might have been repossessed, which is unfortunate for the first owner, but at least the car didn’t do anything wrong. Maybe there’s a problem with the air conditioning that you may not notice if you’re buying the car in winter. Maybe the gas mileage isn’t everything it’s cracked up to be. Buying a new car is one way to get around these potential issues and worries. On the other hand, there could be an issue with a new model of a car, and it could affect every single one. That’s a piece of information no one would know until the problem presented itself.
Speaking of worries, there is always the worry of how much other people want to steal your car. Regular levels of car envy are fine. In fact, one of the reasons people buy certain cars are so their friends, loved ones, and even strangers will want the car. The problem is there are always people out there with the ability and resources to actually steal it. If you buy a new car with all the bells and whistles, hopefully one of those extra benefits is an excellent alarm system. A solid wheel lock would also be a solid investment. Unfortunately, no car is ever entirely safe from theft. Even certain used cars are still targets for theft, particularly the very popular cars. Those can be stolen and broken down for parts.
So Which One Is Better?
Ultimately, that choice is up to the buyer. As with many things, it will probably come down to the top argument, the price. Either way, buying a car, new or used, requires extensive research, and a wheel lock is never a bad idea.