Replacing your car can be a daunting task with so many brands and models to choose from all while deciding whether to buy a used or new car. So, we decided to help you weigh the pros and cons of both getting a new car or a used one. Which will enable you to make an informed decision regarding opting for a new or used car.
We asked our team of Car Buying Specialists what they thought and put together a guide on how to find Quality Used Cars for Sale Near You in Los Angeles, Ca.
So, let's get started with the 5 most important things to consider and research when choosing between a new or used car.
Technology gets better with each passing day. So newer car models often come with the latest tech upgrades which at times are quite practical too and you wouldn't want to miss out on that extra comfort. But you'd have to pay a premium for that in the shape of a higher price for a new car as compared to an older one that may be cheaper but lacks the latest tech. This can be a major drawback for a person especially if one is tech-savvy.
Although certain technological features are a must-have for you like a GPS. You can have a look at the used cars that may be offering an older version of the same tech feature that the latest model is offering and to your surprise, you may find that in terms of practicality both are the same. As a result, you can buy an older car that is less expensive while you get to save a ton of money without compromising on the technology.
New cars depreciate at a more rapid pace as compared to used ones. A vehicle loses the majority of its value within the very first few years of ownership--and a huge portion of that goes in the air the moment you start the engine. While according to some estimates, the instant loss can be as much as 20% of the car's value. The loss may seem justified for owners who plan on keeping the car for several years but those who switch cars quickly will face a higher loss in value
In the case of used cars, the depreciation rate is significantly lower. That's because a major chunk of depreciation would have come in the share of the 1st buyer and after a few years, the value stabilizes to a great extent.
Based on your car model, your insurance rates may be lower on a used car as compared to a new one. One factor is that the cost to replace an older model is significantly lower as compared to a brand-new one. Moreover, a newer model has a higher risk of attracting thieves as compared to an old used car.
Insurance rates tend to be higher for younger people so if you are in your early twenties you would be required to pay a higher insurance premium. While you can cut down on that by buying an old car, which will have a lower insurance rate.
One of the most important considerations when buying a car are costs. Which includes both the cost to buy the car and the cost to maintain it in the long term. The buying price of a new car is most likely to be higher than that of a used one simply because it would be the latest model. Therefore, if you buy a slightly used car you won't have to pay the premium price because it is no longer 'the' latest model. However, for the same amount or even lower you could get a used car with more features than you would be getting in the latest car.
On the other hand, if we talk about maintenance costs then the situation tends to be slightly in favor of new cars. It is because new cars require fewer repairs and spare part replacement as compared to older ones. For example, brake pads usually last around 35,000 miles before being replaced. So, if you buy a new car you won't incur this expense until 35,000 miles but if you buy a used car with 20,000 miles on it then you incur this expense just 15,000 miles later. Also, as the car ages, its fuel efficiency reduces as the parts face normal wear and tear. So, this reduces the car's mpg increasing fuel cost.
If you are buying the car through a bank loan irrespective of whether it's new or used, your credit score will play an important role in your bank financing. The credit score determines the terms and conditions you will get for your loan. The higher your credit score the more favorable terms you will get and vice versa.
Also, the credit score determines the size of the financing facility that will be made available to you. So, if you are planning to get the latest car on the market then you'd need to ensure a healthy credit score to be eligible for a bigger amount of loan.
Similarly, if you are buying a new car that is more likely to be expensive than a used one you would get loans on less favorable terms than a used car with the same credit score. Since a used car is likely to be less expensive.
Looking for more Quality Preowned Vehicles in Los Angeles, Ca? Look no further than ProxMotors in South Gate, Ca! Serving our amazing Neighbors in Cerritos and Los Angeles, We are dedicated to providing the absolute best deals in the whole county! Check out our amazing collection of Quality Used Cars Near you Today!
Call Our Office at 323-364-8665 and let our team of amazing sales professionals help guide you through your vehicle buying journey.
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