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Should I Buy a New or Used Car in Waterford?

Should I Buy a New or Used Car in Waterford?

With the fluctuations in the new car supply chain and shortages in the used car market, what are you to do if you want a new car?

 

We asked our Waterford auto loans team to outline some pros and cons of buying a new car versus buying used. This is what they came up with.

 

Pros of buying a new car

 

Pros of buying a new car include:

 

Nobody has driven it before you – Everything is new, the engine is factory fresh and the car is completely unused

 

Full access to every car on the market – Buy new and you have the freedom to choose any make, model and trim within your budget. Not just what’s available right now

 

Warranties – Manufacturer and dealer warranties are like insurance. There for when you need them and something you don’t get on used cars

 

Newest technology – New cars come with all the newest car technology and safety features

 

Cons of buying a new car

 

Cons of buying a new car include:

 

Price – New cars are the most expensive way to drive and can come with a hefty price tag

 

Depreciation – New cars will lose a portion of their value as soon as you drive away. The rate slows over time though

 

Higher auto loan – If you’re using an auto loan to purchase a new car, you’ll need to borrow quite a lot of money

 

Pros of buying a used car

 

Pros of buying a used car include:

 

Cheaper than buying new – Used cars can be anywhere between 20% and 50% cheaper than new car prices

 

Almost latest technology – Buy a car that’s a couple of years old and you’re still getting new technology, just not the latest technology

 

Lower auto loan – As the cost of buying used is less, so is the amount you’ll need to borrow in your Waterford auto loan

 

Cons of buying a used car

 

Cons of buying a used car include:

 

Limited range – You can only buy what’s available and that can often be limited to specific makes, models and colours

 

Wear and tear – All used cars come with some form of wear and tear. Whether that’s bodywork, interior or mechanicals

 

Limited warranties – Manufacturer’s warranty has usually expired by the time the car is resold and most dealerships offer limited warranties on used cars

 

Buying a car in Waterford

 

As you can see, both options have pros and cons. They will work differently for different people in different situations so you’ll have to make up your own mind which is which for you.

 

Either way, our Waterford auto loans team has the skills and experience to find you a great deal when you buy a new or used car!

 

We will use all our skill and experience to deliver the lowest possible Waterford auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

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Categories: Auto Loan

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