Is It Better to Buy a New or Used Car?
If you’re in the Hazel Green, AL market looking for your next vehicle, you might be wondering, “Is it better to buy a new or used car?” Well, our experts at Landers McLarty Toyota in Fayetteville can help you decide whether a new vs. used car is for you! Browse through our inventory, then read on below to find out the advantages and disadvantages of both options.
Buying New vs. Used Cars: The Advantages & Disadvantages
New Car Advantages
- Newest Technology: When it comes to new vs. used cars, one of the biggest differences will be access to the most modern technology features.
- Greater Fuel-Efficiency: Achieving the best fuel-efficiency ratings is vital to automakers and dealers in Madison, AL. More turbocharged motors are in new vehicles with better fuel economy.
- Full Warranty Coverage: You’ll find many new vehicles in Huntsville, AL offer bumper-to-bumper protection and powertrain warranties, which cover the majority of your vehicle for a number of years or miles.
New Car Disadvantages
- More Expensive: Clearly, any new car you find near Fayetteville will be more expensive and tax you higher on the new price.
Used Car Advantages
- More Cost-Effective: Purchasing or valuing your trade-in estimate of a used car will save you money when you purchase the vehicle from the dealer along with auto insurance and taxes.
- Slower Depreciation: Used vehicles already depreciate in their first few years, and the value decreases very slowly as they continue to age. When you compare new vs. used cars, new cars will always depreciate as soon as they leave the dealership.
- Less Chance for Negative Equity: When you have negative equity, it means you pay more for your vehicle than the car loan is worth. Once you finance a used car, you’ll have a smaller car loan and less likely to be “upside down” on the loan.
Used Car Disadvantages
- Higher-Priced Financing: Lenders are more likely to charge higher interest rates on used-car loans, which translates into higher monthly payments. On the other hand, the price of your vehicle will be lower, and the loan term will be shorter.
Purchase a New or Used Car at Landers McLarty Toyota!
Contact us at Landers McLarty Toyota to purchase your next vehicle! Now that you’ve compared new vs. used cars, our finance team is ready to help you decide to lease or buy. Before you go, learn what to look for before buying a used car!
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