Once you decide to replace your current car, the next question to ask yourself is: Should I buy new or used? Here are a few questions from Alfa Romeo USA of Larchmont that can clear the confusion and make the decision slightly easier:
Do you have a down payment or a trade-in with equity?
If your credit is good, you may have fewer problems buying a new car with little or no down payment than buying a used vehicle. That is because many manufacturers offer incentives for new cars that simply aren’t available in the used-car market. These are typically in the form of rebates, cash incentives and discounted financing. Financing a used car will almost always require money down, whether in cash or a trade-in with equity.
What specifications do you want?
If your heart is set on a certain make, model, or color, buying a new car may be the best way to ensure you get the exact vehicle you seek. Brand new models also offer a wide variety of bells, whistles, and the latest technology in multimedia, phone connectivity, navigation, and safety. However, if you are willing to keep an open mind, take a look at what used cars are available in your price range.
Can you afford maintenance?
When you look at pre-owned vehicles, the initial cost is lower, but sticker price isn’t the only thing you need to consider. If your credit isn’t impeccable or you don’t have much for a down payment, you may end up with a higher interest rate, meaning so you have to pay more over time and extend your financing term. In addition, you have to set money aside for inevitable repairs, which are much more common with used cars than new.
Are you fine with the time a used car spends in the auto shop?
Not only does a used car cost more to keep operating, but it will likely spend more time in the shop. It may only be a day here and there, but could be a week or more for bigger repairs. On average, new cars spend less time in the shop. Moreover some manufacturers or dealers offer loaner cars during routine maintenance visits while a car is under warranty.
How long do you plan to keep the car?
One of the biggest drawbacks to purchasing a new car is the depreciation factor – new vehicles lose an average of 20 per cent of their value in the first year of ownership. If you wish to sell off the new car in the next few years, you will face significant financial hit. With used cars, you get slightly more flexibility when it comes to your options for the future.
The choice isn’t easy – make sure you weight the pros and cons before making up your mind!
Are you or anyone in your family looking for a new, or used car head on over to Alfa Romeo USA of Larchmont . Not only do they have a great selection of vehicles they will make sure they help you in every way they can.