Ahhh…there’s nothing like the smell of a new car. But as soon as you pull out of that car dealership, boom, it’s now a used car and depreciates as such. So should you buy a new or used car? There are positives and negatives to buying both. A used car comes with a cheaper price tag but may not have the security of the types of warranties a new car comes with. To make your decision a little easier, here are some things to consider.
Choosing a New Car
Some people just want a new car simply because they want a new car. They want to be able to pick out the color and features they want and they want to be the first owner. Some advantages to buying a new car include:
• Reduced maintenance costs. A new vehicle won't need maintenance for the first several thousand miles, and then only an oil change and tuneup are required. Some manufacturers even cover the cost of those routine maintenance items. The new vehicle likely won't need new tires, a battery, exhaust system or brakes during the first few years of ownership or longer.
• Warranty. The manufacturer covers its new vehicles under warranty for at least three years, and some warranties last even longer. Many luxury makes now offer warranties of four years and 50,000 to 60,000 miles. With manufacturer warranties, if something goes wrong, it is the responsibility of the dealer and manufacturer to fix.
• No lemons. If you encounter problems with your new car, you have legal recourse through state lemon laws, which is offered in all 50 states. If you can prove that your new car is a lemon, you could receive a replacement vehicle or get your money back. Lemon laws apply only to new cars.
• Roadside assistance. Most mainstream new cars and light trucks come with free roadside assistance while the vehicle remains under warranty, and, in some cases beyond. In addition, some automakers reimburse you or provide alternate transportation if you get stranded far from home. A few manufacturers, including Audi, BMW, Lincoln and Volkswagen, offer free routine maintenance during the first couple years of ownership. These generally cover oil changes and tuneups.
The Case for Buying Used
Buying a used car doesn’t mean you have to buy a beat up, rusted old car. In fact, there are many choices in used cars that include many slightly used cars, which many people would never know it wasn’t new. The perks of buying a used car include:
• More choices. The automobile market has been booming in recent years. New vehicle sales totaled just over 16.5 million units in 2006. The used-car market was even more vibrant, with more than 42.5 million sales in 2006, according to CNW Marketing Research. The result is a vast choice in used cars and attractive prices.
• Warranties still available. Although used vehicles typically don't carry the same warranties as new ones, the original factory warranty on a new car is transferable to a second owner, usually at no charge. Buyers of certified pre-owned cars from an authorized dealer can purchase a late-model used car with the original warranty and then choose to add to it.
• Almost new. Another trend that makes buying used a better option is the proliferation of certified pre-owned programs. With this program, these vehicles are thoroughly inspected making buying a used car almost as good as buying a new one.
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