New vs Used Cars

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But when you apply for an auto loan you might want to think about getting a used car instead. Both are great options and could really work for you. The following are some positives and negatives of new and used cars. You might find that a used car meets your needs better then a new car does. It is at least worth a shot to take a look at the options.

New Car Advantages

The reason people want a new car is that they love that new car smell. The smell proves that the car is new and that no one has owned it previously. But another great thing about a new car is the warranty you receive. You will know that if anything goes wrong with your car over a set period of time, then you are entitled to have it fixed. Piece of mind is what the warranty has to offer. Also, new cars have all the great technological and safety advancements. You know you are getting up to date aspects of an automobile. You also know what you are buying. There have been no previous owners, and this car is straight from the factory.

New Car Disadvantages

New cars tend to cost a lot more than used cars do. This is a big negative. You also lock yourself into long term ownership right away when you purchase a new car. This is because new cars lose up to 40% of the value they have when they are driven off the lot. If you are not ready for a big long term commitment then you might want to steer clear of new cars. When you are ready for the commitment then you can go for it.

Used Car Advantages

The best thing about a used car is that it is cheaper then a new car. When you apply for an auto loan know that this will save you a good amount of money. Saving money is always a good thing and always something you need to do. Another good thing about used cars are that they do not lose their value as quickly as a new car does. It is reasonable to think that your used car will be worth the same the following year as it is today.

Used Car Disadvantages

Unfortunately with a used car you do not always know the complete vehicle history. This is good to know because it tells you what problems have been fixed with the car. It is always good to know what to expect from your car, and sometimes you cannot know this with used cars. Older used cars often have a short shelf life before they start to require a lot of fixing. So know that maintenance might be a short time coming with your used car.

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