Should I Buy New Or Used?
Most people think the answer to this question is obvious – NEW.
But most of those people haven’t spent any time thinking about the actual pros and cons of each.
Most people think the answer to this question is obvious – NEW.
But most of those people haven’t spent any time thinking about the actual pros and cons of each.
Many people believe you should only buy used if you can’t afford to buy a new car, but that logic is completely flawed.
Let me explain…
Have you heard all of those recent TV and Radio campaigns for all these amazing deals, huge rebates, low financing and ridiculous incentives on new vehicles? Of course you have. Who hasn’t. They’re everywhere!
Because of these aggressive campaigns and extremely attractive sale opportunities, the number of new cars and trucks sold by automakers in recent years is at a record high.
What does this mean to you and me?
Good question.
It means that there has never been a better time to consider the merits of a used car instead of a new one.
Why??
Because all of these new car buyers have created an overabundance of used cars – by turning in leases and trading in recently purchased vehicles…which gives you, the used-car shopper, a mega-amount of choices of quality, low mileage vehicles.
Plus, the flood of people buying new vehicles has made the used car market ripe for the pickin’.
See…the used car market is somewhat depressed, which means the prices are lower than normal.
This is not good for your new-car buyer friends who are trying to get maximum money for their two and three year old
trade-ins, but it’s great for the smart shopper like you who knows the insider information about buying used cars at depressed market prices.
You are the one who scores. You are the one who will save money.
Why would a used car dealer tell you this, let alone put it in writing?
Because I am in the best position ever to offer you an amazing, high-quality, pre-owned vehicle for a price and a payment that’s unheard of.
Plus, because so many new car buyers are trading in their cars so quickly to get jammed into another, most of these vehicles come with the peace of mind of it being top-quality and barely used.
What really matters is having a car you truly love and adore that is dependable and affordable.
If your budget is at its max, then buying a used car makes sense. It is the only way to get the most vehicle for the least amount of money.
How many new cars do you know of that list for under $10,000?
We both know what kind of car that buys. Not much. A strip-o model. That’s car talk for a car that has no features.
Manual transmission, no A/C, you can forget safety features and definitely no luxury accommodations.
What fun is that?
Michelle Krebs of Cars.com writes, “For less than half the price of the average new car, you can buy a 3- or 4-year-old used vehicle that is larger and loaded with more features than the small, bare-bones new one.”
Now we’re talking.
But I’m not going to be one sided here. Buying a used vehicle has its drawbacks.
You are not the first owner of the vehicle so you don’t know where and how it was driven or how it was cared for.
Was the scheduled maintained preformed?
You may or may not know.
Many say that a used vehicle will require maintenance and possibly expensive repairs sooner than a new one, and these repairs may or may not be covered by a warranty depending on the vehicle you buy.
One state Independent Automobile Dealers Association web site states, “All automobiles require upkeep, so factor in some amount for repairs. A good rule of thumb: Multiply the number of miles you expect to drive a month by 38 cents; the amount of money you should set aside a month to cover operating costs and maintenance on a car in addition to your car payment and insurance.”
Operating costs include everything from repairs and routine maintenance – like oil changes – to gas, car washes, and air fresheners.
Let me explain…
Have you heard all of those recent TV and Radio campaigns for all these amazing deals, huge rebates, low financing and ridiculous incentives on new vehicles? Of course you have. Who hasn’t. They’re everywhere!
Because of these aggressive campaigns and extremely attractive sale opportunities, the number of new cars and trucks sold by automakers in recent years is at a record high.
What does this mean to you and me?
Good question.
It means that there has never been a better time to consider the merits of a used car instead of a new one.
Why??
Because all of these new car buyers have created an overabundance of used cars – by turning in leases and trading in recently purchased vehicles…which gives you, the used-car shopper, a mega-amount of choices of quality, low mileage vehicles.
Plus, the flood of people buying new vehicles has made the used car market ripe for the pickin’.
See…the used car market is somewhat depressed, which means the prices are lower than normal.
This is not good for your new-car buyer friends who are trying to get maximum money for their two and three year old
trade-ins, but it’s great for the smart shopper like you who knows the insider information about buying used cars at depressed market prices.
You are the one who scores. You are the one who will save money.
Why would a used car dealer tell you this, let alone put it in writing?
Because I am in the best position ever to offer you an amazing, high-quality, pre-owned vehicle for a price and a payment that’s unheard of.
Plus, because so many new car buyers are trading in their cars so quickly to get jammed into another, most of these vehicles come with the peace of mind of it being top-quality and barely used.
What really matters is having a car you truly love and adore that is dependable and affordable.
If your budget is at its max, then buying a used car makes sense. It is the only way to get the most vehicle for the least amount of money.
How many new cars do you know of that list for under $10,000?
We both know what kind of car that buys. Not much. A strip-o model. That’s car talk for a car that has no features.
Manual transmission, no A/C, you can forget safety features and definitely no luxury accommodations.
What fun is that?
Michelle Krebs of Cars.com writes, “For less than half the price of the average new car, you can buy a 3- or 4-year-old used vehicle that is larger and loaded with more features than the small, bare-bones new one.”
Now we’re talking.
But I’m not going to be one sided here. Buying a used vehicle has its drawbacks.
You are not the first owner of the vehicle so you don’t know where and how it was driven or how it was cared for.
Was the scheduled maintained preformed?
You may or may not know.
Many say that a used vehicle will require maintenance and possibly expensive repairs sooner than a new one, and these repairs may or may not be covered by a warranty depending on the vehicle you buy.
One state Independent Automobile Dealers Association web site states, “All automobiles require upkeep, so factor in some amount for repairs. A good rule of thumb: Multiply the number of miles you expect to drive a month by 38 cents; the amount of money you should set aside a month to cover operating costs and maintenance on a car in addition to your car payment and insurance.”
Operating costs include everything from repairs and routine maintenance – like oil changes – to gas, car washes, and air fresheners.
In the next post, I'll share with you the pros and cons of buying both new and used.
ABOUT THE AUTHOR - Tracy Myers is the owner of Frank Myers Auto Maxx in Winston-Salem, NC. He is a Certified Master Dealer, the National Quality Dealer of the Year and one of top 28 dealerships in the Nation.
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