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Finding the right vehicle replacement can be difficult, especially if you're looking for a luxurious driving experience. One of the first questions you must ask yourself is whether to buy new or used; contrary to popular belief, new is not always the better option.
Both choices have advantages and disadvantages, depending on your preferences, budget, and long-term driving goals. Your local INFINITI dealership of Southern California wants to help you discover the truth about buying new versus buying used.
How Depreciation Affects New and Used Cars
Any car you purchase drops in value the moment you sign and finalize the paperwork, but new vehicles depreciate faster than used vehicles. In most cases, the total value of the car drops by around 20 percent the moment you sign-even before you drive off the lot.
After just one year, the vehicle depreciates by approximately 30 percent, mostly due to wear and tear, meaning your car is now worth two-thirds of the price you bought it for. Depreciation is simply a fact that every car owner must accept.
What does this mean for new and used cars? Depreciation values are considerably lower for used cars because they already have some mileage under their belt. As the car ages, depreciation slows; a car will lose more in the first year than in the 10th year of ownership.
That said, you do lose out on many benefits when buying used. In fact, if you play your cards right, you could purchase a new vehicle and resell it two or three years later and end up with a great value. In the long run, you could just pay slightly more than a one- or two-year-old car while reaping the benefits of a new car.
Technology and Safety
New vehicles always have the latest and greatest technological devices and software on board, and that can be surprisingly persuasive for some drivers. Buying used, on the other hand, is the way to go if you're happy with the technology from previous years. It's worth noting that new models may have additional safety devices or enhanced safety features built into the frame. Generally, each new year comes with improvements to functionality, features, and safety, as a whole.
Peace of Mind
At the end of the day, purchasing a new car provides you with a sense of safety and security. You know the vehicle is fresh off the manufacturing line, which means the dealer or manufacturer covers any mechanical defects for one and five years.
Any repair expenses you run into with a used car are mostly (if not entirely) coming out of your pocket. Thus, buying used isn't a good choice if you end up needing to pay thousands in repairs within the first 12 months.
Deciding whether to buy new or used can be a struggle, but, overall, most drivers find the peace of mind and reliability that come with a new vehicle outweigh the impact of first-year depreciation. We recommend reviewing your budget and your goals to identify your must-haves and preferences; then, head on down to your INFINITI of Thousand Oaks dealership for assistance. Visit an INFINITI of SoCal dealership to get started today on finding the perfect new vehicle today!