Posted on September 9th, 2022

Buying a car is not a decision you can take lightly. You must consider many factors, such as the cost, performance, loan amount (if you’re taking a loan), and the supplier, to name a few. Among these considerations, perhaps the most crucial factor is whether you’ll buy a new or used car. Not only does it affect the cost, but it also influences performance. So, which is the right option for you?

To answer that question, you must first understand what each option offers, and what better way to do that than to look at their pros and cons. Let’s start with the pros of buying a used car.

1. Used Cars Are Easier To Find

Used cars are statistically more commonly bought than new cars. In 2018, around 17 million new vehicles were sold, while used vehicle sales were over 40 million. The statistic is roughly the same in 2019 up to the present. This statistic shows that there’s a high demand for them. Hence, it’s safe to assume the supply is likewise abundant.

Car dealerships like Walla Walla Toyota are a testament to this as they have more used cars listed than new cars if you look at their inventory. In short, used cars are easier to find.

This characteristic of used cars is quite handy if you urgently need the car since you’re more likely to find the specific model you’re looking for. Even if you don’t have a specific car model in mind, you at least have more options to choose from in terms of cost and performance.

2. You Can Customize A Used Car Freely

When you first buy a new car, there’s typically a warranty period of three to five years. Within this period, it’s advisable not to customize or mod the vehicle yet. That’s because there’s a good chance that modification or customization will void the warranty. Even if it didn’t, you’re still giving the car insurance company a good reason to deny paying for car accident damages.

This limitation doesn’t apply to most used cars since the warranty period has likely already passed. However, it’s worth noting that some used cars will still have an active warranty.

Also, note that not all customizations will void your warranty. It usually applies only to modifications that may affect the car’s performance. These may include shifting to oversized tires and changes in the car parts like the engine, suspension, and chassis. Customizations that affect only the vehicle’s aesthetics aren’t likely to void the warranty.

3. Used Cars Are More Affordable

It’s common knowledge that between the two, used cars are the more affordable option, and for several reasons. One, and perhaps the most evident reason, is that used cars are likely to have been damaged in the past. The damage will naturally cause its cost to depreciate. Two, used cars are usually older models, and older car models are typically cheaper than new ones.

Of course, there are exceptions to this rule, specifically with vintage cars, since they’re valued not by their performance but by their rarity. Hence, they’re not practical if you want functional automobiles.

For your reference, used cars are valued at 30% to 90% of the price of their new counterparts.

That means you can put the money you saved by choosing a used car into other investments. This affordability is one of the reasons why used cars are more commonly bought.

Source

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