Looking for a car? The benefits of buying new or used

Purchasing a vehicle is an important decision. There are many questions to consider in the process. One of the key ones is whether to buy new or used.

“It’s important to do your research,” recommends Michael Bettencourt, managing editor at Autotrader.ca. “The answer varies from person to person and ultimately it’s important to base your decision on the best solution for your situation.”

Buying New

Pros: In addition to that new car smell and being equipped with the latest technology comes predictable monthly payments, which are often offered with longer terms and lower interest rates on new vehicles. You also get the peace of mind associated with a factory warranty, roadside assistance and the knowledge that the vehicle won’t have a questionable history.

Cons: Purchasing a new vehicle may cost you more in the long run, mainly due to depreciation. The moment you drive it off the lot, that new ride isn’t new anymore and is instantly worth less than the amount you paid.

Buying Used

Pros: Purchasing used means avoiding the initial depreciation hit and some of the taxes on new vehicles. Many dealerships offer Certified Pre-owned vehicles that have been subjected to a comprehensive inspection and possible reconditioning. Factory warranties are much longer these days and extended coverage is also available.

Cons: The level of uncertainty that comes from buying a used car keeps many people away. The possibility of encountering a hidden history of collisions or mistreatment means that more time must be spent researching the vehicle and having it inspected by professionals. Warranties could be void if the previous owner modified or failed to maintain the vehicle properly.

Find more information at www.autotrader.ca. (www.newscanada.com)