Used vs New Car
Searching for a vehicle near Amherst, Manchester, or Derry is quite exciting. Before you can decide which model and trim you want, you’ll need to determine if you want to buy new or used.
There are benefits to each, which we’ll go over below. Keep reading to learn all about buying a used vs. new car, and contact Ira Toyota of Manchester if you have any questions.
Advantages of Getting a Used Car
There are many reasons why you might consider buying used, with a big one concerning depreciation. When you buy a new car, it starts depreciating as soon as you drive off the lot. In fact, a new vehicle could lose about 30% of its value within the first two years of ownership.
If you buy used, the bulk of the depreciation has already occurred, which means you can spend less on a car initially and sell it later on with little loss in equity.
You’ll also save on insurance and registration fees. Insurance of a specific used car is usually less than its new model counterpart. Plus, most states usually base an annual registration fee on a vehicle’s model year. If you buy an automobile that’s at least three years old, you can save a great deal on that fee.
Another reason to buy used is that you have a better chance of getting the features you want. Heated leather seats and a navigation system sound great. Also, you may not be able to afford them in a new car. However, if you opt for used, you could get all the amenities you want while still staying within your budget.
Benefits of a New Car
For all the benefits of getting a used car, there are just as many for buying a new one. First, you have many more options available to you. If you want a blue SUV with a gray interior and smartphone integration, you can find it in the new vehicle circuit. Plus, you can easily add on various options to get the exact vehicle that you want.
We mentioned before that new cars can depreciate right away. However, if a vehicle is in high demand, it’ll have a higher value. As a matter of fact, certain brands depreciate at a lower rate and also have a stronger resale value due to reliability records, which could be quite beneficial if you ever decide to sell your new car down the road.
Another reason to buy new has to do with finance rates. While a used car may cost less initially, it usually comes with a higher interest rate. Financial institutions usually charge a full percentage or two higher than a new vehicle. Plus, you wouldn’t get the low-interest financing or cash rebates that are generally offered as an incentive to new vehicle buyers.
Shop for a Used or New Car Today!
As you can see, there are plenty of advantages to buying a used or new car; you’ll just need to decide which is right for you.
We here at Ira Toyota of Manchester can help by showing you our wide selection of new and used Toyota models. We’ll go over which features are available in which car, and you’ll get to test drive a couple to make an informed decision.
Don’t wait. Visit our Toyota dealership near Amherst, Manchester, and Derry to find a great new or used car today!