Should I Buy A New Or Used Car In Burlington?

Should I Buy A New Or Used Car In Burlington?

Posted on February 15, 2021

There’s nothing quite like the anticipation of knowing you’re going to be buying a new car soon. Whether that’s brand new or just new to you, the excitement is largely the same. If you’re using a Burlington car loan to finance the purchase, should you buy a new or used car?

There are pros and cons to both types of vehicle. You can get Burlington car loans for both types of purchase so it comes more down to what you’re looking for.

Should You Buy A New Or Used Car?

Pros of buying a new car with your Burlington car loan

There are a few benefits of buying brand new cars:

• The latest technology – If you’re looking for the latest technology, WiFi, surround view cameras, self-driving technology and so on, brand new cars will deliver that.
• Latest safety technology – The same goes for safety tech, driver assistance, land departure warning, adaptive cruise control and the many other innovations that help keep us safe.
• First owner – While an intangible, there is immense satisfaction in knowing you’re the first owner since the factory and nobody else has driven or owned the car.
• Full warranty – Most new cars come with a multi-year year warranty covering most situations. Some cars come with more. Either way, you have the confidence in knowing that you’re covered whatever happens.
• Zero maintenance – Most new cars will come with free servicing for a time and should not need any extra maintenance aside from the basic checks.

Cons of buying a new car with your Burlington car loan

There are downsides to everything, including buying new:

• Cost – Buying a new car is more expensive than buying used or leasing. Even if you’re using a Burlington car loan, you’re going to be paying top dollar for the privilege.
• Depreciation – New cars can depreciate up to 30% in the first year. That’s a lot of the initial value of the car gone very quickly.
• First edition issues – If you’re driving the first version of a new model or new edition, it isn’t uncommon to experience teething problems or have to contend with recalls.
• There is always something newer – For those that are always looking for the latest version of something, new cars come along all the time, so satisfaction can be fleeting.

Pros of buying a used car with your Burlington car loan

There are also benefits to buying used:

• Lower purchase price – Even if you’re buying a year-old car, you will be paying a lot less than the original owner did for much the same experience.
• Slower depreciation – Once that first year is over, depreciation slows markedly to around 10% per year before slowing even further.
• Can still have warranty – Some car dealerships will offer their own warranty on certified new cars. It won’t be for as long as factory but it’s still worth having.
• Buy bigger or better – As used cars cost less, you may be able to afford a step up in terms of size, luxury, marque or technology.
• Lots of technology – If you’re buying an almost-new car, you’ll get mostly the same tech as a brand new car.

Cons of buying a used car with your Burlington car loan

As with buying new, there are downsides to buying used too:

• Increased likelihood of maintenance or repair – The older the car or the more miles it has done, the more likely it will need work.
• Insurance can be more expensive – Some insurers charge more for older cars so that should definitely be factored in.
• Less warranty – Many dealership warranties will be for 3, 6, or 12 months whereas factory warranty can be for 3-7 years. That factory warranty can also be just for the first owner.
• Car loan interest can be more on used cars – Depending on the car loan and the lender, the interest rate you’ll pay can be higher on a used car.

Whether you buy a new or used car, always be confident and happy with what you’re buying. When you’re ready to proceed, contact Unique Chrysler in Burlington for help, advice and competitive car finance.

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