Whether you’re looking for the latest technology or a model that makes your commute around South Salt Lake City easier, there are plenty of advantages and disadvantages to buying a new or used vehicle. Is it better to buy a new or used car? Let’s compare new vs. used cars:
New Car Advantages
- Newest Technology: Drivers seeking the latest technology may find that buying or leasing a new car is the right option. Since automotive technology updates frequently, vehicles even a few years old can be technologically outdated. Models like the GMC Acadia or Sierra have the latest in interior comforts.
- Greater Fuel-Efficiency: Along with the advancement in automotive technology, impressive improvements have been made to vehicle fuel-efficiency ratings as well. In vehicles today, you’ll find V6 and V8 engines replaced by turbocharged motors with powerful performance and greater fuel economy.
- Full Warranty Coverage: The purchase of a new vehicle means you’ll be covered by bumper-to-bumper and powertrain warranties that cover most of the car's components for an indicated number of years and mileage.
New Car Disadvantages
- More Expensive: As you may expect when buying new vs. used cars, new models come with a higher price point and taxes on the price you pay. At the end of your vehicle’s warranty, you’ll have to consider the added cost of maintaining and repairing the vehicle’s state-of-the-art technology.
Used Car Advantages
- More Cost-Effective: Shopping used or certified pre-owned vehicles are a great way to save money. You’ll not only save on the price of the vehicle, but you can also find savings on auto insurance and taxes for the vehicle.
- Slower Depreciation: Once you leave the lot in a new car, the value begins to diminish immediately. The first few years of ownership are when the car loses a large portion of its value. Used cars on a dealership lot have already taken an initial depreciation hit and lose value slower as they continue to age.
- Less Chance for Negative Equity: Accidents on the road can leave you dealing with negative equity. Negative equity is when you owe more on your car loan than what the vehicle's worth. That means that newer cars with large loans can leave you stuck with paying down your loan, even if your vehicle is damaged beyond repair. Financing a used vehicle with a smaller car loan means it’s less likely you’ll end up "upside down" on the loan.
Used Car Disadvantages
- Higher-Priced Financing: Higher interest from lenders of used-car loans may mean you're paying a higher monthly payment. On the other hand, the lower total vehicle price means the loan term will also be shorter.
Shop New and Used Buick GMC Models with Salt Lake Valley Buick GMC!So, is it better to buy a new or used car for your commute? Start by using our
appraisal tool and
apply for financing online. Our finance team will work with you to identify lease terms and used-car loans that fit your budget. You’re sure to find a model you love across our inventory of cars, SUVs, and trucks!