New or used? There’s a lot to consider in shopping for your next vehicle

New or used?

It’s a vexing question.

Whether ’tis smarter in the mind for vehicle shoppers … oh, you get the point, even if William Shakespeare wasn’t thinking of cars when he wrote Hamlet.

You have a big choice to make when you purchase a vehicle to replace your current car, pickup, SUV or crossover – or get your first – not as big as Hamlet’s choice in the Shakespeare play but big nonetheless.

Especially if you’re working with a not-so-extravagant budget as many people are.

There are good reasons on both sides of the new-versus-used debate for you to consider – a point that was made recently by reporter Christian Wardlaw in two articles in the New York Daily News.

“New cars are a poor investment. Instant, and sometimes dramatic depreciation of a new car makes a lightly used car the smarter financial decision,” wrote Wardlaw. “Aside from allowing someone else to absorb thousands of dollars in lost value, though, buying a used car is a bigger gamble.”

“Whether you buy a new car or a used car is dependent on your specific situation,” he wrote.

The eight best reasons to buy a new car, according to Wardlaw, are greater reliability, a manufacturer’s warranty, the latest safety equipment, better fuel economy, the latest technology, potential discounts, attractive financing options and knowing the vehicle’s maintenance history. Of course, there’s a lot more to each of the eight reasons, which you can find in Wardlaw’s article.

The six smart reasons you should buy a used car are to save money, today’s cars and trucks remain reliable longer, certified pre-owned (CPO) programs provide “like new” condition, vehicle history reports are available on many vehicles, attractive financing options on CPO vehicles, and you can drive a “better” car than you might be able to afford otherwise, which the reporter wrote about in detail.

The average price of new versus used vehicles is significant – about $13,500 – based on data from Kelley Blue Book and J.D. Power, which reported averages of $33,500 and $20,000, respectively.

But if you want to save the money, Wardlaw pointed out, it’s a lot to spend to get that new car smell.

Of course, that’s not all you get with a new vehicle, as the reporter himself detailed. And either way the outcome is a lot better than Hamlet’s fate.

More Like This

The best car brands of 2020 based on J.D. Power survey
July 22, 2020

The best car brands of 2020 based on J.D. Power survey

Dodge, Ram and Chevrolet led an assault by domestic automakers on the summit of the J.D. Power 2020 Initial Quality Survey of car owner experiences. Dodge and Kia tied for highest in overall initial quality, with Dodge becoming the first…