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Buying New vs. Pre-Owned Vehicles
When you are shopping for a new sedan, pickup truck or SUV, one of the questions you will have is whether to buy new or used. Both of them have their pros and cons, and it is up to you to weigh these pros and cons to decide which option is best for you.
If overall cost is an issue, buying used is definitely preferable to buying new. You may not be able to get something that has just hit the market, but you should be able to find something that is less than two years old if you take the time to shop around. It might even cost less to register a used vehicle than a new one depending on which state you are in.
The only issue you might run into when buying used is that there will be more wear and tear on the vehicle, but a reputable dealer will have their used vehicles checked out to ensure that they are in top working order.
The price tag and cost of registration are not the only things that are less expensive when you buy used. Insurance companies take into account factors such as the value of the vehicle and the amount of maintenance they will need. Since new vehicles almost always have a higher value than used vehicles, they will cost more to insure.
You might even be able to do away with features such as collision and theft damage with a used vehicle if you so choose. It's not always recommended, but it is something to consider if you're trying to save money.
Vehicles depreciate with each mile they are driven. When you buy a new car, that depreciation begins as soon as you drive it off the lot. Some models can lose up to 40 percent of their value during the first year of ownership, which is definitely an issue if you ever decide you want to sell or refinance your vehicle.
While a car won't stop losing value just because it is used, it will depreciate much more slowly than a new car. When you drive a used vehicle home, you don't have to worry about it losing too much value during that first trip since that depreciation already occurred with the previous owners.
Even though there are definitely advantages to buying a new vehicle such as more features and a better warranty, it's not always a viable option for those on a budget. Buying used is definitely a great way to save some money if you take the time to look around and get the best possible deal.
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If you are interested in learning more about purchasing a new or used vehicle and how much it will cost overall, contact Atlanta Luxury Motors Gwinnett today.