New vs. Used Cars - Which is the Better Buy?

If you’re trying to decide between buying or leasing a new vs. used car, you’re not alone. Many Lexington drivers ask, “Is it better to buy a new or used car?” It turns out there is no one-size-fits-all answer. Each option has its own set of advantages and disadvantages, which we will go over in the guide below. Compare new vs. used cars with the team at Spitzer Kia Mansfield, then visit us in Mansfield to explore your favorite models in person!

New vs. Used Cars: Pros & Cons

New Vehicles: Pros

• Full Warranty Coverage – For a certain amount of years and miles, a majority of new vehicles are covered by bumper-to-bumper and powertrain warranties that include most of your vehicle’s components. 
• Better Fuel-Efficiency: Instead of V6 and V8 engines, many new vehicles feature turbocharged motors that help boost your fuel efficiency on Shelby roads. 
• Latest Technology: You also get access to all of the newest technology when you opt for a new vehicle.

New Vehicles: Cons

• Higher Price Tag: It is more expensive to buy a new vehicle than a used or certified pre-owned vehicle. Keep in mind it will also be more costly to repair and maintain your vehicle’s new technology after your warranty coverage ends.

Used Cars: Pros

• Slower Depreciation: A majority of depreciation occurs the moment a new vehicle is driven off the lot, so you don’t have to worry about this as much when you buy a used vehicle.
• More Car for Less: If you’re on a tight budget, buying pre-owned allows you to access the model of your choice for a lower cost. You may even be able to access higher-tier trims that were previously out of budget.
• Less Chance for Negative Equity: Financing a used car typically results in a smaller auto loan, so you’re less likely to end up with negative equity. Also referred to as being “upside-down” on your car loan, negative equity occurs when your balance on your car loan is higher than what the vehicle is worth. For example, if your car is severely damaged or lost, you may get stuck paying on the auto loan, despite being unable to drive it.

Used Cars: Cons

• Higher Interest Rates: Used car loans tend to have more expensive interest rates that result in higher monthly payments. However, the loan term will likely be shorter since the price of the vehicle is lower.

Find the Perfect New or Used Vehicle at Spitzer Kia Mansfield!

Now that you have weighed the pros and cons of new vs. used cars, why not visit us in Mansfield to explore our inventory in person? We’re just a short drive from Ashland. If you’re still unsure whether it is better to buy a new or used car, please don’t hesitate to reach out. We will be happy to walk you through your options so you can feel confident you made the right choice for your needs. You can explore more car buying tips from our experts in the meantime!