Is It Better to Buy a New or Used Car?

Vehicles for sale at a dealership

Should you buy a new or a used car? One option isn’t necessarily better than the other, but each option has its own unique set of benefits. So, the best option for you will depend on what your situation is and what kind of car you’d prefer to drive around St Cloud. The car-buying experts at Morrie's Auto Connection explain the benefits of buying new and buying used to show you what option might be the best fit for you. Take a look at our guide, and if you prefer to drive a pre-owned vehicle, peruse our pre-owned inventory to see which model would be an excellent choice for you!

New vs. Used Cars: Advantages & Disadvantages

Is it better to buy a new or used car? As we mentioned earlier, no option is necessarily “better” than the other, but each option presents its own set of advantages and disadvantages. To show Albertville drivers what the best option for them might be, we’ve laid out the unique advantages and disadvantages of new and used cars below:

New Car Advantages

  • Newest Technology: Buying or leasing a new car gets you access to the latest and greatest technology from whatever brand you choose. Automotive technology updates frequently and a vehicle that’s even a few years old can be considered technologically outdated.
  • Greater Fuel-Efficiency: In today’s automotive market, achieving impressive fuel-efficiency ratings is a goal for most automakers. Many modern vehicles are being equipped with turbocharged motors that are designed for greater fuel economy.
  • Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain amount of years and miles.

New Car Disadvantages

  • More Expensive: New cars are much more expensive to purchase than used and certified pre-owned vehicles, and you can expect to be taxed on the price you pay. What’s more, once the vehicle’s warranty coverage expires, you’ll likely find that your car’s state-of-the-art technology is expensive to repair and maintain.

Used Car Advantages

  • More Cost-Effective: Buying a used car is a good way to save money; you’ll save money when you purchase from the dealer, buy auto insurance, and pay taxes.
  • Slower Depreciation: The value of a new car begins to diminish the moment you leave the dealership. In fact, a large portion of a car’s value is lost in the first few years of its lifespan. Used cars have already taken this initial depreciation hit, and lose value much more slowly as they continue to age.
  • Less Chance for Negative Equity: Negative equity is when you owe more on your car loan than what the car is worth. So, if the car is lost or irreparably damaged, you may get stuck paying on the auto loan, even though you can’t drive the car. When you finance a used car, you’re likely to have a smaller car loan, so it’s less likely that you’ll end up “upside down” on the loan.

Used Car Disadvantages

  • Higher-Priced Financing: Lenders tend to charge higher interest rates on used-car loans, which leads to higher monthly payments. On the flip side, the price of the vehicle will be lower, so the loan term will also be shorter. 

So, should you buy a new or a used car? The best option will depend on the best fit for your circumstances. If you’d like to save more on upfront costs, consider a pre-owned vehicle for sale at Morrie's Auto Connection!

Find a Pre-Owned Vehicle in St Cloud!

Is it better to buy a new or used car? After comparing the benefits of new and used cars, you hopefully have a better sense of which option is right for you. Contact us if you’re looking for a pre-owned vehicle, or visit any of our other dealership locations outside of Rogers if you’re leaning more in the direction of a new vehicle!

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Morrie's Auto Connection 45.562794421988386, -94.13440967115973.