As a dealership that sells both new and used cars, we are in a position to provide a fair and balanced discussion about this age old question.
Let's get to it!
Here are the arguments for buying a used car: The same car for less money. When you buy a used car, you miss out on the heaviest depreciation hit. A new car can lose up to xx percent of its value the moment you drive it off the lot. But if you purchase a low km, previously owned version of that same vehicle, you essentially get the same car for significantly less money and without the instant depreciation against what you just paid. More car for the same money. As it is generally more expensive to buy new vs used, you can often purchase either a more heavily loaded version of the comparable new car, or upgrade to an entirely different class of vehicle. Often for the price of a new mid-sized sedan, you can get a very nice upmarket SUV. Certified pre-owned. A well-established reputable dealer will offer a certified pre-owned program (eg: "GM Optimum") where the used vehicles are subject to a rigorous inspection and repair process, and are covered by a warranty from the manufacturer. Such warranties can increase the cost of the vehicle, but can provide you with increased piece of mind, making them a good value.
Here's why you may prefer to buy a new car:
Financing may be more expensive Often lending rates are higher for used cars. However, if you consider the cheaper insurance rates for used, the cost of the higher interest rates can be offset.
Having the latest and greatest. By purchasing a vehicle that is several years old, you may miss out on some of the latest and greatest safety and technical gadgets. If this is important to you yet you still would like to take advantage of the cost savings from purchasing used, you may wish to consider a low km, late model pre-owned vehicle whose new model counterpart has not significantly changed its styling or options with the latest model year.
That new car smell. Sometimes, there is nothing quite like owning a new car! It looks great, it smells great, and you have the full confidence of a comprehensive factory warranty. But if your looking to stretch the value of your purchasing dollar, its difficult to argue against buying used, especially a low km late model vehicle. To the right are some comparative cost examples of some new car models vs a similarly equipped late model used car. Decide for yourself!
MILLS BUICK GMC LTD.
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OSHAWA, ONL1H 7L3
1 (877) 841-6099
1 (866) 906-2128
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MILLS BUICK GMC LTD.240 BOND ST EOSHAWA,