Would you purchase a new or used vehicle and why?

Hi Guys,

I wasn't sure where to post this, so the 'Off Topic' forum seemed to be the best bet. I am now having to look into buying another vehicle. My older car has run its course and I'm not sure what I should do. I've done some research and although I always thought I would buy a used car once this one fell apart, I'm now thinking a newer vehicle would be the better option; for the following reasons:

1. Since it's brand new, I don't have to worry as much about maintenance problems;

2. It's under warranty for three years;

3. I make reasonable monthly payments towards the cost at 0% interest.

As for an older vehicle, my concerns are that because it is used, there could be more issues with it and I'll end up paying the same amount as I would for the newer vehicle for repairs, etc. and it isn't under warranty. I'd also be making the same monthly payments as the new vehicle, but for two years less than the new vehicle.

Any thoughts?

Thanks all for your input!

I've had 2 used cars, no problems. My current car I've had for 3 years now and it was 7 years old when I got it. She's a beast, never let me down, done thousands of miles, hardly cost me anything in maintenance.

Just a rough estimate, I think I'd have had to pay around 6-7 times what I paid if I bought a similar car new.

IMO brand new cars are a waste of money. But it very much depends on what you're looking for and what you can find... Plus I think I got quite lucky.

Thanks, happy_snapper. This is what I was expecting to hear. I received some advice from a family member yesterday who is pretty knowledgeable when it comes to vehicles and he has owned over 200 vehicles in his lifetime. I was surprised when he was encouraging me to buy a new vehicle, actually, because he always told me (when I was younger) that if I did purchase a new vehicle, it depreciates in value as soon as you drive it off the lot. So, at this point, I'm confused. At the same time, I find the thought of having to buy a car to be a bit much right now. But I definitely have to buy something soon as I don't have a car to get around in at the moment and I need one for work.

Have you thought about your budget? Also, it depends on what brand of car you're buying. Some are easier to fix, whereas others are a lot more expensive. If you want to save money on car payments, then buy a used one but make sure you set aside some cash, "Just in case". Also, see what your long term goals are. Is this temporary? Will you be moving to a big city soemtime, and won't need transportation. etc. They might help you make a decision.

Good luck.

Thanks, Scoe141. I was at a dealership yesterday checking out cars (new and used) and crunching numbers with the salesman. I was looking at a 2010 vehicle for 10 grand. A lady recently traded it in for a newer model. There weren't many km's on it and it seemed to be in pretty good shape; other than a few, small dents in the front passenger seat door. Payments would be the exact same for this used vehicle as a 2015 vehicle that I was looking at; except I'd be making an extra year or two's worth of payments for the new car. I also went into the dealership with a budget in mind and knew that I could only make so much in payments per month, which I can pull off with this new vehicle. So, I'm not sure. Seems to be a gamble, regardless. I've checked out Consumer Reports and reviews on each vehicle. I seem to be swaying more so in favour of the newer vehicle, at this point.

Hi milly007

Firstly the 'off-topic' section is fine I usually find it suitable to post questions of here and there.

As for the car I can't say much (I'm still planning on getting my first), but from what I know watching others I can tell that it strictly depends on you, what you prefer. For me I don't mind buying used cars as long as they're in a good enough condition. Just look for something in a suitable condition. It is less costly as well. Then again it depends on you. For me at least for starters I think a used one would do. Later on I can opt for something else in exchange you know.

I can't help much but that's all I can say.

Interesting question though.

We have done both and both of turned out perfectly fine.

The car that I own is 15 years old and in good shape. Repairs do come up from time to time but its still reliable and get me from point A to B.I maintain it and make sure everything is up to date. I am going to drive it to the ground and my next car is going to be newer

New car all the way.

Money saved on Gas because of new technology is worth it. Besides I don't know the history of the old cars. History can be altered with old cars.

1. Since it's brand new, I don't have to worry as much about maintenance problems;

2. It's under warranty for three years;

3. I make reasonable monthly payments towards the cost at 0% interest.

I bought my Ford Mustang used and had all three of the above. No mechanical problems, got a warranty on it, and a very low monthly payment. Had it for 5 years so far and only basic maintenance repairs (nothing major). The problem with buying a new car is if you trade it in, you get less money back than buying it used.

As for an older vehicle, my concerns are that because it is used, there could be more issues with it and I'll end up paying the same amount as I would for the newer vehicle for repairs, etc.

You need to have the car inspected BEFORE you buy it. Find a car with low mileage (below 50k). Also, get a warranty on it. I had friends who were mechanics who checked out the car for me before I bought it. It was in excellent condition that someone had it garage kept. Plus I show my mustang at car shows and have won a couple local shows in the past with it.

Always research the dealership AND the car (not the car's personal history, but the company-- find if there has been any recalls on the model or other car models from the company) before making ANY payment. And don't look super interested if you want a better deal.

We just bought a used truck with a three year warranty or 60,000 KM. We have a Carfax document saying it was never in an accident anywhere in North America. And it drives like a dream.

As a financial advisor I tell people to buy a low mileage car off a lease...from a reputatible dealer. My last SUV had 16k miles on it...one year old. I got it for almost $20k off new list price. Buy the extended warranty if you are worried...but the chances of you spending $2k on any fix is minimal.

My car was bought new (from my grandmother) but personally, in the future, I'd probably get a low mileage used one. Or a new, depending on what the price is. The issue with new is that the value depreciates so much. You'll save a lot going with used. If you get a very thorough inspection as well as car history report, you should be good. Also, with the savings you'll get, you could get an extended warranty if you're worried and still wind up saving a ton.

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