Is it Better to Buy a New or Used Car?

When it’s time to upgrade your ride, you’ll be faced with the question, “Is it better to buy a new or used car?” While there is no definitive answer as to which is better, the choice will ultimately come down to your budget and personal preferences. Compare the pros and cons of new vs. used cars to decide which makes more sense for you. When you’re ready to start shopping for your next vehicle near Fort Lee, head on down to BMW of Tenafly to explore our new BMW inventory and fine selection of quality used cars today! 

New vs. Used Cars: What are the Differences? 

New Car Advantages

• The Latest Tech Features: When you buy or lease a new car, you’ll have access to the latest advanced technology features. Automotive tech features are updated frequently and even a vehicle that’s just a few years old can be considered technologically outdated. 
• Better Fuel-Efficiency: With gas prices fluctuating, more and more Cresskill-area drivers are looking for fuel-efficient options. Automakers have responded by offering turbocharged motors on new models that are designed for greater fuel economy. 
• Full Warranty Coverage: Just about any new vehicle will come with a bumper-to-bumper and powertrain warranty that will cover most of the car’s components for a certain amount of years and miles. 

New Car Disadvantages

• More Expensive: New cars come with a much more expensive sticker price than used and certified pre-owned vehicles. What’s more, once the original warranty coverage expires, you may find that your car’s state-of-the-art technology will cost more to repair and maintain. 

Used Car Advantages

• More Cost-Effective: Used cars are priced significantly lower than new cars. You’ll not only save on the purchase price, but your insurance, registration, and tax costs will be less.
• Slower Depreciation: The value of a new car begins to decrease the moment you leave the dealership. Used cars have already taken this initial depreciation hit, and so they 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 could get stuck paying off an auto loan on a car you can’t drive. When financing 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: Many lenders tend to charge higher interest rates on used-car loans, which can lead to higher monthly payments. However, the price of the vehicle will be lower, so the loan term will also be shorter. 

Why Shop with BMW of Tenafly?

Is it better to buy a new or used car? There are pros and cons to both, so it really comes down to what you want and what you can afford. You’ll find a wide selection of new BMW vehicles, as well as high-quality used cars at our dealership in Tenafly. Whether you’re interested in a new or pre-owned vehicle, our friendly and knowledgeable sales associates will help you find the ideal match for you. Once you have found the vehicle that best suits your needs, our finance team will work to help you secure the loan or lease that is the right fit with your Closter-area budget. In addition, our new vehicle specials and used car offers can help you save even more! Ready to get started? Apply for financing with us online to get pre-approved today. If you have any questions in the meantime, contact us online or call us at (201) 643-7514.