Buying another car can be a very fun experience. You get a chance to test drive vehicles and even view cars that may be out of your realistic price range, but that you hope to be able to own one day. However, when you need a car a top consideration will be whether you get a brand new version or opt for a used model. While you might think that you'll save money by getting a used car, it just might be more beneficial for you to get a new car. Use this information to learn more about why your next car should be a brand new one.
A New Car Could Mean A Better Interest Rate
When you're looking at the sticker price of a new versus a used car, the used model may seem to be a bit more financially appealing. It can be tempting to be sold on the used vehicle because it seems to be much more affordable.
However, when considering the price of a car, you have to look at the total cost of ownership. This means that the interest rate matters quite a bit. For example, if you buy a used car that is $10,000 dollars, but your interest rate is 15%, you'll actually end up paying more over the total length of the loan than you would have if you went for a brand new car that cost $12,000, but that garnered you an interest rate of 3%.
Understand that banks often offer lower interest rates on new cars for a number of reasons. Your new car will likely come with a warranty so that if something goes wrong, you can get it fixed for little money out of pocket. Used cars are generally sold "as-is," meaning that if something happens to it, you're on the hook. Some lenders reason that if your used car has a major malfunction and you can't afford it, you just might stop paying on the loan.
New Cars Give You Your Pick Of Features
Another reason why you should get a new car is because they are made with the latest features. Instead of purchasing a used car and having to manually add on the extras you desire, why not get a new car that is already fully loaded?
Buying a new car could turn out to be a very wise decision. Don't wait; get over to your local new car dealership so you can pick out your car right away.
For more information, talk to a professional like Woody Sander Ford.