Used vs. New: Which is Best for Me?

Finding a replacement car for you or your household is an intimidating task. There are so many options out there! If you’re in the midst of this decision, the folks at Auto Excel Lexington have few key considerations for you to keep in mind as you shop.

Driving Habits

How far do you normally travel? Different models and brands specialize in long haul trips or simply buzzing to the supermarket and back on a regular basis. Also, consider who is driving. Does anyone in your family have a particularly lead foot, or are the drivers at your house more conscientious? Finally, how many people do you chauffeur? You may want to consider larger cars with lots of wiggle room in the back seat for large families.

Timeline

How soon do you need this car? If it’s a replacement car from an accident, a newer car is a faster, safer answer as used cars can mean more trouble without investing time into research. Rather, if it’s a car you want for a new driver in the family, and don’t know how long it will last, spend time doing some research on a study, used car.

Budget

Generally speaking, used cars are more inexpensive. You’ve likely heard that saying that as soon as you drive a new car off the lot, the car’s value drops significantly. This is definitely true, as a car’s value depreciates 20-30% after the first owner. In real money, that means a $30,000 car loses $6,000 of its value as soon as you drive away with it. Whereas that 6k alone could buy you a decent used car. However, repairs on that used old Beater might double the original cost anyway! If you have the financial resources to purchase a newer car, you’ll save cost down the line in repairs and maintenance for certain. If your budget doesn’t allow for a purchase like that, as long as you do your research, a used car will do just fine.

Want to chat further about the automotive market or repairs? That’s our favorite subject! Contact us or come into Auto Excel in Lexington, KY anytime between 7:45am and 5:30pm on weekdays. We’ll see you soon!

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