Is it Better to Buy a New or Used Car?

Should I buy a new or used car? If you’re asking this question, you’re not alone. Many Eatonton drivers wonder if it is better to buy a new or used car. In fact, it’s been a hot debate among buyers for decades. The truth is that there is no one-size-fits-all answer; it really comes down to your needs and preferences. This guide from the team at Five Star Toyota of Milledgeville compares the pros and cons of new vs. used cars to help you make an informed decision on your next vehicle. 

New vs. Used Cars: What are the Differences? 

New Car Advantages

• Newest Technology: Buying or leasing a new car gets you access to the latest and greatest technology from whatever brand you choose. Automotive technology updates frequently and a vehicle that’s even a few years old can be considered technologically outdated. 
• Greater Fuel-Efficiency: In today’s automotive market, achieving impressive fuel-efficiency ratings is a goal for most automakers. Today’s vehicles feature fewer V6 and V8 engines, as they’re being replaced with turbocharged motors that are designed for greater fuel economy. 
• Full Warranty Coverage: Most new vehicles come protected by bumper-to-bumper and powertrain warranties that cover most of the car’s components for a certain amount of years and miles. 

New Car Disadvantages

• More Expensive: New cars are much more expensive to purchase than used and certified pre-owned vehicles, and you can expect to be taxed on the price you pay. What’s more, once the vehicle’s warranty coverage expires, you’ll likely find that your car’s state-of-the-art technology is expensive to repair and maintain. 

Used Car Advantages

• More Cost-Effective: Buying a used car is a good way to save money; you’ll save money when you purchase from the dealer, buy auto insurance, and pay taxes. 
• Slower Depreciation: The value of a new car begins to diminish the moment you leave the dealership. In fact, a large portion of a car’s value is lost in the first few years of its lifespan. Used cars have already taken this initial depreciation hit, and 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 may get stuck paying on the auto loan, even though you can’t drive the car. When you finance 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: Lenders tend to charge higher interest rates on used-car loans, which leads to higher monthly payments. On the flip side, the price of the vehicle will be lower, so the loan term will also be shorter. 

Why Shop with Five Star Toyota of Milledgeville?

At Five Star Toyota of Milledgeville, you’ll find a wide selection of new Toyota vehicles, as well as high-quality used cars. Whether you’re interested in a new or pre-owned vehicle, our sales team will help you find the ideal match for your budget and lifestyle. Our finance team will work side-by-side with you, whether you’re looking to buy or lease a brand-new car or secure a used-car loan with a shorter loan term. To get started, you can apply for financing online or use our payment calculator to estimate your monthly payments. 

Compare New vs. Used Cars in Milledgeville

So, is it better to buy a new or used car? Either can be a great option depending on your priorities. If you still need help comparing new vs. used cars, connect with us online or visit our dealership near Monticello and Gray! Our team is here to walk you through your options and provide our best car-buying tips.