Pros and Cons of buying Used versus New Cars

Posted by Mrs Money on July 12th, 2008

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car.jpgLately I’ve been going back and forth between buying a new or used car when the time comes. Thankfully, we haven’t had any more trouble with my car, so we haven’t been having to give it too much thought. Just tossing around ideas. Tiffany brought up a good point about buying a used car.

“However, used is much cheaper, but I see it as inheriting someone else’s problems.”

That’s a great point, and I can’t get it out of my head now. Even though I’ve always wanted to buy a used car as our next vehicle, I’ve been debating about getting a brand new car. Here are some of the pros and cons I’ve been thinking about:

  • If we buy new, we won’t have to worry about ANYTHING being wrong with the car. Well, of course something could be wrong, but we would know it would be covered under warranty.
  • Some used cars are “lemons”. I’d hate to get stuck with one.
  • If we buy new, the minute we drive off the lot, the car has depreciated in value. Of course I’m not looking at the car as an investment, but it just stinks to know there’s money gone instantaneously.
  • If we buy used, our insurance will be cheaper.
  • If we buy used, we may have the opportunity to pay cash for the vehicle. Mr. Money and I have different opinions on this (he’d rather take out a loan and have cash available if we need it) but the option may be there.
  • Used cars can smell bad or be “beat up” from the previous owners being abusive. I definitely don’t want a car someone smoked in because of Mr. Money’s allergies.

Those are just some ideas I’ve had. I hope we don’t have to start seriously looking for a vehicle for awhile. I like having money in our emergency fund. I like not having a car payment. I like that our insurance premium is not outrageous. I’m just going to keep my fingers crossed for the moment! It’s good to know that we are exploring our options for the future though.

Is there something I missed in the “new versus old”? What would you do?

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2 Responses to “Pros and Cons of buying Used versus New Cars”


  1. DelCid says:

    Depreciation should always be factored into the equation. Consumers planning to keep a car for fewer than five years will likely get a better value buying a used car from a recent model year, which already has that initial depreciation built into the price. But if you plan on hanging onto the car for at least five years, it’s alright to go for that temptingly priced new car. The price of a car that’s more than five model years old is largely determined by its condition, rather than the initial selling price.

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  2. preowned vehicles says:

    the only real GOOD and CHEAP cars are those that do around 17 city 24 highway…. basically full size RWD American cars… you can pick up a 1994 Crown Vic for $800 and it will last you years, but fuel economy isn’t as good as say, a 1987 honda civic for the same price that will last you 6 months. (Ricers inflate the price of those… a 1987 Civic is worth about $400 but Ricers think that they can put Japanese market engines in them to make them faster, but what really happens is they turn almost-junk into complete junk!)

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