Is it Better to Buy a New or Used Car?

 

Are you shopping for a vehicle around West Lafayette? You may be trying to decide if it's better to buy a new or used car. Both options have their pros and cons, so it really depends on your unique situation. Dive into the details of new vs. used cars with the team at Lincoln of Lafayette below, then visit our dealership to compare your options in person.

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New vs. Used Cars: Advantages & Disadvantages

Is it better to buy a new or used car? We get this question a lot at Lincoln of Lafayette, but there are pros and cons to both options. 

New Vehicles

Pros:

  • You'll enjoy all the latest and greatest automotive technology.
  • Many new vehicles are replacing their V8 and V6 engines with fuel-sipping turbocharged engines, giving you the benefit of higher fuel economy ratings.
  • New vehicles include powertrain and bumper-to-bumper warranty coverage, providing you with greater peace of mind.

Cons:

  • The downside of buying a new vehicle? All of that advanced technology results in a higher price tag. You're also likely to pay more in maintenance and repairs.

Used Vehicles

Pros:

  • If you're shopping on a budget, a used or certified pre-owned vehicle can be a solid choice because they have more affordable pricing. 
  • A car begins to lose its value from the moment it leaves the dealership. The largest depreciation hit occurs within the first few years of owning the vehicle, so you won't have to worry about this as much when you buy a used car. While used vehicles still decrease in value as they age, their depreciation rate is much slower.
  • Financing a used vehicle typically results in a smaller loan, meaning you have a lower chance for negative equity.

Cons:

  • Lenders consider used vehicles to be a bigger risk due to their age and lack of warranty coverage, so they charge higher interest rates as a safety net.

Find Your Next Ride at Lincoln of Lafayette

Whether you're leaning toward a new, used, or certified pre-owned car, Lincoln of Lafayette is your top destination. Our team is here to help you find the perfect vehicle, so stop by our contact us today to get stared. We're a short drive from our neighbors in Frankfort and the Lafayette area!