When the time comes to purchase a new car, we ofter question ourselves on whether we should buy a used vehicle or a new one. They both have their upsides and downsides, but it really depends on your financial situation as well. If you’re thinking about purchasing a brand new vehicle, you may want to consider what the disadvantages of doing so are.
How buying a new vehicle can hurt you:
Expensive – First of all, buying a new vehicle is a lot more expensive than buying a used one. If you have the extra money, and money isn’t an issue you should consider it. Although, if you’re kind of tight on money, consider buying used.
When you buy new, your monthly payments will be much higher than if you bought used.
Money down – When you buy a new vehicle, you will usually have to put a lot of money down, especially if the vehicle is really expensive. They want to make sure you have some money saved up, and can pay for this car.
Rates – When you buy a new vehicle, your interest rates and insurance rates will usually sky rocket. You will most likely owe a lot of money so you will have a higher interest rate, and the insurance to keep your car in shape in case of an accident will also be more expensive than if you bought used.
Driving away – The second you drive the car off the lot, you will have just lost a couple hundred dollars if not thousands. The fact that it’s not “brand new” anymore will really lower the value of your vehicle. So, if you don’t want to loose a large amount of money, but save money instead, buy used.
As you can see, there are quite a few disadvantages to buying a new vehicle. It is always a good idea to consider buying a used vehicle even if it has 5,000 miles on it. Just the fact that it’s now “used” will save you a ton of money!
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