How much can you save?
Buying a new vehicle involves purchasing a vehicle from a motor vehicle dealership with little or no mileage. This will be more expensive to purchase than a used vehicle although will be more reliable and require less maintenance. New vehicles offer peace of mind – the benefits include they are less likely to break down, they are typically covered with warranties between 3 – 5 years, you get the latest features and more advanced engine technology which can save you money with better fuel economy.
Purchasing a used vehicle serves the primary purpose of getting a better model of vehicle at a cheaper price. This usually involves purchasing a vehicle that would, brand new, have been unaffordable. However, due to time passing and it depreciating in value, it may now be within budget. For example, you could buy a small, simple hatchback brand new for the same price as a 5 year old luxury model. Be aware though, as a vehicle ages, it may require increased maintenance.
Note that warranties for each car are different so be sure to consult with the dealership or private seller in order to find out what, if any, level of cover you have.
For more information see our Car Buying Guide
Customers can save $941.00 per year on their car loans