When it comes time to add a new set of wheels to your driveway, you can choose from new, used and certified pre-owned. What are some of the benefits and disadvantages to opting for a new vehicle?
Benefit: Safety Features
It’s hard to have the latest safety features in a car that’s been driven around for a number of years! When you go to the car dealership, you can ask all about the safety features of particular models, but you can rest assured that they will likely be much better than ones in older models. These new vehicles might include airbags, passenger airbags, advances to the seat belts, GPS tracking devices or tools that allow you to call for help if you were in an accident.
Benefit: Plans for Everyone (or Most)
People are often worried about the price when they go to purchase a new vehicle. Fortunately, you can often find a plan that is tailored to your needs. For example, some places will work with you if you have bad credit scores, and they can help to find a program suited to your budget. Furthermore, while some brand new cars are extremely expensive, you can also find plenty that fall around the $20,000 mark. Most people are able to qualify for some sort of program to finance or lease a new car.
Drawback: The Price
While the cost can be a benefit, it can also be tough for people who are in really difficult financial situations. For example, let’s say that you do not make a lot of money at all. Not only is it going to be difficult to save up for the car that you want, but it is also going to be hard to make those monthly payments. While you might not have as much safety and reliability, you can often keep a few more dollars in your pocket by opting for an older vehicle, at least for the current time.
Drawback: Terms and Agreements
When you acquire a brand new vehicle, you might have some specific terms and agreements that are bestowed on you. Perhaps you are taking out a lease on a vehicle from a car dealership. The dealership is likely going to give you a certain amount of miles that you are able to drive each year. If you go over that amount, then you are going to have to pay more money. Having these types of restraints and constrictions can be frustrating, and this is especially true if you drive a lot. On top of that, you might also find yourself in a warranty or service agreement, and then you are going to have to make those payments as well.
Making the decision to purchase a brand new vehicle is not always an easy one to make, and you need to take a number of factors into consideration. By reviewing the aforementioned advantages and disadvantages to doing so, you should have a better idea of the plan that makes sense for you.