To buy or not to buy…that is the question
The supply chain fiasco had an indelible impact on the availability of used cars, making them as rare to find as an efficient customer service representative. Our contributor looks at the pros and cons of buying new vs. used vehicles
By Alexander Johnson
Are you thinking of buying a different car and wondering whether a new or used car is your best option? The two options are not simply if you liked your sibling’s hand-me-down jeans. A used car will be good for you, and if you like new gadgets, a new car is better for you. There’s a lot more than that. From overall costs to selections, there is a significant difference between the two.
The price of used cars may have gone up since the pandemic, but that has not stopped their popularity due to their significantly lower cost. A new car depreciates by 20% in its first year of use and 10% per year afterwards. Seeing as the car has passed its heaviest days of depreciation may make it a much more attractive purchase. However, according to a sales manager at Erin Mills Acura in Mississauga, O.N., the buyer should ensure that there is a large enough price keif the price difference isn’t significant, it may be a better investment to buy a new car.
Remember the disappointment as a child when that limited edition toy was no longer being sold? Well, one of the benefits of choosing from used cars is being able to find those discontinued models. Whether you think that the new line is ugly, or you just wanted the 2019 version more, you can be like Cher and Turn Back Time. Even better, whatever car you purchase comes with everything in it for no extra money. So, whether it may be heated seats or an upgraded speaker to blast your favourite song as you celebrate your new purchase, you’ll get it all.
New cars may depreciate immediately, but they come with many benefits that can keep you smiling. New cars are considered “perfect”. When buying them you will be getting something that no one has sneezed in, spilled coffee in, or left sweaty hockey equipment in yet. A lack of history on the streets means a longer life for the car and less immediate maintenance costs. Unlike used cars (which rarely have warranties or have one created by the original owner) you are buying the warranty for the new car, allowing you to make decisions on what you would and would not like to be part of the package.
Searching for the car that contains all your desired accessories will not be necessary when buying a new vehicle. Along with the newest safety features, software, and a new look, many elements of new cars are fully customizable at purchase. From interior colours and materials, to exterior sunroofs; a Honda Civic could be a Batmobile. Remember that customizing may be expensive though, as some things can cost north of $5000.
The difficult decision between used and new cars often leaves car shoppers stuck, but if you love the past and are willing to take what you can get to enjoy the fact that depreciation has taken place, a used car is for you. If you like the reliability element and the customization as well as chosen warranty and new model features than a new car is for you. A final thought: the average Canadian buys a different vehicle every 11 years. With the information that you now have, I ask you: new or used?
Alexander Johnson is a writer based in Brampton, O.N..
