Pros And Cons: Should You Buy A New Or Used Car In Canada?

Purchasing a car is a significant undertaking that requires careful forethought. There are many considerations to keep in mind, like the brand, model, seating capacity, fuel efficiency—it’s quite easy to get overwhelmed.

Then there’s the whole question of whether to buy a used car instead of a new one. Simply put, there are advantages and drawbacks associated with both used and new cars.

In this blog post, we look at these advantages and disadvantages to determine which is the better buy. There’s a lot to cover, so let’s begin!

Pros Of Used Cars

• You can save a lot of money by purchasing a used car.
• The second owner might inherit the warranty.
• If you can’t afford a new model, you could still drive the car you desire.
• It’s already depreciated significantly—it can’t get much cheaper.
• Insurance is much less expensive.

Cons Of Used Cars

• A used car might require additional upkeep and more repairs, increasing the overall cost of ownership.
• A used car may have no warranty at all.
• If you don’t know the car’s history, there’s a chance you could overlook undiscovered problems.
• It’s typically harder to secure financing for used cars.
• Higher interest rates.

Pros Of New Cars

• A new car warranty eliminates maintenance concerns.
• The vehicle will be in excellent mechanical condition, and the dealer or manufacturer will take care of any significant issues.
• You could get the car for a significantly lower price if the dealer has to move inventory.
• Contemporary features and technology.

Cons Of New Cars

• New cars cost much more money to maintain, insure, etc.
• As soon as you leave the dealership, the car will depreciate.
• Newer vehicles lose value quickly.
• There are only so many new cars available at one point.

Conclusion

So, which is better: buying a used or new car? Of course, the answer is based on your own requirements and tastes.

If you simply have to have the newest features and technologies, a new car may be the way to go. However, if money is tight and you don’t mind sacrificing some of the bells and whistles, a used car may be the smarter choice.

Additionally, to finance your purchase, consider getting financing from a reputable lender like CarEvo. They offer some of the best used car loan rates in Canada. Along with affordable rates, they offer adaptable payment options, and customized solutions that’ll help you get behind the wheel of your dream car.

Contact us or use our Canada car loan calculator to determine how much you can afford.