Should I Buy a New or Used Car?

Higher car prices and inventory shortages have a lot of drivers asking, “Should I buy a new or used car?” There are benefits and disadvantages to both. Is it better to buy a new or used car? It’s not always as simple as how much money you have to spend up front. There are other things Morgan City drivers need to consider, like depreciation, gas mileage, repair costs, and warranty coverage. We want you to make informed decisions, so we’ve put together the new vs. used car comparison below.

New vs. Used Cars: Which Are Better to Buy?

Is it better to buy a new or used car if finances are limited? Are used cars always the less expensive option? Many Houma car shoppers have sometimes found that buying used isn’t always the most economical choice. If you’re on a budget and asking “Should I buy a new or used car?” consider these costs the go beyond the sticker price:

Benefits of Buying a New Car 

• Interest rates – Loans on used cars generally have higher interest rates than those on new cars. So, payments may not be that much lower than a new car.
• Gas mileage – Newer cars generally have better gas mileage as automakers seek to improve fuel efficiency, making them well-suited for the typical Lafayette commute. A car’s performance will also decline over time, decreasing fuel efficiency in used vehicles.
• Repairs – Newer cars normally need fewer repairs than used cars and are covered under a warranty.
• Build the car you want – You can order a new car with the specific combination of features and options that you want. In fact, we make it easy with our Toyota configurator.

New Car Disadvantages

• Depreciation – New cars lose their value much more quickly than used cars. You’re far less likely to find yourself owing more on the car than what it’s worth if you bought it used.
• Higher Cost – The sticker price, down payment, and monthly payment will all be higher on a new car vs. used.

Benefits of Buying a Used Car

• Upfront cost – Used cars usually have a lower purchase price than their new counterparts.
• Depreciation – Used cars don’t depreciate as fast as new cars
• Wider selection – You’ll typically find a much wider variety of used cars on a dealership’s lot, including different brands and models.

Used Car Disadvantages

• Maintenance cost – Used cars incur more repairs and cost more to keep running on Thibodaux roads.
• Warranty coverage – Used cars aren’t covered by warranty unless they’re certified pre-owned.
• Interest rates – Used cars incur higher interest rates on loans.

Why Buy a New or Used Car at Morgan City Toyota?

Our sales representatives would be happy to help you with your new vs. used car conundrum. We have a wide selection and can help you find an automobile that’s just right for you. Just come in and ask, “Should I buy a new or used car?” Here are some reasons to buy your next car from us:

• Free Oil Changes for Life
• Free State Inspections for Life
• 20-Year, 200,000-Mile New Car Warranty
• 7-Year, 125,000-Mile Used Car Warranty

Schedule Your New or Used Car Test Drive at Morgan City Toyota

So, is it better to drive a new or used car for your needs? You don’t have to make that decision now. Come look at our wide selection of new and used cars. And, if you’d like to read more buying tips, check out our posts on what to look for on a used car and how to buy a car with bad credit. We’re just down the road from Lafayette. So, drop by or contact us today.