At some point during the car shopping process, people tend to wonder whether they should buy new or used. Unfortunately, there’s no straightforward answer we can offer at El Cajon Mitsubishi, as there are advantages to both. The decision is up to you, but there are a few questions we can ask that can help you get a better idea of what you’d want.
Financing a used car normally requires putting money down in cash or via a trade-in with equity. But new cars often come with incentives like rebates and other special offers, so if you have good credit, you may be able to buy a new car without having to put forward a large — or any — down payment.
New cars can lose up to major chunk of their value the moment they are driven off the dealership and many lose over half of their value within the first three years of ownership. If you see cars as investments and plan to sell down the line, buying used is a better option as it helps you avoid that huge depreciation hit, thus giving you better value in the long term.
One of the biggest benefits of buying a new car is knowing that everything should work as intended and that most parts are covered by warranty. A used car may need routine maintenance or repair shortly after purchase, even if it had been well taken care of. Repairs also cost time in addition to money, so take both of these factors into account before making your decision.
Ultimately, whether buying new or used is the right decision or you depends on your financial situation, short- and long-term plans, and outright preferences. Fortunately, whichever you decide to do, we have a great selection of new and used vehicles for you to peruse at El Cajon Mitsubishi.