One of the most debated topics in our industry over time is whether a customer is better off buying new or pre owned.
For me the answer is easily decided by examining what is important to you.
People that have a tendency to buy new vehicles are generally more certain of exactly what brand, model, features and options they want than those that lean towards used. And people that typically buy used vehicles are generally more spontaneous and make quicker decisions around what to purchase, usually by visual cues.
In order to decide whether you are a new or used vehicle buyer you will want to ask yourself the following questions:
Do I like the latest technology?
Do I like having a warranty that comes with the new vehicle as opposed to buying extra coverage?
Do I like getting exactly what I want or can I be flexible based on financial incentive?
The benefits to buying a new vehicle and trading often are you get exactly what you want. You generally do not have to perform any repairs as the vehicle has an extensive warranty from the jump. Maintenance other than oil changes is rare in the first 36000 miles as well. If you want a hands free ownership experience, and can afford a new vehicle, then you might want to consider new.
The Obvious benefit to purchasing pre-owned is price. The oldest truth about vehicles is that they generally depreciate except in very rare circumstances, all the way to nothing. The typical depreciation over the years has been 25% when you drive off the lot. This obviously gives the vehicle a price advantage over new. It is arguable that today with shortages that it is not as bad but there is still a loss. Another truism is that most people that purchase pre owned are buying what they either can't afford to buy new or don't want to.
At the end of the day, a pre owned vehicle is generally always going to be the "better" buy. But it's not for you if you want to keep up on technology trends, have limited costs of ownership in terms of repairs and long term maintenance and are ok with a ding or two!
Until next time.....
Skipper
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