Is it Better to Buy a New or Used Car?

Looking for a new ride in the Garland area? You’ve come to the right place! We at Rusty Wallis Honda pride ourselves on our robust inventory of new and pre-owned vehicles, including certified pre-owned and vehicles under $20k for drivers on a budget. But is it better to buy a new or used car? It depends on your unique driving needs and lifestyle, and there are pros and cons of each type of vehicle to be aware of before you buy. The team at Rusty Wallis Honda has put together a guide outlining the details of a new vs. used car, below.

New vs. Used Car: Major Differences

New Car: Pros

• Newest Technology: When you buy or lease a new car, you’re getting the latest and greatest that Honda has to offer when it comes to features, amenities, and technology. While technology has made huge advancements over the last few years, if you want the most cutting-edge features as soon as they’re introduced, you’ll want to buy new.
• Greater Fuel Efficiency: If fuel efficiency is important to you, a new car is the way to go. New engines increasingly use efficient turbocharged motors that boast powerhouse gas mileage numbers, and a growing number of popular models now have hybrid options, too.
• Full Warranty Coverage: When you buy a new Honda vehicle, you’re protected by comprehensive bumper-to-bumper and powertrain warranties that you may not be able to find on a used vehicle.

New Car: Cons

• More Expensive: There’s no getting around it–used cars are simply more affordable than their brand-new counterparts. However, you may find that a new car’s better efficiency and more advanced technology—as well as the possible higher cost of maintaining an older vehicle—balances out the price difference.

Used Car: Pros

• More Cost-Effective: As stated above, buying a used car is a great choice for Mesquite drivers on a budget, since they’re usually much more affordable than a new car. You’ll also most likely save money on auto insurance, taxes, and repairs.
• Slower Depreciation: New cars begin to depreciate as soon as you drive off the lot, with a good deal of their value being lost in just a few years. Therefore, if you buy a used car that’s more than a few years old, it’s already taken its depreciation hit and will retain more of its value as time goes on.
• Less Chance for Negative Equity: When you owe more on your car loan than what the car is worth, you have what’s called negative equity. This means that if something happens to your car where you can’t drive it anymore, you’ll still be stuck paying off a chunk of money on it. However, since used cars usually are worth less than new cars, your loan will be smaller and it’s much less likely that you’ll find yourself underwater on your car loan.

Used Car: Cons

• Higher-Priced Financing: Used cars tend to get higher interest rates than new cars, which means you’ll be paying more in monthly payments. However, the loan term will probably be shorter because the price of the vehicle is lower than if you bought a new car, so it evens out.

Find Your Next Ride at Rusty Wallis Honda

Whether you choose to buy a new or used car near Richardson, the team at Rusty Wallis Honda is here to make the process as easy and straightforward as possible. If you have any questions or want to learn more about our inventory, feel free to contact our office or stop by our dealership to talk to a member of our team.

You can also contact us if you want to take an available model out for a test drive at our showroom in Dallas, and we’ll help get you behind the wheel in no time. If you’ve picked out your next ride and want to start the buying process today, you can apply for financing right from our website!