Is it Better to Buy a New or Used Car?

Ready to upgrade your ride? You’ll find plenty of new and used vehicle options available throughout the Providence area. So, is it better to buy a new or used car? When considering new vs. used cars, the choice will ultimately come down to your budget and personal preferences. In this guide from the finance team at INFINITI of Warwick we’ll compare the pros and cons of new vs. used cars to help you make an informed decision on which is the best choice for you. If you’re considering buying a new or used car, head on down to our dealership in Warwick to explore our new INFINITI inventory and the great selection of high-quality used vehicles we have in stock today! 

New vs. Used Cars: What are the Differences? 

Is it better to buy a new or used car? As noted above, the choice comes down to what you need and what you can afford. Review the key differences between buying a new or used car to see which is the right fit with your Coventry-area lifestyle and budget.

New Car Advantages

• The Latest Tech Features: Given how frequently automotive tech features are updated, even a vehicle that’s just a few years old can be considered technologically outdated. You’ll have access to the latest advanced technology features when you buy or lease a new car. 
• Better Fuel-Efficiency: If you’re like most Cranston-area drivers, you want to find a vehicle that can provide a balance of power and fuel-efficiency. Advancements in automotive engineering have resulted in new vehicles that are designed for greater fuel economy. 
• Full Warranty Coverage: When you buy a new vehicle you’ll get a bumper-to-bumper and powertrain warranty that will cover most of the car’s components for a certain amount of years and miles. Warranty coverage can provide extra peace-of-mind.

New Car Disadvantages

• More Expensive: It will come as no surprise that the sticker price of a new car will be significantly more than that of a used or certified pre-owned vehicle. In addition, you may find that your car’s state-of-the-art technology will cost more to repair and maintain once the original warranty coverage expires. 

Used Car Advantages

• More Cost-Effective: You’ll not only save on the purchase price when buying a used car, but your insurance, registration, and tax costs will be less as well.
• Slower Depreciation: The value of a new car begins to decrease as soon as you drive it off the lot. However, used cars have already taken this initial depreciation hit, and so they lose value much more slowly as they continue to age. 
• Less Chance for Negative Equity: Negative equity is when you owe more on your car loan than what the car is worth. So, if the car is lost or irreparably damaged, you could get stuck paying off an auto loan on a car you can’t drive. When financing a used car, you’re likely to have a smaller car loan, so it’s less likely that you’ll end up “upside down” on the loan. 

Used Car Disadvantages

• Higher-Priced Financing: Some lenders charge higher interest rates on used-car loans, which can lead to higher monthly payments. Lenders may also have restrictions on how long you can finance a used car. That being said, the initial price of the vehicle will be lower, so the loan term should be shorter. 

Why Shop with INFINITI of Warwick?

Whether you are buying a new or used car, you can count on the friendly and knowledgeable team at INFINITI of Warwick to help you get behind the wheel of the vehicle that will best suit your budget and driving needs. In addition to our new INFINITI models and used vehicle inventory, we also offer certified pre-owned vehicles that come with benefits such as warranty coverage and roadside assistance. Make sure to explore our new vehicle specials and current used car offers, and if you have any questions, please contact us online or give us a call at (401) 244-4436.