The Pros and Cons of Buying New vs. Used Vehicles

May 14, 2015

At Classic Toyota, we carry used cars in Waukegan along with afull new Toyota lineup. Whether you choose to buy new or used, both have their advantages and disadvantages. If you’re not sure which is right for you, hopefully we can help.

Buying a New Car

The advantages of buying a new Toyota vehicle are plenty. Newer cars are going to have higher fuel efficiency along with more advanced safety features. The financing rates are going to generally be lower when buying new, and manufacturers regularly offer cash and low APR incentives on their latest models. When you buy new, your purchase will be protected by a warranty. Other than oil changes and normal wear and tear, our service center will take care of any issues without cost to you for the duration of the warranty.

On the other hand, buying a new car will cost more than buying used. New cars do depreciate quickly, about 30 percent in the first three years, though this will even out if you plan on keeping the car for a while.

Buying a Used Car

Used cars can be much more affordable, giving you more options with your money. For instance, $15,000 will buy a new subcompact, but used you could get a pickup, SUV, or even an older luxury model. Depreciation happens a lot slower with older models, so you won’t have to worry about your investment decreasing as much. Certified pre-owned Toyota cars also offer warranties like new cars and come with increased reliability.

On the downside, ownership costs will likely be more than if you bought new. Your used car may be less efficient, and there’s a higher potential of parts breaking down as the car gets older. Financing rates are not as competitive in the used world, so you may be paying more interest.

Find Your Next Car at Classic Toyota

At our Waukegan car dealership, we carry the full Toyota lineup along with pre-owned cars from all types of automakers. Whatever you’re looking for, our dealership will have it!