Is it Better to Buy a New vs. Used Car?

If you’re looking for an upgrade to your current vehicle, you’ll need to decide whether a new car or a used car is the best fit for you. So, is it better to buy a new vs. used car? It depends on what you need, what you can afford, and what your preferences are. Compare the advantages and disadvantages of new vs. used cars in this guide from Patty Peck Honda, and when you’re ready, visit our dealership in Ridgeland to explore our new Honda and used vehicle inventory in person today!

New vs. Used Cars: What are the Differences?

New Car Advantages

• Newest Technology: Since automotive technology is continually updated, a vehicle that’s even just a few years old can be considered technologically outdated. When you buy or lease a brand new car, you’ll have access to the latest tech and safety features.
• Greater Fuel-Efficiency: To respond to the demand for fuel-efficient cars, automakers are producing more vehicles equipped with turbocharged engines that are designed to deliver greater fuel economy returns.
• Full Warranty Coverage: Most new vehicles come with warranty coverage for most of the car’s components for a certain amount of years and miles. The new Honda warranty includes a 3-year/36,000-mile Bumper-to-Bumper Limited Warranty and a 5-year/60,000-mile Powertrain Limited Warranty.

New Car Disadvantages

• More Expensive: New cars are priced higher than used and certified pre-owned vehicles. In addition, once the vehicle’s warranty coverage expires, a new car is often more expensive to repair and maintain.

Used Car Advantages

• More Cost-Effective: Buying a used car will not only save you money on the purchase price, but also on your auto insurance coverage and taxes.
• Slower Depreciation: The value of a new car begins to diminish as soon as you leave the dealership. Used cars have already taken this initial depreciation hit, and 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 may get stuck paying on the auto loan, even though you can’t drive the car. When you finance 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: While lenders tend to charge higher interest rates on used-car loans, leading to higher monthly payments, the price of the vehicle will be lowered, so the loan term will also be shorter.

Why Shop with Patty Peck Honda?

You’ll find a terrific selection of new Honda vehicles at Patty Peck Honda, as well as a wide variety of high-quality used cars. Whether you’re interested in a new or pre-owned vehicle, you can count on our sales associates to help you find the ideal match for your budget and lifestyle. To get started, you can apply for financing online or use our payment calculator to estimate your monthly payments.

Get Behind the Wheel of a New or Used Car Today at Patty Peck Honda!

Whether you’ve decided on a new vs. used car, you’ll find the right vehicle at the right price when you visit Patty Peck Honda. While you’re here, be sure to explore our new car specials and pre-owned offers to take advantage of some of the best deals in the Jackson area. If you have any questions in the meantime, contact us online or give us a call at 601-957-3400.