Purchasing a new vehicle is an exciting experience, but it’s also a big investment that requires careful consideration. The first thing you should consider is whether a new car is more suitable for you than a pre-owned one. Both options have pros and cons, which you should weigh before making a final decision. You need to do some research and evaluation to determine what type of vehicle you should buy and how you’re going to pay for it. Check out this helpful guide to buying a new car.
Should I Buy a Brand-New Vehicle?
One of the main advantages of a new car over its pre-owned counterpart is that it has never been used before, meaning that it doesn’t have an accident history or any problems whatsoever. And it comes with the latest technologies in the automotive industry. Having access to the most advanced tech features and driver aids can make your trips more convenient, enjoyable, and safe.
While it costs more than a used car, a new vehicle can help you save money on repairs. New cars come with a factory warranty covering a wide range of repairs for a certain period. For example, new Kia vehicles offer a five-year or 60,000-mile limited warranty and an industry-leading 10-year or 100,000-mile powertrain warranty.
When you purchase a new vehicle from a dealership, you may be eligible for financial incentives that can considerably lower the cost of your car purchase. Most dealerships offer cash rebates or low-interest financing on selected new models, but you need to meet certain requirements to take advantage of these promotional deals. Also, a new vehicle usually has a lower financing rate than a used car because it poses less risk to your lender in case of a loan default.
However, buying new has certain drawbacks you should be aware of. One of the main reasons many car shoppers prefer to go the used route is to avoid steep depreciation. For example, if you buy a new vehicle, you can expect it to lose up to 20% of its value at the end of its first year. Whereas a used one depreciates at a much slower rate, especially if it’s more than five years old.
Additionally, if you choose to buy a new vehicle, you have to be prepared to pay more for auto insurance. This is because insurance companies usually charge more expensive rates for cars with higher market value.
Ultimately, your decision to purchase a new or used vehicle depends on your budget, lifestyle, and personal preferences. If you want to have a problem-free vehicle that gives you greater peace of mind or the latest tech features, a new car is the obvious choice. While it comes with a higher price, a new vehicle may not necessarily make less financial sense than a used car as it can reduce repair costs. It’s essential to consider all variables when figuring out the cost of purchasing a new car versus a used one.
Should I Get Financing?
When you purchase a new vehicle, you can either buy it outright with cash or get an auto loan that requires you to make monthly payments. Although it eliminates the need to pay interest, paying cash for a car may not be a viable option for everybody because it requires you to come up with a hefty sum of money.
If you want to spread out the cost of your car purchase, you should get financing instead. With financing, you only need to pay a down payment to drive home your new ride. Another advantage of taking out a car loan is that you can own a better vehicle than you can otherwise afford. However, you have to be prepared to deal with higher monthly expenses if you go for an expensive car.
Alternatively, you may want to consider leasing a new vehicle. A car lease offers considerably more affordable upfront and monthly payments, and you could try out a car you’ve been wanting, but it doesn’t lead to car ownership at the end of the term. Also, it comes with annual mileage restrictions, making it unsuitable for those who drive a lot.
How Do I Choose the Right Vehicle?
With so many different makes and models of vehicles on the market, choosing your ideal car can be a daunting task. However, if you spend some time doing research, you should be able to find a model that’s right for you.
Automotive websites, such as Car and Driver and Edmunds, provide expert reviews on most makes and models of vehicles. By reading these reviews, you can learn a lot about the vehicles you’re interested in, including their performance, fuel economy, interior, passenger space, features, and safety. This evaluation can tell you what the pros and cons of any specific car model are before you buy it.
Other than researching the vehicle you intend to buy; you should go to your local dealership to take it for a test drive. A test drive is one of the most important aspects of purchasing a vehicle because it enables you to get a feel for the car and determine whether it can meet your expectations. While testing the car, try to drive in places with varying conditions to see how it performs in different situations.
Get Behind the Wheel of a New Kia at Huffines Kia Corinth
Shopping for a new vehicle in Corinth, Texas? Come to Huffines Kia Corinth to check out our fantastic new Kia inventory. Kia vehicles are known for their exceptional reliability, generous features, and incredible value for money. They come in a wide range of models to cater to the needs of all kinds of drivers. Whether you’re looking for an affordable daily commuter, a spacious family SUV, or a hybrid or electric car, we’ve got you covered. We also offer tough-to-beat prices, fantastic specials, and outstanding financing deals to help you save money. Contact us today to schedule a test drive.