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Used cars may come at a better price point, but sometimes, buying new may be a smarter plan. A used car can help you save money on the initial purchase. But you also need to consider the full cost of ownership (including maintenance), how you want to use the vehicle and your overall finances.
“New cars come with full warranties, the latest safety features, and no concerns about wear and tear from previous owners,” explained Zach Shefska, CEO of CarEdge.
Here are times it’s smarter to buy new over used, according to car experts.
“One of the best aspects of buying a new car is that you have control over the maintenance schedule,” Melanie Musson, auto industry expert at AutoInsurance.org, wrote in an email. “You can take care of your car in the best way possible, which will help it stay in excellent condition and achieve high mileage.”
According to AAA, the average vehicle owner spends $0.0968 per mile, or $1,452 in a 15,000-mile year, on car maintenance and unexpected repairs. Because new cars usually require fewer unscheduled repairs in those early years, you’re less likely to be hit by surprise bills outside your planned maintenance.
“If you plan to keep your car for a long time, buying new is one of the best ways to ensure your vehicle is well-maintained and reliable,” Musson added.
If you qualify for low or 0% financing, buying new may be the right move, Musson explained. “Many vehicles are depreciating more slowly than they have in previous years, making the cost benefits less of an incentive to buy used,” she said. “When you can take advantage of 0% financing, you could end up with a new car that has a lower monthly payment than a used model at a higher interest rate.”
While new cars are also known for their steep depreciation, buying new has its advantages. “Manufacturer incentives are sweetening the deal for buyers with attractive lease offers, low APR financing and cash incentives that simply aren’t available for used car buyers,” Shefska said.
According to Shefska, new cars come with the latest safety and driver-assistance features that help you stay safer behind the wheel. Tech like adaptive cruise control, lane-keeping assist and automatic emergency braking are now common in newer models and can help prevent accidents before they happen.
A study by the Insurance Institute for Highway Safety found that combining forward collision warning and automatic emergency braking cuts rear-end crash rates in half compared with models without those features.
If you plan to use your car for business purposes, you can deduct its entire cost of ownership and operation on your taxes, subject to limits, according to the IRS.
“If you need a vehicle as a tax write-off for your business, you might as well get a new car because you’ll have a bigger write-off and you’ll have the opportunity to manage maintenance and car and keep your business vehicle running in excellent condition,” Musson said.
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