The age-old debate of buying new vs used cars is something that troubles everyone, from first-time buyers to seasoned vehicle owners. Over the last few years, both used and new car sectors in the auto market has experienced significant growth. As a large amount of money is required to purchase cars, you must weigh the pros and cons of both new and used cars before investing.

If you’re planning to buy a car, then here are a few pros and cons of buying new vs used cars that you should be aware of.

1. Pros and cons of buying a new car
Listed below are the top advantages and disadvantages of spending big money on a new car.

• Pro: latest technology
  The drastic technological advancement in the automotive industry is something that every car enthusiast wants to experience. When you buy a new car, you get to enjoy the advanced car system featuring cutting-edge technology. New cars often have improved safety and security features and offer more reliability. If budget is not an issue for you, then buying a new car that comes with a host of the latest features is a worthwhile investment.
• Con: depreciation
  The biggest con of splurging money on a brand new car is that it starts losing value right after you purchase it. The significant depreciation of a new car makes it seem less valuable in the long run. Within the first 12 months or so, any new car is expected to lose around 20% of its overall value. When it comes to the debate of buying new vs used cars, the higher depreciation rate of new cars gives used cars an upper hand.

2. Pros and cons of buying a used car
Before heading to the used car dealership, consider the following factors to make the right decision.

• Pro: low price tag
  It is undeniably the biggest advantage of buying a used car. The lower price tag attached to a used car is one of the most important reasons why even in today’s time a majority of people prefer buying a used car than investing in a new one. In addition to that, there are a lot of used car dealers who let you negotiate the final price. Also, you get to save big bucks on registration. For budget-minded individuals, buying a used car is an excellent money-saving option.
• Con: low reliability
  While a majority of the used cars in the dealership appear to be in top shape, there is no denying that they are less reliable than new cars. In terms of performance and safety, used cars fall behind new cars. Also, the cost of repair and maintenance for a used car is likely to be higher than that of a new car.

The pros and cons listed above should help you make informed purchasing decisions. Take your budget and car requirements into consideration and weigh the drawbacks and benefits before investing in a vehicle. The model you choose must have a good rating and be safe to drive, especially in the case of used cars.