Buying a car in Syracuse NY can be a tricky thing. With a wide variety of options to choose from in both the used and brand-new categories, the selection process may seem to be a complicated task. Regardless of what you pick, potential buyers like you should exercise due diligence before signing a contract.
To determine which option works best for you, here are a few pros and cons of buying both used and new cars in Syracuse NY. If you’re looking to buy your first Honda car unit with low-interest rates, reliable car dealerships in NY like Honda City can provide solutions for you.
With the advent of modern technologies these days, there’s no question that more new vehicles are showing up in the market. These brand-new models have unique features that make them more investment-worthy for all prospective buyers. Depending on the make and model you choose, there are several positives associated with buying a new car, but there are also setbacks that you should take into consideration from the start. Below are the pros and cons of having a brand-new vehicle in Syracuse NY:
- Interest rates are low – While the costs of purchasing a new car may be expensive, you shouldn’t worry too much because several dealerships in Syracuse NY have started offering great deals, allowing you to have your own brand-new car at the lowest interest rate possible. However, your ability to get a low-interest rate depends upon your credit situation.
- You can claim the warranty – When you buy a new car, you can avail of the manufacturer’s warranty that covers three years or 60,000 miles. Thus, if your car starts giving you stress and headaches, you can always rely on the assurance that comes with it. Also, some car dealers provide an extended warranty to some customers.
- You can enjoy the latest technology – Again, buying a brand-new vehicle can be a considerable investment. That’s the reason why most new cars these days come with the newest technology, which includes Internet access, a navigation system, satellite radio, departure warnings, a collision avoidance system, and self-parking, and many more.
- Insurance rates are higher – Buying a new vehicle means you have to pay higher insurance premiums, which depend upon a few factors like the age of the article. Typically, all financial institutions and dealerships will ask you to have full coverage until full payment is made.
- You lose money as soon as you drive it off – This is what you call depreciation. As soon as you start driving your new car off, you also start losing money because of its reduction in the first two or three years. In other words, you’re wasting several thousands of money, and it’s not financially helpful if you have the money you’re afraid of losing.
- Your car experiences problems due to engine switching – When you buy a brand-new model, there may be a particular year when they change engines or alter the model and design, which tend to have more issues.
The reality is, cars are expensive. On the right side, if you buy a used one in Syracuse NY, you can be able to keep more money in your wallet. However, like buying a brand-new one, they also come with advantages and disadvantages that you should keep in mind from the very beginning:
- It’s more affordable – Obviously, used cars in Syracuse NY are relatively more affordable than the brand-new ones. The price of these types of vehicles ranges between 10% to 70% less than the original price but except the classic cars. Moreover, the affordability of the used vehicles also depends upon the fair market value, as well as the car’s age and condition.
- Insurance premiums are lower – Since used cars have already depreciated, their insurance rates are lower compared to the new ones. Some insurance companies don’t provide applications for vehicles that are ten years old or more.
- You can customize your ride – Owners of brand-new cars usually have to wait for the expiration of the warranty before they can customize their vehicle because modifications made within the 3- to 5-year period can void the warranty. For example, with used cars, you can immediately deal with the cleaning of car seat stains or their replacement if you want. So, if you want to customize your ride as soon as you buy it, used cars can be a good option.
- You have to deal with higher maintenance – When you buy a used car, chances are you’ll not know what problem it may have until they become visible. That in mind, maintaining it may cost you more money such that a simple leak and fluid replacement may result in engine overhauling.
- You may not have warranty coverage – In most cases, buying a used car means no warranty coverage or guarantees. Thus, if you find some problems with the vehicle, you may not be able to claim the warranty from your dealership or private seller. If you want guarantees, then you need to pay for an additional cost, which can be more expensive than you think.
Now that you know the pros and cons of buying used and brand-new cars, it’s time to decide for yourself what the best option is. Regardless of the choice you make, you should ensure you can afford the vehicle that you want. If you’re not knowledgeable about cars, do your research and find a mechanic who can check the car for you, especially if it’s a used one.