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New vs. Used Cars - Looking at the Pros & Cons | Car Loans Canada
13 June

New vs. Used Cars - Looking at the Pros & Cons | Car Loans Canada

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Car Loans Canada

Should you choose a new car or a used car? It can be a tough decision, but hopefully by the end of this article, you will have a new perspective on the topic. There are benefits to both options, and it is the smart car buyer that at least considers both for a moment.

The first point that needs to be made is that due to different car financing options such as zero percent financing and zero down, it may be possible for you to get behind the wheel of a new car if you choose to do so. Car dealers have come up with a variety of ways of helping consumers in recent years, and zero percent financing and zero money down options are two of the more popular choices that consumers have been seeing.

A new car has many benefits. One of the key benefits of a new car is, of course, yes, it is new. As a result, you know that the odds of anything major going wrong with the car for at least a few years is quite small. Plus if you opt for a great car dealer, you know that if there are any problems that they will be addressed quickly.

A used car likewise has a wide range of benefits as well. Buying a used car does stand as a way to save considerably. Even buying a used car that is only a few months old is an easy way to save a great deal of cash, while at the same time seeing much of the benefits of a new car.

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Pros of New Cars Cons of New Cars
No maintenance worries with a new car warranty New cars are more expensive
Car will be in great mechanical shape Your car will decrease in value when you drive it off the lot
Major problems will be addressed by the dealer and manufacturer Often the same financing terms aren't available on used cars
Roadside assistance The selection at a dealership may be limited.

Pros of Used Cars Cons of Used Cars
Used cars allow you to save a lot of money. Depending on various factors, a used car may be out of warranty
You may be able to drive the car model that you want even if you couldn't afford a new version A used car may need more repairs
More options for your budget Your car's trade-in value will be lower
The warranty may transfer to the second owner You may be unaware of the car's history and whether or not it is reliable.

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