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Used or New - Which is the Real Low-Cost Option for You?
4 October

Used or New - Which is the Real Low-Cost Option for You?

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Car Loans Canada

Here is a real dilemma: used or new. This is a decision that car buyers around the world wrestle with everyday. If you fall into this category, don't worry, because you have an abundance of company. Trying to figure out which car option is for you is particularly tricky as both have their merits. In this article, we will explore the advantages of both used and new cars and try to help you determine what is the best course of action for you to take when it comes to buying a car.

Budget, Budget, Budget

The bottom line is that not everyone can afford a new car. With that stated, however, you do need to realize that car dealerships have ways of helping people (even those with bad credit history issues) get into new cars. Zero money down is one option that has allowed many people to get into new cars, even if they previously thought a new car was not possible.

Yet, even with this kind of help from a car dealership, it may not be possible for everyone to afford a new car. The good news is that there is a practically endless array of used car options on the market at every price point.

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The Real Low-Cost Option

New or used... what is the real low-cost option for you? This question is bound to generate a variety of opinions. On one hand, a new car will cost more than the exact same model used, and this only makes sense. However, with a used car, you may be left paying for any repairs that are necessary. Part of determining what the "real low-cost" option is for you is to figure out which car best suits the needs of your lifestyle.

Every situation is different, and investing the time to analyze your needs could point you in the right direction. If you are driving your car a great deal and can afford a new car, then the new car path is likely your best bet. A new car means that you don't have to think much about maintenance issues, for example.

Does Used Car Financing Make the Price Higher?

Many people don't realize that used cars sometimes have a higher financing rate. As a result, the cost can actually end up lower for a new car. Further, you can often find deals on new cars that are so attractive, that the models become less expensive than they would be if they were a year old!

Average Monthly Payment for a New Model Average Monthly Payment for a Used Model (1 year used)
Dodge Challenger $521 $504
Honda Accord $446 $426
Hyundai Santa Fe $478 $465
Nissan Quest $554 $541
Toyota Camry $429 $411
Toyota Rav4 $486 $464

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