What to buy? A new or used vehicle

Getting the most car for the least amount of money

We have all heard it said at one time or another - when you buy a new vehicle you loose a couple thousand dollars just driving off the lot.

Unfortunately, I heard that saying a little too late. I had already bought two brand spanking new vehicles and paid off two 60-month loans before I got wise. Then I decided to purchase a vehicle that was 3-years-old and with around 40,000 miles on it. I got a great price from a dealer, got the car paid off quicker, and I am still driving it today 6-years later not owing a cent.

Hopefully at one time or another we have all felt the thrill of stepping into a vehicle that has a mere 5 miles on it. It is crisp clean - virginal. We take it home and it is ours to destroy! Or let me rephrase that - break in. (Why is it is that if we buy something brand new, we like to be the ones to screw it up first. If someone else screws it up before us, it is 500 times worse.)

So there is something to be said about purchasing a vehicle brand new, if you can afford it. (Very important factor.) But if you can’t - then think used. It is the way to get the most bang for your buck, and it is amazing how clean, reliable, and “like new” a 2 or 3-year-old vehicle can be that has been well cared for.

In a recent article I read on cars.com they presented some compelling arguments for going used in this day in age. Some of their reasons were:

1) Large choice of vehicles - Due to the serge in zero down, zero percent financing loans.

2) Depressed used car prices - Largely because of the flooded market

3) Certified pre-owned car plans - To protect the used car buyer

4) More amenities - For less that half the price of a new car you can have a fully loaded used car.

DID YOU KNOW?

Sales of CPO (Certified Pre-Owned) cars have increased from 452,829 in 1997 to 1.4 million in 2005, according to CNW.

The choice is of course up to you. You never know how the person who owned the vehicle prior to you treated it. But there are solutions to that problem. Look for clues; look at the exterior… is it a disaster? Have your mechanic inspect under the hood. What is their opinion.

With a little bit of luck you will own a killer vehicle at a fraction of the cost.