When deciding between buying new or used, there are several questions you need to ask yourself, and how much you're willing to pay monthly is not the most important query believe it or not. Aside from basing your decision off a vehicle's retail value, choosing between a new or used car requires you to think about maintenance costs, take a look at your credit and consider other factors.
How much is your current vehicle worth? Generally, a down payment of some kind is required when financing a car. If you have a quality trade-in or money to put down, this will make it easier to purchase new or used.
Do you have a good credit score? New cars like the Toyota Camry and RAV4 typically come with manufacturer incentives that are available to qualified buyers, like rebates and cash back/bonus cash incentives, which are not offered on used cars. If you have good credit and qualify for these incentives, it's easier to purchase a new car with little or no money down.
Have you considered a nearly new car? Certified Pre-Owned (CPO) programs are a benefit for shoppers who want to pay less for cars that are just like new. While you still have to take into account the wear and accrued mileage that comes along with buying used, Certified Pre-Owned Toyotas have been inspected and repaired to meet certain specifications set by the manufacturer and newer CPO models are often still under factory warranty.
Additionally, whether you buy a Certified Pre-Owned or used Toyota, you may find that you can buy a vehicle with more features, a larger engine or other extras, and perhaps pay less than you would for a base model of a new car.
Do you care about paying more for repairs? Generally, most used cars do not come with maintenance plans and older models may not be protected by warranties any longer. So while you may pay less for a pre-owned car, you will likely pay more for repairs or an extended warranty, if you choose to purchase one. This may still be best for you depending on your budget and how much you've paid for your used car.
However, if you want to feel confident that your vehicle will be in good shape and require few repairs, buying new can offer the peace of mind you're looking for. Plus, all new Toyotas come with Toyota Care, a maintenance plan that covers factory scheduled oil changes and tire rotations for two years or 25,000 miles, so you won't have to worry about paying for basic maintenance the first few years of ownership.
The conclusion: When it comes to deciding whether it's better to buy a new or used car, there's unfortunately no one-size-fits-all approach. It simply depends on each customer's needs, budget, credit, trade-in equity and a variety of other factors. Shop with Crown Toyota and we can discuss your situation in detail and help you find a new or new-to-you vehicle that meets your criteria.
