While some folks know exactly what they want for their next car, others might remain uncertain of whether they prefer a new or used car. Both of these choices have their own set of benefits and disadvantages, so let us tell you about them here at D'Arcy Hyundai. You will find us here in Joliet, IL, a short drive away from Downers Grove.
Buying New- Advantages
- Condition: When buying used cars, there can be a degree of uncertainty when it comes to their condition. As all new cars are fresh out of the factory, there are no worries in this regard.
- Technology: Driving a new car allows you to access some of the latest technology available. A variety of new cars can often prove more fuel-efficient than some used counterparts as well.
- More Options: While our used car specials and bargain inventory offer some great pre-owned discounts, new cars often come backed by more financing incentives overall. Whether buying or leasing, you will find various new car specials available, including bonus cash deals and low APR leasing.
Buying New- Disadvantages
- Depreciation: New vehicles often suffer a drop in resale value as soon as you drive them off the lot, which continues until the vehicle reaches two to three years old. The car's condition remains unchanged, but you might not get as much back as you put in on this investment when you sell the car.
- Higher Costs: Insurance companies will often charge higher premiums for new cars and, depending on the total sales price; you may spend more time paying off a new car than you would with a used one.
- APR: If you plan on financing a new car, you may wish to opt for a shorter loan term at a lower APR if you can manage. The longer you pay off the vehicle, the higher the compound interest you will face over the long term.
Buying Used- Advantages
- Lower Cost: One of the biggest selling points of a used car is the price. Pre-owned cars often prove easier to finance and cost less to insure as well.
- Slower Depreciation: If a used car is more than three years old, it has likely undergone its depreciation phase already. Used cars lose little additional resale value over time, as long as you maintain them regularly.
- Upgrades: Buying used allows you to upgrade to a high-end trim level or perhaps something more luxurious than you might have considered out of your proven range buying new.
Buying Used- Disadvantages
- Higher APR: Lenders often increase the annual interest percentage on used car loans. However, since used cars can often get paid off quickly, you might not have to worry about long-term accruing of interest on your loan.
- Reliability: While our used cars at D'Arcy Hyundai are all thoroughly inspected for quality assurance, this is not always a guarantee at other dealerships or with private sellers.
- Compromise: You might not get the exact color, performance, or features that you want in a used car as you would with a new car. Many automakers allow you to custom-build a new car to suit your needs, but what you see is what you get with pre-owned cars.
Which will You Choose?
There are a great many advantages to buying a new Hyundai model or used car. We invite you to check out our selection art D'Arcy Hyundai and visit our dealership in Joliet today. We proudly serve the greater Shorewood, IL area.
