Pros and Cons for Purchasing New Vehicles
Purchasing a vehicle is a big investment that will play a big role when it comes to finances. Some may prefer to buy new and others may prefer to buy used. There is a lot to consider when buying a brand-new car. Here we dive in to the pros and cons of buying a new car.
The great thing about buying new is most financial institution will give you extremely low interest rates. The resale value for a brand new car will always be easier to predict compared to a used car.
Latest Technological Designs
Unlike older cars, newer cars will always have the latest technology, gizmos, and other gadgets that come from today’s tech. You will find Bluetooth-controlled interfaces, touchscreen-command units, and other technology you won’t find with older vehicles.
Brand new cars come with warranties that can extend out three to five years or until your car reaches a certain amount of mileage. These warranties can cover engine, transmission, and even electrical.
The best thing about buying a brand-new car is you are the first owner of the vehicle. You won’t have to worry the interior being worn down or having to be restored. You feel a sense of pride of being the first owner when you drive off the lot with your brand new car from the certified Hyundai in Muncie.
Some manufacturers require a break-in period for the vehicle. You may have to be gentle in use for the first 1,000 to 2,000 miles of driving. This means not revving the engine, limiting driving to a certain speed limit, or not driving past a past a certain mileage per day.
A brand new car can depreciate as much as 10% when you drive it off the lot. Another 20% will go down once a year goes by.
Longer Payment Terms
The payment terms for brand new cars may as much as 72 months due to the higher price of a brand new car. This may end up costing you more in interest if you choose a plan with longer payment terms. The best thing you can do is pick a payment plan that is between 55 to 60 months to ensure you don’t end up paying too much in interest.
Kw: certified hyundai Muncie