So, you’ve decided to get behind the wheel of a brand new (or new to you) car. Now what? With so many options to choose from, even the most discerning car buyer can find it difficult to know where to start. Resource One can help.
With Resource One AutoSmart, you can search an extensive inventory of new and used cars online or within our mobile app. That means your next ride may be just a few clicks away. However, before you get started, you might want to consider whether your money is better spent on a new or used vehicle.
Is A New Car in Your Future?
New car purchases come with many benefits, including the latest in auto entertainment technology, advanced safety features, and excellent fuel economy. Driving a new vehicle also means driving with a certain peace of mind.
As the car’s first owner, you know there no hidden issues that might lead to unpleasant surprises down the road. Most new cars include a limited warranty that covers the repair and replacement of your vehicle’s key components. Moreover, once you decide on the car you want, chances are the dealership has a variety of colors or models to choose from. And who can resist that new car smell?
But new cars have their downsides, too. The primary disadvantage of buying new is that you’ll typically pay more than if you buy used. You also have to accept the reality of depreciation. New vehicles lose about 20 percent of their value once you drive them off the lot.
A Used Car is Still New to You
The biggest advantage of buying a used car is that you’ll have significantly more buying power. You’re more likely to pay what a car is actually worth. That’s because the original owner has already absorbed a majority of the vehicle’s depreciation cost.
You can also get a nicer — albeit older car — for your money. Upgrades such as leather seats and sunroofs are not options and have already been built into the vehicle’s price. Finally, used cars not only cost less, but they also are often cheaper to insure.
Of course, since your car has been around for a few years, it’s probably no longer covered by the manufacturer’s warranty. It may also require more frequent regular maintenance or repairs. Before purchasing used, make sure to check the vehicle’s Carfax. Doing so will provide you access to the vehicle’s history, revealing if it’s ever been involved in a major accident or had its title salvaged — both red flags.
Whether you’re shopping for a used or new vehicle, Resource One AutoSmart takes the stress out of the car-buying experience. You can find a great deal at a trusted dealership and apply for an auto loan all at once. That means less time spent researching and haggling — and more time spent in the driver’s seat.
Resource One is a member-owned and not-for-profit credit union serving Dallas and Houston. We offer members a wide range of savings, checking and loan products, and our friendly, expert staff can help you make the right decision when it comes to choosing how to finance your used or new vehicle purchase. Join today to discover all the benefits you’ll enjoy when you make Resource One your primary financial institution.