New vs. Used Vehicle: 4 Things to Consider

When it’s time to consider purchasing a car, you might be stuck on the new vs used vehicle debate. Everyone’s needs will differ in this situation, which is why it’s important to take some time to really figure out what decision is best for your budget and lifestyle. To help you out, here are some key things to consider when you’re faced with this question.

Your Budget

First and foremost is affordability. If you’re on a tighter budget, then a used vehicle will make more sense as it will come with a much lower price tag compared to a brand new vehicle. However, some used vehicles can also set you back in price depending on the age, condition, brand, and where you purchase it from. So if you are leaning towards a used car, make sure you purchase it from a reputable dealer, like Barrhaven Honda. 

Depreciation

It always feels nice stepping into a new vehicle that’s never been owned by another person before. But keep in mind that as soon as you drive it off the lot, its value will depreciate by approximately 20%– and it will continue to. By choosing a used vehicle instead, you will drastically minimize the amount of depreciation.

Insurance Rates

Another key factor to think about when debating new versus used is your insurance and registration fee. Buying a used vehicle comes with lower insurance and registration fees because the car’s value is lower, which is one of the main factors determining your insurance rate. Therefore, by purchasing a vehicle with a lower price tag, you can typically take advantage of more savings overall. 

Your lifestyle

Purchasing a vehicle is a major life decision that should serve your needs for years to come. So you want to make sure it’s the right fit for your lifestyle. Take the time to assess your needs and wants in a vehicle before you begin car shopping. Get clear on your budget and driving habits, so you can have a complete understanding of exactly what you’re looking for in a vehicle. Whether you opt for a new or used one, this will make it much easier to narrow down the right choice for you.

If you’re still unsure whether a new versus used vehicle is best, come visit us at Barrhaven Honda. We have many different options for you to consider, including certified, pre-owned Honda Civics, Honda Pilots, and more, all in excellent condition. Contact us today to learn more or view our Honda pre-owned lineup to browse what we have available.