When it comes to buying a car, you have the option to either purchase new or used cars. MOGO is a leading retailer for both new and used vehicles. We want to give you all the info you need about both options. That way, you’ll make the best decision and end up with the best ride that you deserve.
Let’s discuss the advantages and disadvantages of new vs. used cars. That way, you’ll be aware of the strong and weak points of each option and use that to assess and make your final decision.
Advantages Of New Cars
The main advantage of buying a new car is that you’re getting a brand-new vehicle that’s fresh from the manufacturing site and comes with a warranty. A new car will also guarantee that you won’t be spending extra on early repairs in its first few years. That way, you can focus exclusively on maintenance and performance upgrades. At MOGO, we offer financing at a lower rate to reduce the amount of interest that you pay over the life of the loan. Finally, a new car will have all the latest technological features and all the goodies.
Disadvantages Of New Cars
- Loose money as soon as you drive it off the lot.
- Financial-wise, it isn’t an ideal investment unless you have extra money that you don’t mind losing.
- New models tend not to have any stacks on local garage centres on parts, which means you need to go straight to their official maintenance service centre that has all the costly parts.
Advantages Of Used Cars
The most excellent benefit of used cars is that you’re letting someone else take the most significant depreciation hit on the vehicle before you acquire it. That means you can put your car for sale for the same amount that you paid for it in the next few years. You can still find good financing options credit union or your local bank. Since you’re not losing any money to depreciation, you can come out ahead of a 0% interest loan that you can take out on a new car. Buying used cars from MOGO will ensure that you get a vehicle still at peak condition but a drastically lower price.
Disadvantages of Used Cars
- You’ll likely need to do more repairs and maintenance to keep it going.
- Depending on the age of the car you purchased, you may have a hard time finding car stores that sell its parts and accessories.
- You’ll make some compromises to get the car with the best condition and mileage.
So there you have it, all the necessary things you need on new and used cars. MOGO helps you make the best decision by laying it all on the line for you. For more information on both option, head to our website or call out hotline for all of your other queries.