Picture this: you’ve just managed to sell your car for cash in Orange County.
Now you’re wondering if the proceeds from the sale should be used to buy a new car or a used one. A new ride can often be hard to get, whereas an old car is more cost-effective.
Our team at CarZilo has put together a guide to help you make the best use of the money you make when you sell your car instantly online:
Pros of Buying a New Car
- All The Newest Features
A new car is sure to meet the newer standards of fuel efficiency, safety, and design. These features help create a stress-free driving experience.
- Manufacturer’s Warranty
When you buy a new car, you get a standard warranty valid for 3 years or 36,000 miles. It covers repair costs and ensures your peace of mind for a long time.
Cons of Buying a New Car
- Major Expense
A new car is a significant expense. If you avail financing, you’ll likely be paying a larger amount and more interest.
- Depreciation
New cars face rapid depreciation, and it starts as soon as they’re sold. You can expect a decrease of about 10% to 20% in your new car’s value the minute it leaves the lot.
Pros of Buying a Used Car
- Affordability
Used cars have already been through significant depreciation, so they’re far more affordable than a new car.They’re easier to purchase in cash, and financing options aren’t always needed to buy them. - Optional Warranties
There are different kinds of used cars. When you choose to buy a certified pre-owned car from a dealer—instead of buying directly from the owner—you can usually get an extended warranty on it.
Cons of Buying a Used Car
- Shorter Lifespan
Used cars typically come with high mileages, which is one of the reasons their prices are so low. A high-mileage used car might need frequent repairs and maintenance.
It may also need to be replaced sooner than anticipated, which will considerably increase the amount you spend on buying your vehicle and defeat the purpose of buying a used car. - More Compromise
Unless you’re just looking for a car to get you from Point A to Point B, it’s highly unlikely that you’ll find the used car of your dreams.
Variables such as price, condition, mileage, and availability mean that you’ll have to compromise in one way or another.
Summing it Up
The cost of a car isn’t the only thing you need to consider.
Whether you buy a new car or a used car, know that they’ll come with associated expenses—such as taxes, insurance, maintenance, repair work, and gas.
Ultimately, you need to choose between how much you’re willing to compromise and how much you’re willing to spend for how long.
CarZilo makes it easy to sell your car now in LA. We offer the best cash for cars in Los Angeles County and San Diego, so whether you’re looking to sell old cars in Orange County or sell your luxury car online, get in touch with us today.