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30600 SW Parkway Ave, Wilsonville, OR, 97070

Is it Better to Buy a New or Used Car?

Finance Paperwork with Glasses

Looking for a new ride? You might be asking yourself, “Is it better to buy a new or used car?” Used cars aren’t necessarily better than new cars — or vice versa. It depends on your preferences and needs. Below, we’ve compared new vs. used cars to give you and other Portland-area shoppers a better idea of what to expect when you choose one or the other. Compare them below!

 

 

New vs. Used Cars: What Makes Them Different?

What’s Great About New Cars:

  • State-of-the-Art Technology: When you buy or lease a brand-new car, you’re getting access to the latest technologies from the brand.
  • Best Fuel-Efficiency: Turbocharged engines are steadily replacing larger engines in favor of greater fuel economy. Older cars tend to be less fuel-efficient because, in many cases, fuel efficiency wasn’t a primary focus of the market at the time of manufacture.
  • Comprehensive Warranty Coverage: New vehicles are backed by bumper-to-bumper and powertrain warranties that protect the car’s most important components for a period of time.

What’s Not So Great About New Cars:

  • Everyone knows that new cars are more expensive than used and certified pre-owned. Additionally, as your new car ages, it’ll lose its warranty coverage and you may find yourself spending quite a bit to keep it maintained.

What’s Great About Used Cars:

  • More Budget-Friendly: The first and foremost reason drivers buy used cars is because they’re more affordable. Taxes and insurance premiums are also less expensive for used cars.
  • Slower Depreciation: Car value begins to shrink right away — and continues to shrink over the first few years after the purchase date. Used cars depreciate slower because they’ve already taken the initial depreciation hit.
  • Negative Equity is Less Likely: Negative equity or being “upside down” on a car loan occurs when you owe more on your car loan than what your car is worth. This is less likely to happen with a used car, because if you’ll have a smaller loan if you’re financing.

What’s Not so Great About Used Cars:

  • Higher Financing Rates: Higher interest rates aren’t unheard of on used car loans. On the bright side, though, the price of the vehicle will be lower vs. what you’d pay for a new one, so the loan term will also be shorter.

Why Buy from Us?

Parker Johnstone's Wilsonville Honda is proud to offer a selection of both new and used vehicles. Whether you want that “new car smell,” or you’re looking for a high-quality yet affordable used car, we can match you with a model that checks all of your “must-have” boxes. Our finance team is here to guide you along the way and answer any questions you may have about buying, leasing, interest rates, and more. Get pre-approved online in just a few minutes, then use our payment calculator to estimate your monthly payments!

Compare New vs. Used Cars at Parker Johnstone's Wilsonville Honda Today!

We look forward to introducing you to our full new and used car inventory! Browse our new vehicle specials and used car offers for plenty of opportunities to save. And, don’t hesitate to contact us online or call us at (503) 925-3116 if you’d like to schedule a test drive with any of our available models in Wilsonville!

 

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