When shopping for an SUV, one of the first decisions you need to make is whether to buy a new or used model. While buying an older model ownership, as used car dealers prefer to call them, offers lower prices and avoids the initial depreciation associated with buying a new vehicle, there are advantages to buying a new SUV.
When it comes to buying a new SUV, consumer reports briefly mention the advantages of a new model. Let’s take a closer look.
1. A new SUV has the latest technology.
With each new model year, automakers develop new technology and update the base model’s standard technology offerings to include technology that was an expensive option in previous years. Safety, particularly advanced driver assistance features, is a leading area of advanced technology. As that technology develops, only newer models will have it, but with any new feature, there is a risk of defects.
2. A new SUV comes with a factory warranty.
Defects can occur with any SUV, whether purchased new or used. Most new SUVs come with a factory warranty that covers the SUV “bumper-to-bumper” for the first three years of ownership or until the SUV has 36,000 miles, whichever comes first. This bumper-to-bumper warranty covers everything that came on the vehicle from the factory, except maintenance parts like windshield wipers, worn brake pads, and oil changes. Some automakers even include extras like a routine maintenance package, which covers oil changes and other items, and limited-time roadside assistance when you buy a new SUV.
3. A new SUV has no past.
While it’s true that buying a used SUV can save money at the time of purchase, buying a used SUV comes with risks. When buying a used SUV, it’s impossible to know how the previous owners maintained it, used it, or if it was in an accident. Of course, the used car industry points to various reporting agencies designed to track such things as accidents and the number of owners. If the SUV was repaired at a reputable shop, it’s probably not a problem. However, some makeshift shops and shade tree mechanics do not always file the proper reports.
4. A new SUV lets you choose everything.
It’s often hard to find an SUV that has everything you want. You might find one painted your favorite color, but the interior is your second choice of cloth, or it might have all the options you wanted, but not the most fuel-efficient powertrain. Whatever the case, choosing the exact SUV that makes you happy every time you see it will make sending your monthly payment easier.
5. A new SUV usually has better financing.
Speaking of making your SUV payment, another advantage of buying a new SUV is that financing rates for new vehicles are typically lower than those for used cars. After factoring in factory promotions, dealer incentives and lower financing rates, monthly payments on a new SUV are often comparable to those on a similarly equipped, low-mileage used SUV.
Should I buy a new SUV?
Ultimately, the big drawback to buying a new SUV is depreciation. While it’s true that a new vehicle loses some of its value the moment you drive it off the dealership (or drop it off), the same goes for most used cars. The key to avoiding depreciation is to keep an SUV new for more than a few years, allowing it to enjoy its value as it depreciates. And the key to keeping an SUV for a few years is getting one that makes you smile every time you see it.
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