The president and CEO of PSD Automotive Group, Patrick Dibre began his career in automotive sales almost 30 years ago with an investment in a used car dealership. Today, with the support of his wife, Dina, Patrick Dibre oversees operations for New Jersey-based dealerships selling a number of new and used cars from brands like Nissan, Volvo, Chrysler, Dodge, and Volkswagen.
When you’re in the market for a vehicle, you must first decide whether to buy new or used. Here are three considerations to help you make the choice that best suits your needs:
1. You have more options when you buy new. Not only will you have a wider range of colors, technology features, and models to choose from, but you’ll also have access to more options for financing your purchase. Loans for new cars tend to have lower interest rates, and many dealerships offer incentives like cash rebates for those who buy new.
2. A used vehicle retains more of its value. The biggest advantage to purchasing a used vehicle is that it does not depreciate in value as much as a new car. A new car’s value immediately depreciates once it has been sold; in contrast, depending on the make and model of the vehicle, you may find that you can later sell a used car for a price similar to what you paid for it.
3. The difference between buying used or new comes down to the value a buyer puts on reliability versus economy. New cars are more reliable because they’re less likely to experience problems, while well-maintained used vehicles may be the right choice for those on a limited budget.
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