{"id":4319,"date":"2019-12-27T22:17:17","date_gmt":"2019-12-28T05:17:17","guid":{"rendered":"https:\/\/lendingarch.ca\/?p=4319"},"modified":"2021-07-20T10:10:45","modified_gmt":"2021-07-20T16:10:45","slug":"should-i-buy-a-new-car-or-a-used-car","status":"publish","type":"post","link":"https:\/\/bestlendersfor.ca\/should-i-buy-a-new-car-or-a-used-car\/","title":{"rendered":"Should I Buy a New Car or a Used Car?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4319\" class=\"elementor elementor-4319\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b9f87a4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b9f87a4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c447f39\" data-id=\"3c447f39\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a4bd7a5 elementor-widget elementor-widget-heading\" data-id=\"a4bd7a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Different Solutions For Different People<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f579bd elementor-widget elementor-widget-text-editor\" data-id=\"8f579bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Here&#8217;s the short version: go with a well-vetted used vehicle unless you&#8217;ve got money to spare, and want to support either dealership or manufacturer. Especially in Canada, where the weather has been antagonistic to the population since the land was settled, vehicular value immediately erodes upon purchase.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Here are the points in favor of a used vehicle:<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li>Greater Potential For Profit Over Depreciation<\/li>\n<li>Decreased Initial Expense<\/li>\n<\/ul>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p><strong>Here are the points in favor of buying a new vehicle:<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li>It Looks Nice<\/li>\n<li>Dealer Warranties<\/li>\n<\/ul>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p><strong>Here are some points in negative for a new vehicle:<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li>Immediate And Extensive Depreciation<\/li>\n<li>Paying More Money Than Necessary<\/li>\n<li>Not Owning The Vehicle Until Financing Has Elapsed<\/li>\n<\/ul>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p><strong>Here are some points in negative for a used vehicle:<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul>\n<li>Low Initial Vehicular Value<\/li>\n<li>The Potential For High Repairs<\/li>\n<li>Likely No Warranty<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6798ec9 elementor-widget elementor-widget-heading\" data-id=\"6798ec9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Depreciation Considerations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc5f822 elementor-widget elementor-widget-text-editor\" data-id=\"fc5f822\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.carfax.com\/blog\/car-depreciation\">According to Carfax.com<\/a>, you can expect vehicular value to erode more than 20% after the first twelve months of ownership, and drop an additional 10% a year on average after that. So if you purchased a brand-new, $78.5k (CAD)\u00a02020 Corvette Stingray Convertible Z51 (<a href=\"https:\/\/www.youtube.com\/watch?v=nvTzcNtaSLU\">check out the Jay Leno test-drive<\/a>), it would be down to $48k after a year. It would go down around 10% a year after that. In five years, that Corvette is only worth $31k (CAD)\u00a0if you bought new. If you&#8217;re paying that off in monthly increments at interest, by the time you fully own the vehicle, it may not\u00a0be worth much; at the very least, you won&#8217;t get any profit selling it.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Another metric of value reduction is cents per mile. Expect a depreciation of <a href=\"https:\/\/bizfluent.com\/how-5914430-compute-depreciation-based-mileage.html\">about 8\u00a0cents per mile, US<\/a>. In Canada, a dollar is worth <a href=\"https:\/\/www.xe.com\/currencyconverter\/convert\/?Amount=1&amp;From=CAD&amp;To=USD\">76 cents in the USA<\/a>. So to round up, average a loss of 11 cents per mile, Canadian&#8211;it&#8217;ll actually be just a skosh over 10 cents, but averaging up will help you husband your resources.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>That means on any vehicle you can expect\u00a0$11k\u00a0in depreciation per 100k miles (160,934.4 km). Canadians drive from\u00a0<a href=\"https:\/\/www.ahainsurance.ca\/car-insurance\/average-mileage-per-year-canada\/\">15,200 km\u00a0to about 18,100 annually<\/a>, on a given vehicle. So you see the $11k depreciation figure on mileage alone is about a ten-year estimate for the average Canadian. But you&#8217;ve also likely noticed that this is a bit under the 20% depreciation figure. That&#8217;s because other factors go into depreciation as well, and when you average them out, losses are higher.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-480811a elementor-widget elementor-widget-heading\" data-id=\"480811a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Crunching the Numbers On Financing<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7390958 elementor-widget elementor-widget-text-editor\" data-id=\"7390958\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>So now that we&#8217;ve got the variables, let&#8217;s crunch a few numbers. The average Canadian monthly expense on a vehicle\u00a0is <a href=\"https:\/\/www.theglobeandmail.com\/globe-drive\/news\/industry-news\/how-much-canadians-pay-on-average-to-drive-a-new-car\/article24003473\/\">between $490 and $570<\/a>, depending on if you lease it or go the loan route. Let&#8217;s split the difference and call it $530 a month.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>You&#8217;re paying $6,360 a year at that rate. In five years you&#8217;ve paid $31,800, Canadian. That&#8217;s just $24,168, US. So in the earlier Corvette example, if you sold the vehicle at full Blue Book value after five years of ownership, you&#8217;d have lost money.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Most vehicles are far less valuable than a Corvette. Now keep in mind, these figures\u00a0<em>don&#8217;t<\/em>\u00a0factor in interest directly, just to help you get your mind around it. Certainly this is all a bit complex!<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong><a href=\"https:\/\/auto.lendingarch.ca\">Compare the top vehicle financing offers for FREE &gt;&gt;<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f139db9 elementor-widget elementor-widget-heading\" data-id=\"f139db9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Buying Used Vehicle Advantages<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8d776d elementor-widget elementor-widget-text-editor\" data-id=\"e8d776d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Meanwhile, if you buy used, you already know what you&#8217;re getting into. The sweet spot is about $6,200 to $12,400, Canadian, and between 70k and 160k km, depending on the make, model, wear-and-tear of the vehicle. Also, if you buy used, you want to buy outright. Financing a used vehicle will still include interest. It won&#8217;t take as long&#8211;no longer than two years at the average monthly payment and the used car &#8220;sweet spot&#8221; this paragraph specifies.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Still, it&#8217;s an iffy spot to be in when it comes to repairs. What you save in money and losses from depreciation in a used vehicle, you lose in terms of repairs. Used vehicles don&#8217;t come with a warranty, for the most part. Though if you get one with under 100,000 km, depending on manufacturer or dealer warranties, you may still have some &#8220;free&#8221; service available.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc2097a elementor-widget elementor-widget-heading\" data-id=\"cc2097a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The Implications<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f77da3a elementor-widget elementor-widget-text-editor\" data-id=\"f77da3a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Here&#8217;s where the rubber meets the road: if you buy used outright and get around two years of use from the vehicle at the rate supposed here, there will likely be some level of resale value left at the end of those 24 months, even if it&#8217;s only one or two thousand dollars.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>You&#8217;ll be able to either get profit directly from selling the vehicle again, or indirectly from using it without any debt or depreciation in excess of your initial spending.\u00a0Or put it this way: buy a beater at under a year&#8217;s depreciation losses, and you profit in the fullness of time.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>It may be a bit of a chore to upkeep the vehicle, but you can definitely save. However, get much below $6,200 Canadian, and repairs may end up being more expensive than the vehicle&#8217;s value. That&#8217;s why you get a qualitative vehicle at between $6,200 and $12,400 with decent mileage.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d41dca elementor-widget elementor-widget-heading\" data-id=\"6d41dca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What's Best For You?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4af56fa elementor-widget elementor-widget-text-editor\" data-id=\"4af56fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In the end, which of these alternatives is best for you will depend on your situation. Unless you&#8217;re financially well-endowed, for most people, it&#8217;s much more sensible to buy outright and used in Canada, with an aim at seeing profit (directly or indirectly) after two years&#8217; use.\u00a0<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong><a href=\"https:\/\/auto.lendingarch.ca\">Compare &amp; Save with Auto Financing at LendinArch.ca &gt;&gt;<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Different Solutions For Different People Here&#8217;s the short version: go with a well-vetted used vehicle unless you&#8217;ve got money to &#8230; <a title=\"Should I Buy a New Car or a Used Car?\" class=\"read-more\" href=\"https:\/\/bestlendersfor.ca\/should-i-buy-a-new-car-or-a-used-car\/\" aria-label=\"More on Should I Buy a New Car or a Used Car?\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":5980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[21,81],"class_list":["post-4319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loans","tag-car-loans","tag-used-car-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should I Buy a New Car or a Used Car? - LendingArch.ca<\/title>\n<meta name=\"description\" content=\"Are you ready to find a new car? Discover the pros and cons between buying a used vehicle versus a brand new vehicle on Lendingarch.ca.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bestlendersfor.ca\/should-i-buy-a-new-car-or-a-used-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should I Buy a New Car or a Used Car? - LendingArch.ca\" \/>\n<meta property=\"og:description\" content=\"Are you ready to find a new car? 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