When shopping for an SUV, one of the first decisions you must make is buying a new or used model. While purchasing a previously owned model, as used car salespeople prefer to call them, offers lower pricing and avoids the initial depreciation associated with buying a new vehicle, there are advantages to purchasing a new SUV.
When it comes to buying a brand new SUV, Consumer Reports briefly mentions the advantages of a fresh model. Let’s take a closer look.
1. A new SUV possesses the latest technology.
With every new model year, automakers develop new technology and upgrade the base model’s standard technology offerings to include tech that was an expensive option in previous years. Safety, particularly advanced driver assistance features, is a leading area of advancing technology. As that technology develops, only new models will have it, but with any new feature, there is the 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 from “bumper-to-bumper” for the first three years of ownership or until the SUV has 36,000 miles on it, whichever comes first. This bumper-to-bumper warranty covers everything included on and in the vehicle from the factory except for maintenance parts such as windshield wipers, worn brake pads, and oil changes. Some automakers even include extras such as a routine-maintenance package, which covers oil changes and other items, and roadside assistance for a limited time 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 received repair at a reputable shop, it’s likely a non-issue. However, some fly-by-night shops and shade-tree mechanics don’t always file the proper reports.
4. A new SUV lets you choose everything.
It’s often difficult to find an SUV that has everything you want. You may find one painted your favorite color, but the interior is your second choice of fabric, or it might have all the options you wanted but not the most fuel-efficient drivetrain. Whatever the case, picking the exact SUV that makes you happy every time you see it will make sending in your monthly payment easier.
5. A new SUV usually has better financing.
Speaking of making your SUV payment, another plus of buying a new SUV is 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 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 minute you drive it off the dealer lot (or have it delivered), the same is true for most used cars as well. The key to avoiding depreciation is keeping a new SUV for more than a few years, allowing you 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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