choosing a car at car dealership

New or Used Vehicle: Which should you buy in 2023?

Braden Rubrecht Blog

If you’re in the market for a new car in 2023, there are a few things you’ll want to keep in mind. For starters, electric vehicles are becoming increasingly popular, so it’s worth considering one if you’re looking for something new and different. You’ll also want to think about fuel efficiency, which will be an essential consideration for many buyers.  

In addition, safety features and driver assists will continue to be a priority for most shoppers, so check out the latest models before making your final decision. With all of these factors in mind, you should be able to find the perfect car for your needs as we go into 2023. 

 

The pros and cons of buying a new car vs. a used car 

When it comes to buying a new car, there are a lot of factors to consider. For one thing, new cars will typically have a higher price tag than used cars. But that doesn’t necessarily mean used cars are always the better value. New cars will also come with more features and often have a better fuel economy. They’ll also, in many situations, have lower insurance rates (due to added safety features) and may require less maintenance. 

On the other hand, used cars may have a lower purchase price, but they may also have higher insurance rates and require more repairs. So, which is the better option? It depends on your individual needs and preferences. But if you’re looking for the best overall value, you may consider a newer used car. With some research through a resource like KBB, you can find a reliable used car that fits your budget and meets your needs.
 

How to find the best deal on a used car 

One of the best things about buying a used car is that you can often get a great deal. Although finding the best-used car deal can take time and effort, you can do a few things to increase your chances of finding a great deal.  

First, do your research. Look into local online postings and databases. This will give you an idea of what you should expect to pay. Second, be flexible. If you’re willing to consider a broader range of options, you’ll be more likely to find a good deal. Finally, don’t be afraid to negotiate. There is often more flexibility in the pricing of used vehicles than new. Following these tips will make you more likely to find your area’s best used car deal.
 

What brand should you buy? Consider car maintenance and repair costs over the lifetime of the vehicle 

Anyone who has owned a car knows that it can be a costly investment, not just in terms of the initial purchase price. Over the vehicle’s lifetime, there will be countless trips to the gas station, oil changes, tune-ups, and significant repairs.  

All these costs can add up, and they can vary significantly depending on the make and model of the car. For example, luxury cars have higher maintenance and repair costs than more budget-friendly options. To get an idea of which brands have the lowest maintenance costs, do some research through CarEdge 

So ultimately, when deciding which car to buy, it is essential to factor in all the associated costs, upfront and down the road. Otherwise, you may have a beautiful car that bleeds your bank account dry. 

 

What about the chip shortage and potential resale value of vehicles in the current economy? 

Another thing to consider when hunting for your next car is the state of the economy. Right now, prices are high, and materials are scarce. Material scarcity may make that used car more appealing when put on a waiting list for a new version. On the other hand, the rising prices are making used cars drastically more expensive and it might leave you wondering if it is a better idea to shell out on a new car where the resale value might remain more stable when the market comes back around eventually versus a used car where the current inflated value could suddenly drop when vehicle inventory at car dealerships reaches normal levels again.  

All in all, it will be an area-specific search that will affect some regions more than others. It can also come down to make and model selection as one brand may have been impacted by shortages more than another. Without having a crystal ball, your best bet is to be really clear on the features that are deal breakers for you, understand the insurance costs of new and used models of that vehicle, and think about how long you plan to own this vehicle – meaning the resale value will have a less of an impact on your decision if you plan to own it for many years.
 

New Vehicle vs. Used Vehicle: So, what’s the verdict?  

Buying a new car might seem like the obvious choice, but there are pros and cons to both new and used cars that you need to consider. Used cars can be a great value if you find a good deal, but they require more maintenance and repair over the vehicle’s lifetime. New cars are more expensive initially but come with warranties and lower maintenance costs. Ultimately, it comes down to personal preference and what fits your budget.  

Whether you buy a used or new vehicle, plan on purchasing Elo GPS with CarRx to protect your investment. When you buy a car with Elo GPS and CarRx installed, you know you’re getting a vehicle with more brain power.  

  • Real-Time Location: Get real-time location information on your vehicle nationwide using any computer, tablet, or cell phone 
  • Theft Protection: Elo GPS alerts you to unauthorized vehicle movement outside designated boundaries and times plus assists with vehicle recovery if it is lost or stolen. 
  • Health Scan: Provides valuable information about the health of your vehicle and notifies you when issues arise.  
  • Smart Alerts: Be alerted to your vehicle’s location, battery levels, check engine lights, and maintenance and service requirements with simple notifications. 

Elo GPS and CarRx deliver the best-connected car experience on the market, whether you buy a new or used vehicle.