Rio Grande Credit Union
Rio Grande Credit Union
Buying a Car

Buying a Vehicle

Car buying tips and resources

Home > The Game of Life > Buying a Car > Buying a Used Car with Rio Grande Credit Union

Should I Buy a New or Used Car?

Are you looking to buy used? You can get started by getting a CARFAX report with the help of Rio Grande Credit Union.

You’re ready for a new set of wheels! Should you buy new or used?

The pros of new cars:

  • Instant status symbol
  • Fewer repairs
  • Easier shopping
  • More financing options
  • Automaker’s warranty on the first three years or 36,000 miles

The cons of new cars:

  • Higher price
  • Instant depreciation
  • Higher insurance premiums

The pros of used cars:

  • More affordable
  • Less depreciation
  • Lower insurance premiums
  • Lower total interest paid over the loan terms

Cons of used cars:

  • Complicated purchase, including a mechanical inspection
  • Fewer choices of colors and features
  • Risk of a defective purchase

Whichever choice you go with, don’t forget to stop by your credit union to learn about your auto loan options!