 TITLE: Should I Buy a New Car or a Used Car? CONTENT: When it comes to buying new or used, there are pros and cons to both. For some people, certain disadvantages can be a deal-breaker, especially when it comes to their budget. But it's important to apply the pros and cons to your situation to determine the best fit for you.\nHere are some situations where it might make sense to buy new:\n*   **You can afford it.** Budget issues are one of the biggest reasons people don't buy new cars, and because they depreciate so much in the first year alone, you'll need to know that you can afford to cover any negative equity you might have if the vehicle gets totaled. Gap insurance can help protect you in this case, but that's another added cost to consider.  \n*   **You want the latest and greatest.** Automotive technology has made great strides in recent years with the addition of safety features like lane-keeping assist and collision avoidance sensors as well as cutting-edge self-driving functionality. This may be appealing to you, or maybe owning a new vehicle is simply an important part of your lifestyle. If these are your priorities, buying new may be worth the extra costs.\n*   **You want fewer worries.** Even certified pre-owned cars can come with issues. If they arise after the short warranty period expires, you're on the hook for repairs. With a new car, you won't have to worry as much about reliability, and you have more options if something does go wrong.\nIn contrast, here are some scenarios where you may decide to buy used instead of new:\n*   **You want to save money.** Even if you can afford a new car, you may want to put that extra cash flow toward financial goals such as building your emergency fund or saving a down payment on a house. If you want to avoid high monthly payments and insurance premiums, consider buying a used car.  \n*   **You have time to do your research.** When you're buying used, it's a good idea to vet a vehicle thoroughly before buying it. That can include looking up the vehicle history report, requesting service records and taking it to a mechanic for an inspection. You'll also want to compare similar options on the market for the same model because prices can vary and some drivers treat their vehicles better than others. If you have the patience and willingness to go through this process, buying the right used car can be a great option.\n*   **You want to pay with cash.** It's not unheard of for someone to buy a brand new car with cash, but it's more commonly done with used vehicles. If you want to avoid an auto loan, you'll have an easier time finding a used car within your budget. END