When it comes to shopping for a car, there is a variety of options available to you. One of the decisions that shoppers find themselves trying to make is whether to buy a new or used car.
The allure of a new vehicle can be powerful; some people just can't stand the idea of buying someone else's trouble while others cannot stand the idea of paying for a brand new car. Your budget and mind-set may determine which is right for you. If you're on the fence, here's a breakdown of benefits and drawbacks.

Advantages of buying a new car:
1. New cars typically come with a comprehensive warranty that covers the cost of repairs and labor for up to 5 years or 100,000km, whichever comes first and sometimes come with a service package.
2. When purchasing a new car, you often have the flexibility to choose the features and options that you want in a car.
3. New cars don’t have mechanical problems, previous body damage or previous wear.
4. Newer cars have better technology, lower emissions and better gas mileage.
5. The bank may also offer financing at a lower interest rate, which can reduce the amount of interest you pay over the life of the loan. Try our car loan calculator
6. Comprehensive and theft insurance costs are lower for new car than used cars.
Disadvantages of buying a new car:
1. Instant depreciation – will lose 25 percent of the car price and up to 40 percent of overall cost from when you buy it, and continue to take its biggest depreciation in the first 2 years.
2. Spare parts cost higher and are less available for new cars.
3. Mecanique fees are higher the first 2 years on a new car.
Advantages of buying a used car:
1. Lower purchase price and better overall quality/price ratio
2. Since the larger rate of depreciation would have already dropped by the previous owner, the rate of depreciation will be less than the first two years of ownership of a new car.
3. You could purchase a used luxury model instead of a standard new model for the same price; your dream car is a lot more accessible.
4. More options of cars to pay in the same budget. For example, with a medium budget you can purchase an SUV whilst in a low budget you may not.
5. Spare parts cost less than new cars since spare parts depreciate the same way a car does (but also depends on the availability of the spare parts).
6. The charges for mecanique is lower since new cars are charged a lot higher during the first 2 years.
Disadvantages of buying a used car:
1. The biggest disadvantage of buying a used car is that it may not be as reliable due to questionable maintenance and repair history. However, you do have the option of buying a certified pre-owned car through several different car companies.
2. No comprehensive new-car warranty, though used-car warranties often are available at extra cost.
3. Maintenance costs increase when the car mileage hits 100,000 kilometers,
4. You don’t have the option to choose the features and options that you want in a car.
Deciding:
A good rule to follow is that you should be able to pay the car off in a 4 to 5 year period. If you cannot, you most likely cannot afford the car. If you know nothing about cars, ask a friend who does to help you out and make sure you have a mechanic look over the car if it is used. You should also do your research and read reviews about the car.