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Why Purchasing a New Vehicle Makes Financial Sense

December 11, 2019

Six reasons a new car can be the smarter purchase.

You’ve dreamed about it for months. Maybe even for years.

Sliding into the driver’s seat, adjusting the mirrors, engaging the keyless push-start button, and hearing the steady hum of your new, sporty coupe or the powerful, throaty rumble of your new pickup truck.

Unfortunately, family and friends don’t understand your vision of a new, customized vehicle decked out with the latest features. When you share your dream, the response is often discouraging.

“Just wait a few more years,” says your Mom.

“Hmmph– Costs too much,” snorts your Dad.

“Do you really need all those features?” asks your ‘helpful’ concerned boyfriend or girlfriend…

They might suggest that buying a used vehicle is the better option. But, it’s likely because they’re unaware of the following benefits associated with buying a new car or truck.

1. Buyer Incentives
Remember the last clever ad you saw for a new vehicle? What about the last ad you saw featuring a used vehicle? It was probably a lot less memorable. There’s a reason for that.
Dealerships are always preparing for next year’s models, and need to open up lot space for these new vehicles. New automobile commercials frequently advertise buyer incentives to help move vehicles off the lot and into new owner’s driveways. Discounts for buying new might include manufacturer rebates, guaranteed trade-in offers, cash discounts, or low interest rate financing. These all add up to a lower purchase price for your new vehicle.

2. Save Time and Money
Researching a new vehicle is quick and easy. You can gather most of the information needed to select your new ride by visiting the automaker’s website and industry-trusted sites such as Edmunds.com and Kelley Blue Book. Once there, you’ll discover detailed information about new vehicles and receive answers to many of the questions you’d typically ask the dealership. If, however, you buy a used vehicle, prepare to spend extra time and money:

• Uncovering hidden mechanical and electrical problems;
• Trying to figure out title paperwork; and
• Scheduling and paying for pre-purchase inspections.

3. Better Financing Options
Generally, lower interest rates and extended repayment terms are only available with new vehicles, not used. Buying new means you might pay less overall for your new car or truck, make lower monthly payments, and extend your payment terms to make financing more comfortable for your budget.

4. Warranties
When you purchase a new, dependable vehicle, you’re more likely to pay less in maintenance and repair costs in the first few years of ownership. And, if there’s an issue, you can turn to a reasonably comprehensive warranty that’s included with your new vehicle purchase. New vehicle warranties vary by make and model, but can come with limited bumper-to-bumper warranties for up to five years or 100,000 miles. This carefree coverage is unavailable with most used vehicles or comes with an expensive price tag if it is available.

5. Financial Goals
New vehicles are staying on the road longer. According to IHS Markit ®, a data research firm, your new car or truck might join the ranks of other vehicles that remain operational 11.8 years. This is good news for your financial goals. Once your vehicle is paid off, additional funds are available in your budget without an increase in household income. You can apply your monthly payment to other financial goals, like saving for a down payment on a home or building your retirement nest egg.

6. Get What You Want
The best reason to choose a new vehicle is that you get to pick out exactly what you want. You don’t have to settle for what’s available on the used car market. With a new vehicle purchase, you choose the make, model, color, and all the features that are important to YOU.

You’ve made sacrifices and waited long enough for your new ride. It’s time to turn your dream car or truck into a reality. SeaWest offers low interest rate Auto Loans with up to 100% financing with no down payment*.  Apply now or contact us at 1-800-732-9378. A friendly member representative is waiting to assist with your New Auto Loan application. The keys to your new vehicle are waiting.
*Subject to credit approval.

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