When college students are deciding what type of automobile to buy, buying new or used cars depends on students’ preference.
Many students like the style of a trendy vehicle such as a 2003 Escalade, as opposed to a used vehicle, which would be a fraction of the price of the new car.
Ladd Spring, sales consultant at Buick Pontiac, recommends that college students buy used cars because they are cheaper than new cars.
Ke Huang, a human movement science sophomore, said he bought a used car because it was cheaper.
Huang said he bought a 1992 Honda Accord in decent condition for $4,000 and estimates he saved $15,000 by buying it used.
“If [the students] are buying the cars by themselves, they’ll probably be more affordable. If they’re looking for a new car, they’re going to pay more, and the parents will have to spend a little more money,” Spring said.
Jaret Garber, a business finance sophomore, received a new 2000 Camaro as a gift for his high school graduation. When the time comes, Garber said he probably will buy his next car used.
“I’ll get a new car if I can afford it though. I’d rather a new car because you’ll never know what you’ll get with a used car,” he said.
Many college students fear encountering problems with used cars, such as unexpected engine failures, but Spring assures that used cars at Buick Pontiac do not have undocumented problems.
“We do a 110-point check, which is a check from bumper to bumper to make sure everything is okay with the vehicle,” he said.
Sumei Zhong, a psychology sophomore, said she initially was worried about buying a used car, but her father knew customers from the same dealer, which eased her anxieties.
“For college students, buying a used car is better because it’s so much cheaper. Unless you’re looking to impress someone, I don’t think it’s worth it,” Zhong said.
Spring made other comparisons between new and used cars.
“There are many more miles on the used vehicles. When you drive [new cars] off the lot, you lose money on them, but it’s still a new car,” Spring said.
Spring said the amount of depreciation on a new vehicle depends on the type of vehicle. For example, Spring said most SUVs don’t depreciate in value as quickly as others.
Garber said he was surprised how much his car depreciated.
“[The depreciation of the car’s value] hurt me because I was supposed to trade it in for a truck last year, but I didn’t realize how much it had depreciated by,” he said.
Garber said his car’s value dropped from the original price of $27,000 to a trade-in value of $16,000 in two years.
Zhong was happy with the price she paid.
“I think I saved about half off of what I spent on my Acura 2000 since I bought it used,” she said.
Spring said age and care for the car, such as getting an oil change every 3,000 miles, are very important when determining when to buy or pass on a used car.
“Normally, a car older than 10 years old doesn’t have many years left,” Spring said.