Should You Buy A New Or Used Car?

Deciding whether to buy a car new or used can be a very daunting task and making sure you get the best price for either can seem impossible. Time Magazine offers 5 resources to help you make the best use of your money when buying a car in their article "Car-Buying Help: 5 Smart Resources to Get the Right Car at the Right Price," by Brad Tuttle.

Used car insurance is going to be less expensive than new car insurance for a few reasons, but it may or may not be your deciding factor in purchasing new vs. used. In the Popular Mechanics article "How to Buy a Used Car Without Getting Burned," they offer a 101-point checklist to go over for any potential used car purchase. They don't tell you that your car should pass all 101 checks, but recommend finding out all of this information before purchasing.

The other resources recommended by Time include using the Edmunds First-Time New-Car Buyer Guide for step by step tips and reading Kelley Blue Book's 10 Tips for First-Time Car Buyers. There is also an interesting thread on Reddit where a car salesman goes undercover to give tips on what to do and what not to do when buying a car. Finally, Time suggests looking into the Wall Street Journal's car matchmaking service that takes into account your budget and many other things to match you with your best car.

In addition to doing your research from these companies, it is also wise to speak with car insurance companies and your current agent to see what the cost to insure your new or used vehicle will be. That is another figure you'll have to work into your budget.