Mitsubishi - Should You Buy New or Used?

Summary

When considering a Mitsubishi, the choice between a new or used vehicle is crucial. New cars offer the latest features and that coveted new car smell, but come with a higher price tag and rapid depreciation. Used cars, on the other hand, are more affordable and can offer more features for the same price, but come with the risk of unknown history and potential maintenance issues. This article explores these factors in detail to help you make the best choice for your needs.

The Appeal of a New Mitsubishi

Advantages of Buying New

1. Customization: One of the most significant benefits of purchasing a new Mitsubishi is the ability to customize it to your liking. You can select the exact model, color, and features you want, ensuring the car meets all your needs and preferences.
2. Latest Technology: New cars come equipped with the latest technology and safety features. According to the National Highway Traffic Safety Administration (NHTSA), newer vehicles are generally safer due to advancements in technology and design (NHTSA).
3. Warranty: New cars come with a manufacturer's warranty, which can provide peace of mind and save on repair costs. Mitsubishi offers a 5-year/60,000-mile new vehicle limited warranty and a 10-year/100,000-mile powertrain limited warranty (Mitsubishi Motors).

Disadvantages of Buying New

1. Depreciation: New cars depreciate quickly. According to Edmunds, a new car loses about 20% of its value within the first year and up to 60% over five years (Edmunds).
2. Higher Cost: The initial cost of a new car is significantly higher than that of a used one. This includes not just the purchase price but also higher insurance premiums and registration fees.

The Practicality of a Used Mitsubishi

Advantages of Buying Used

1. Lower Price: Used cars are generally more affordable. You can often find a used Mitsubishi with premium features for the same price as a new base model.
2. Slower Depreciation: Used cars have already undergone the steepest part of their depreciation curve. This means they retain their value better over time compared to new cars.

Disadvantages of Buying Used

1. Unknown History: A used car's history can be a mystery. It may have been poorly maintained or involved in accidents. It's crucial to obtain a vehicle history report and have the car inspected by a trusted mechanic.
2. Limited Warranty: Used cars may not come with a warranty, or the existing warranty may be limited. This can lead to higher out-of-pocket repair costs.

Interesting Statistics

• Depreciation Rates: On average, a new car loses 20% of its value in the first year and 10% each subsequent year (Edmunds).
• Used Car Market Growth: The used car market in the U.S. is expected to grow at a CAGR of 5.5% from 2021 to 2028 (Grand View Research).
• Consumer Preferences: According to a 2020 survey by Cox Automotive, 64% of car buyers prefer to purchase used vehicles over new ones (Cox Automotive).

Making the Decision

When deciding between a new or used Mitsubishi, consider the following:

1. Budget: Determine how much you are willing to spend, including the cost of insurance, taxes, and maintenance.
2. Usage: Think about how you will use the car. If you plan to keep it for a long time, a new car might be worth the investment. If you prefer to change cars frequently, a used car might be more economical.
3. Inspection: Always have a used car inspected by a professional mechanic and obtain a detailed vehicle history report.

Conclusion

Choosing between a new or used Mitsubishi involves weighing the benefits and drawbacks of each option. New cars offer the latest features and warranties but come with higher costs and rapid depreciation. Used cars are more affordable and depreciate slower but come with potential risks regarding their history and condition. By considering your budget, usage, and the importance of customization and technology, you can make an informed decision that best suits your needs.

For more information on car buying tips and trends, visit Edmunds and NHTSA.