When you decide to buy a new car, the big question is whether to buy new or used. There are car dealerships for each option, so you might need to do a little research. Both have their pros and cons.

New Cars
Heading to a new car dealer can be exciting. There’s nothing like being the first person to own a vehicle and drive it off the lot. Along with that new vehicle smell, however, comes a hefty price tag. You’ll pay a nice amount for the privilege of being the first owner.

New vehicles will drop in value instantly, so it’s important to understand this when buying. On the plus side, though, there are financing options and you can choose the features you want included. There’s also a warranty.

Used Cars
In general, used cars will be considerably more economical to purchase than a new car. However, you can expect to pay cash up front if you’re buying from the owner. Certified pre-owned car dealerships will offer special financing.

While used cars are, well, used, they can still be in great condition. Look for vehicles that are still relatively new to get the best deals. Many car owners will sell off last years’ model in order to get the latest one, which means you can pick up a vehicle for a fraction of the price with low mileage.

While new means the latest and greatest, used can lead to more satisfaction. In the end, you choose.