Deciding Whether a New Vehicle Is a Good Investment in Connecticut

As you consider your financial position and prepare your budget for life in Connecticut, you will want to decide whether a new vehicle will be a good investment.

One consideration is the fact that when you purchase a new vehicle, it loses value the minute you roll off of the dealer’s lot. However, a new vehicle provides a number of benefits. For example, you’ll have the full manufacturer’s warranty in case anything goes wrong, and you may be eligible to participate in the dealer or manufacturer’s scheduled maintenance program, depending on the model.

Contrast this with a used vehicle, about which you cannot be sure how well the previous owner treated it. Even if the former owner provides you with service records, you won’t be able to know all of the wear and tear or damage the car has suffered. There is a risk that you may have to spend more on repairs than if you purchased a new vehicle.

Another factor to consider is the image you want to project to the world. A new vehicle helps establish you as being financially well off, as well as being a discriminating consumer. If your work requires you to meet clients and take them for rides, a new car will be more impressive than an older model. The new car is a better investment because it can help you succeed at work or socially.

Because the auto industry tends to incrementally improve its products, it’s likely that a new model will have more amenities, better safety equipment, improved fuel efficiency and other features that an earlier model may lack.

If you are not focused on having the latest model, you may find it more beneficial to purchase a well-made used car. The previous owner will have already have had to deal with any manufacturer’s defects or repairs resulting from a recall, for example.

When you are ready to purchase your vehicle, remember to contact your independent agent in West Hartford to set up insurance.