Need A New Car? Here’s What You Can Expect in July 2023

Blog | July 11th, 2023

Buying anything these days, especially a new car, can be tricky. You have many options available and many companies to choose from. If you’re thinking about or already have decided that you want a new car, this article will be helpful to you. We will review everything you need to know before buying a new car.

What To Expect in the Current Market

1. Electric Cars

With many people concerned about the environmental effect of fuel-consuming cars and the rising fuel price, more and more people are shifting towards electric cars. Car companies are providing charging stations and making advancements in battery technology to make a change in the climate.

2. Automatic Driving

Do you know you don’t have to drive your car anymore? Your car will do that for you. Major car companies are working towards autonomous driving, but it’s not fully popular in the market yet. However, an advanced driver-assistance system (ADAS) is very common, which helps in sticking and parking.

3. Connectivity

These days you can connect your car to your phone, AirPods, or any other speaker easily. This makes travel, i.e., road trips, more fun, especially with friends or family. It also allows you to easily reach a new place as Google Maps will voice the directions.

4. Ride-Pooling

With this generation, people prefer using ride-pooling applications like Uber or Lyft rather than owning a car, as maintaining a vehicle is too much of a hassle. It is common in cities where getting a parking spot is a problem. This has made car companies partner with these ride-pooling companies. This is also why subscription-based car companies are becoming popular, as people can own a car without committing to it.

Choosing the Right Car: Buying New, Buying Used, or Leasing

If you’re looking to own a car, there are several options. Do you want a new car? A used car? Or do you simply want to lease it? We will go through the benefits of each and help you decide.

Buying New

If you think buying a new car looks appetizing, here are some benefits:

You can customize it however you want: If you buy a new car, choose the exact color and model that suits you. You can also add additional features to your vehicle that increase your car’s comfort and make changes along the way.
You can take advantage of the latest technology: Unlike old cars that don’t have the latest technology, new models do. The new technology cars have is ADAS and infotainment systems that elevate your traveling experience. The technology also helps in saving fuel, saving you money in the long run.

You’ll have a warranty: When you buy a new car, manufacturers give you a warranty so you can fix the vehicle free of charge. We all know how expensive repairing car damage is.
They are more durable than used cars: New cars won’t break down often. You’d best believe it won’t break down in the middle of the road anytime soon.
You’ll own it for a long time: You’ll be the sole owner of the car and can keep it for as long as you want.

Buying Used

Buying a used car may look like a good path to go down, and it’s. Here’s what good will come from it:

You’ll save money: Models depreciate once they become old. That will help you get an exceptional car without spending much money. With newer models, you must spend a lot to get a good car.

You’ll incur low insurance prices: Unlike newer models, the value of used cars is lower; hence they have lower insurance prices attached to them. You’ll be saving a lot of money each month because of it.
You can make sure that it’s reliable: Through the reviews from previous owners, you can ensure the car works well. You can also make sure to choose that the previous owners have maintained the car well, which increases its reliability.
You’ll have many cars to choose from: There are many used cars in the market. You’ve no limit on the number of colors, and models and make year to choose from. You’ll find something that is more catered for you.

Your car will depreciate slowly: New cars depreciate quickly during the first years, while used cars don’t depreciate as fast. So, if you decide to sell your used car soon, You’ll get most of your money back, which isn’t the same for new ones.

Leasing

If you don’t want to fully own a car right now, leasing a car may be a viable option. The following are advantages to it:

You’ll have decreased monthly payments: What you’ll pay monthly for a rented car is less than what you’ll pay for a new car. That is because you’re accounting for the car’s depreciation value for the duration of the lease. You’ll save money in the long run while having a good car.
You can take advantage of new technology: You can rent a new car with new technologies like reduced fuel costs and ADAS.
You’ll have a warranty: Most rented cars have a warranty; hence, the manufacturer usually takes care of unaccounted-for breakdowns. You’ll not be removing anything from your pocket and not have to worry about where to take the car for repair.

You’ll have flexibility: At the end of your lease term, you can quickly return the car to the owner and choose another one. You’ll not have to go through the hassle of bargaining for a reasonable price for your car if you need another one.

Final Thoughts

In July 2023, if you want a car, there are many things to consider. Firstly, before browsing the options in the market, you need to have a good idea of what new things the market has to offer. You should also know there are three ways to own a car: buying a new car, a used car, or leasing one. Each has its benefits, so make sure you look through each one.