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Financial Education

Financial Fitness Tip

New vs Used Auto- Which Is Best? 

One of the biggest dilemmas consumers have when in the market for a vehicle is whether to buy new or used. While each situation is unique, here are a few things for you to consider before making a decision.

New Auto 

  • Fewer repair costs during initial warranty
  • Initial cost can be higher, but interest rates generally lower
  • New cars depreciate in value quickly
  • Up-to-date technology and features

Used Auto

  • Get vehicle inspected before making purchase
  • May be cheaper to buy
  • Have to account for repairs/maintenance
  • Lower costs for insurance and taxes

Factors such as gas mileage and overall maintenance costs can factor into your decision as well. Whatever it is you decide, LOC's low-interest rates can help you save money and put you in your dream car. So check with us before you start shopping.

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