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Should you buy a new or used car? Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare data for no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. But this compensation does not influence the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial deals that might be open to you. Peter Cade/Getty Images
6 min read . Published December 01, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ins and outs of securely borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for more than four years. We continually strive to give our customers the right advice and the tools required to make it through life's financial journey. Bankrate adheres to a strict code of conduct standard of conduct, which means that you can trust that our information is trustworthy and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is factual, objective and uninfluenced by our advertisers. We're transparent about the ways we're able to bring quality content, competitive rates and practical tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or through you clicking specific links on our website. This compensation could impact how, where and in what order products are listed and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other elements, such as our own website rules and whether or not a product is available within the area you reside in or is within your self-selected credit score range may also influence the manner in which products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service. It's the decision millions of car buyers make each year: Do you buy a brand-new ride or opt for an older vehicle for savings? The decision between a brand new car's smell or a pre-owned vehicle will be more than price- but it's an important aspect. The cost of a new car is $716 per month while used averages at $526, according to Experian's data for the fourth quarter of 2022. If you are trying to save money on your initial purchase, a used car is a great option. But you'll need to consider the price over the duration of ownership, which includes maintenance and repairs. You might find that purchasing new is the most cost-effective option for your finances. Key takeaway
Buying new can be the best option if require the most recent features as well as lower maintenance costs at the beginning. A used purchase might be better when you're willing to sacrifice some features to lower the initial purchase as well as insurance.
Compare costs: New or. used cars There are many options to scope the best deal, new or used. New cars can be found at local dealers or by searching on sites like or Edmunds. Used cars can be found through dealerships, however, you can also locate them and possibly cheaperthrough independent dealers, private-party sellers or superstores such as . In general, used cars are cheaper than brand new ones. However, both have seen a dramatic increase in price over the last few years. New car loans have increased from a monthly average of $554 in 2019 to $667 in 2022. That's an 18.5% difference. Also, used cars experienced a drastic jump from $391 on average to $515 which is which is a 27.4 percentage difference. To best prepare for the expense of owning a vehicle -whether it's new or used- and can give you an idea of costs for purchase and five-year maintenance costs. Here's a price breakdown by Edmunds for a brand-new Honda Accord versus a used one. New 2022 Honda Accord EX-L
Pre-owned 2017 Honda Accord EX-L
The typical listing price
$35,338
$22,895
Estimated monthly payment
$668
$449
Estimated first year of maintenance expenses
$140
1 371 monthly installments are built on average interest rates for new and used vehicles in Q1 2022, and a 60-month term. Maintenance and repair expenses for during the initial year are based on to Edmunds. The price shouldn't be the only thing you think about when choosing a car. You should also weigh vehicle depreciation security features, reliability, and your personal preferences. Things to consider when purchasing a new car. Buying a brand new car is a lower-maintenance investment with the latest technology. Benefits of purchasing a new car is equipped with a variety of options -- many of which you get to pick if you can find the right dealership. Customization: One of the main benefits of buying a new car is the possibility of having it fitted to your personal preferences You can pick the color and style that you like and add any additional features that you like. Modern technology: There are practical advantages too -- you will drive off with the latest technologies as well as safety equipment. Better interest rates: With an investment in a brand-new car it is more likely to secure the best interest rate for an auto loan than with a used car purchase usually by a few percentage points. Reliability: You won't have to contend with any potential undiscovered mechanical issues when you buy new. In addition, you can limit your expenditure on repairs and maintenance during the initial year of your ownership. The disadvantages of buying a new car, buying new is more expensive and comes with a few disadvantages that could eat away at your wallet. The cost is higher The newer cars are usually hundreds of dollars higher than older counterparts, which can make a down payment or monthly loan payment more expensive to pay for. Depreciation: There's also the issue of to contend with , or the speed at which your vehicle is worthless. The saying goes that new cars lose value when you drive them off the lot. That means that new vehicles lose 20% of their value in the first year of ownership, and depreciation is continued for at least 10 years following the purchase. Higher insurance costs Newer cars are generally more to insure due to their higher chance of theft, higher price and other factors. If you decide that is the right option for you, make a make sure you plan your budget and be aware of . Timing your car purchase carefully and can reduce some upfront costs. When buying used, you should consider the following considerations. vehicles usually have the lowest price and depreciate more slowly but have other shortcomings to watch for. Benefits of purchasing used an used car, you could save money on the monthly installment, insurance and other charges. Additionally, depreciation is likely to happen at a slower rate. Take a closer look at the following benefits Cheaper The primary benefit is that they're generally cheaper than new counterparts. The same model you want a few years old can save you some thousand dollars. Lower insurance costs and fees A lot of pre-owned cars have less titling, registration and sales tax. You could save money both on the sale and throughout the course of the car's lifespan. A slower depreciation rate: Older cars also depreciate more slowly. Instead of losing 20 percent of its value within its first few years of ownership, a three-year-old car would likely just lose 10 percent. The negatives of purchasing used could necessitate you to alter your list of wants for your next ride look up the car's history and put aside money to keep the car in good condition. Making compromises: You'll need to look for the color, style and design you want. Even then, you may have to make some compromises. The car market is extremely competitive and you may not be able to check every checkbox. Car history: You will be required to verify the maintenance history of your vehicle to ensure it was owned by the original owner who was responsible for it. It's wise to bring the car to a trusted mechanic for a thorough check-upfor example, a brake test and engine check prior to concluding any deal. It is possible to pay about $100 for the services of a mechanic however, it's worth the cost. Costs for maintenance will increase even if the vehicle is in decent condition the used vehicle will inevitably need more maintenance and repairs over time. This could reduce the savings you make from the initial purchase, so be sure to consider your long-term financial plan when choosing new or used. If you are trying to save money on your initial purchase, a used vehicle is a good choice. However, you must take into account the cost in the long run -- including maintenance and repairs. Pre-owned certified options If you're leaning toward purchasing a used car but are uncertain about relying on the car's past then a certified pre-owned vehicle is an excellent option. A certified used car is one that has undergone a complete examination by the dealer or manufacturer. These vehicles are considered to be an equalizer between brand new and used cars in terms of price upfront since you'll pay extra for the inspection. This extra certification is ideal for drivers who want the safety of a vehicle that is in excellent condition without the price tag of a brand new car. What should you consider when deciding whether to buy a new or used car The decision between buying a brand new or used vehicle will come down to a variety of factors, including factors like your budget and tastes and requirements. Take into consideration these factors when deciding which one is right for you. Budget Multiple costs are typically cheaper when you buy an older vehicle instead of an entirely new model. Everything from the to dealer charges are less costly when you buy a used vehicle. The vehicle you select the price of purchase is usually lower for a used vehicle. If you are calculating the numbers to determine how much car you can afford, look beyond the monthly payments and insurance. Include annual registration costs, fuel expenses maintenance and repairs. The bells and whistles one advantage of buying a brand new vehicle is that it'll come with the latest technology in safety and technology. Furthermore, if you want to be capable of choosing a particular colour or design of the interior is important to you, then a new car purchase will help you achieve this. When purchasing a used car it is possible to spend hours trying to find the exact car you want. However, the pleasure of choosing the best package for tires and sound system, or even seating might not be worth the cost-savings of skipping these accessories and instead purchasing used. If you're concerned regarding the safety of the car you're thinking about buying, use the tools found on the site to verify the safety rating. Maintenance requirements A car that is older may have higher maintenance costs, which is a crucial consideration when you're living on a small household budget. The majority of the maintenance involved with a new car is likely to be covered under warranty. However, if you're considering an old car that's not longer covered by warranty, this isn't necessarily a deal breaker. You may be able to obtain the protection you want. The average extended warranty cost about $1480, however you can pay higher or lower, depending on the model of your car and the amount of coverage you select. What can you do to get the best price on your vehicle, whether you opt to buy a new or used, you must remember that researching the vehicle is the most important factor in . The research you conduct should include examining the car's safety history as well as the insurance cost and the cost-to-own for five years. Try to help make an informed choice. Also, consider a test drive of multiple vehicles and shop around with a few sellers and get quotes from a variety of . Ensure that you get the lowest monthly payments and the most competitive financing terms to keep more of your hard-earned dollars in your pocket. The bottom line Deciding between new and used cars comes down to several factors, including your concerns around depreciation, budget, decision to purchase specific features, and the length of time you're hoping to own your car. If you've got a vehicle in mind, shop around and before you head to the dealership for the best deal. Find out more
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-studied details that cut complicated topics into digestible pieces.
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