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Do you want to purchase a new or used vehicle? Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies that compensate us. This compensation could affect how and when products are featured on this site, including for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity, and other home lending products. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial offerings that could be open to you. Peter Cade/Getty Images

6 min read . Published December 01, 2022

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee

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Established in 1976, Bankrate has a proven track history of helping people make wise financial decisions.

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so you can trust that we’re putting your interests first. All of our content was created with and edited

who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. The loans reporters and editors focus on the things that consumers are interested about most — various kinds of loans available and the most competitive rates, the best lenders, ways to repay debt, and many more — so you’ll feel safe making a decision about your investment. Editorial integrity

Bankrate follows a strict and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors and journalists provide honest and trustworthy information to aid you in making the best financial decisions. Key Principles We appreciate your trust. Our aim is to offer readers accurate and unbiased information. We have editorial standards in place to ensure that occurs. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re receiving is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn’t receive compensation directly by our advertising partners. Editorial Independence Bankrate’s editorial staff writes in the name of YOU the reader. Our aim is to provide you the most relevant information to assist you in making intelligent financial decisions for your personal finances. We follow strict guidelines to ensure that our editorial content isn’t influenced by advertisers. Our editorial team is not paid directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So, whether you’re reading an article or reviewing, you can trust that you’re receiving reliable and reliable information. How we earn money

You have money questions. Bankrate has answers. Our experts have helped you understand your finances for more than four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the best financial decisions. The content created by our editorial team is objective, factual and is not influenced from our advertising. We’re honest regarding how we’re in a position to provide quality content, competitive rates, and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products or services, or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is available within your area or at your own personal credit score could also affect how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. It’s the choice that millions of car owners make each year: Do you buy a brand-new ride or go with an older vehicle for savings? The decision between a brand new car’s smell or an older model is more than priceand it’s a significant factor. The cost of a new car is $716 per month, while the used vehicles average $526, according to Experian’s data for the fourth quarter of 2022. If you’re trying to lower the cost of your initial purchase, a second-hand car is a great option. However, you must consider the cost over the life of ownership, including the maintenance as well as repairs. It could be that buying new is the most cost-effective option for your finances. The most important thing to remember

A new purchase is a good choice if you are looking for the most modern features and lower initial maintenance costs. Buying used might fit better in the event that you’re willing to sacrifice some features to lower the initial purchase as well as insurance.

Compare prices: New vs. used cars There are many options to scope out your purchase, whether new or used. New cars can be found at local dealerships or through search engines like or Edmunds. Used cars are available at dealerships, however you can also locate them and possibly cheaper- through independent dealers and private-party sellers, or through superstores such as . In general used vehicles are more affordable than brand new vehicles. But both have increased dramatically in price over the last few years. New car loans have increased from a monthly average of $554 in 2019 and $667 in 2022. That’s which is an 18.5 percent difference. Used cars also saw a drastic jump from $391 on average to $515, a 27.4 percent difference. To best prepare for the cost of owning a car- new or used -it can provide an idea of costs for purchase and five-year maintenance costs. Here’s the breakdown of prices of 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 ownership maintenance costs

$140

The $1,371 monthly payments are calculated on average interest rates for both new and used vehicles in Q1 2022 and a 60-month duration. Maintenance and repair costs in during the initial year is according to Edmunds. Price should not be the only factor that you take into consideration when selecting a car. You should also weigh vehicle depreciation security features, reliability, and your personal preferences. Considerations when buying a new car. Buying a brand new car will require less maintenance in the newest technology. The advantages of buying a new car is equipped with a range of features — many of which you can choose from if you can find the right dealership. Customization: The primary benefit of buying a new vehicle is the possibility of having it outfitted to your preferences and preferences. You can choose the color and style that you want and request any add-ons that appeal to you. Current technology is a practical benefit as well. You will be driving away with the most recent technologies as well as safety equipment. More favorable interest rates: When you make the purchase of a brand new vehicle you’re more likely to receive the best interest rate when you take out an auto loan as opposed to a used car purchase typically by a couple of percentage points. The reliability: You won’t need to contend with any potential issues with your mechanical system when purchasing a brand new. Plus, the should limit the amount you spend on maintenance and repairs in the initial years of ownership. Pros of buying new, buying new is more expensive and comes with a few negatives that could cost you your wallet. Costlier new cars are typically many thousands of dollars more expensive than their older counterparts, which can make a down payment or monthly loan payment more expensive to pay for. Depreciation: You’ll also have to contend with , or the rate at which your car decreases in value. According to the old saying, new cars lose value when you take them off the lot. That means that new vehicles will lose 20 percent of their value during the first year of ownership, and depreciation continues for at least 10 years following the purchase. Higher insurance costs Newer cars are generally more to insure because of their higher chance of theft, greater value and other related factors. If you do decide that is the right option for you, you should plan and look out for . It is important to plan your purchase in advance and can reduce some upfront expenses. Things to consider when purchasing used cars typically come with a lower price tag and depreciate more slowly but have other shortcomings to be aware of. Pros of buying used With an used vehicle, you can reduce the cost of your monthly installment, insurance and other costs. Plus, depreciation will likely be slower. Take a closer look at the following benefits less expensive The main advantage is that they tend to be more affordable than their brand new counterparts. Getting the same model you want a few years old could save you some thousand dollars. Reduced insurance costs and fees Some pre-owned vehicles have lower fees for titling and sales taxes. You could save money both on the purchase and over the life of the vehicle. A slower depreciation rate: Older cars also depreciate slower. Rather than losing 20% of its value in its first few years of ownership a three-year-old car would likely only lose close to 10. A negative experience with buying used might make you adjust your wish list for your next ride and research the history of the car and invest additional funds to maintain the vehicle. Making compromises: You will have to research to find the design, color and style you want. And even then, you may have to make compromises. The car market is extremely competitive and you may not be able to tick all the box. Car history: You’ll have to also check the maintenance history of your vehicle to confirm you know that previous owners was able to take good care of the vehicle. It’s advisable to bring the vehicle to a trusted mechanic for a routine checkupwhich includes a brake inspection and engine test before concluding any deal. Expect to pay around $100 for the mechanic’s efforts however, it’s worth it. Costs for maintenance will increase even if your car is in good shape, a used car will inevitably need more repairs and maintenance over the course of time. This can eat away at the savings you earn from the initial purchase, so be sure to consider your long-term budgeting when selecting new or used. If you are trying to reduce the cost of your first purchase, a used car is an excellent option. But , you’ll have to take into account the cost throughout the duration of ownership — including maintenance and repairs. Certified pre-owned options If you’re leaning toward purchasing a used car but are uncertain about trusting the vehicle’s history, a vehicle is an excellent option. A certified pre-owned car is one which has passed a rigorous inspection by the dealership or the manufacturer. These cars are an intermediate between new and used vehicles in terms of price upfront since you’ll pay extra in order to get the check. This certification adds value for those who need security from a car in mint condition with the cost of a brand new vehicle. Which is the best way to decide between a brand new or used vehicle Deciding between a new or used car comes from a combination of the financial aspect and your preferences and needs. Consider these issues when choosing which one is the best choice for you. Budget multiple costs are usually lower when you buy an used car rather than an entirely new model. Everything from the to dealer charges are less costly when you purchase a second-hand vehicle. The vehicle you select, the purchase price will typically be lower for a used car. When you crunch the numbers to determine much you can afford for a car take a look beyond the monthly payments and insurance. Be sure to include annual registration fees, fuel costs, maintenance and repairs. The bells and whistles one advantage of buying a new car is that it’ll come with the most recent technologies in safety and technology. Additionally, if being in a position to choose a specific vehicle color or interior finishes is essential to you, a new car purchase will simplify this. If you are buying a used vehicle you might have to spend a long time trying to find precisely what you desire. However, the pleasure of choosing the best package for tires such as a sound system, seating or seating might not be worth the cost-savings of skipping these extras and purchasing a second-hand. If you’re concerned about the safety of the vehicle you’re looking at, use the tools found on the website to determine the safety rating. Maintenance needs An older model could have higher maintenance costs, and this is important to consider if you’re living on a small budget for your household. A large portion of the maintenance that comes with a brand new vehicle will likely be under warranty. However, if you’re considering an old car that’s not longer covered by warranty, it’s not necessarily a deal breaker. You can to get the extra protection you require. The average extended warranty cost roughly $1,480, but it is possible to pay much higher or lower, depending on the model of your car and the level of coverage you choose. How do you find the most affordable deal on your car Whether you choose to purchase a brand either used or new, you must remember that research into the vehicle is the most crucial element in . Research should include checking the car’s safety history along with the cost of insurance and five-year cost-to-own. Make sure to assist you in making an informed choice. Also, take the time to test-drive various vehicles and talk with a few sellers and get quotes from a variety of . Be sure to get the lowest monthly payment and the most competitive terms for financing to save more of your hard-earned dollars in your pocket. The main thing to consider is whether you want new and used is a matter of balancing to several factors, including the concerns you have regarding depreciation, your budget, your determination to have specific features, and the length of time you’re hoping to own your vehicle. If you’ve got a vehicle in mind, shop around and prior to going to the dealership for the most affordable price. Learn more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate 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 passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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