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Do you need to buy a brand 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 better financial choices by providing you with interactive financial calculators and tools as well as publishing original and impartial content. This allows you to conduct research and evaluate information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not include the universe of companies or financial offers that may be available to you. Peter Cade/Getty Images

6 min read Published December 01, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase cars. Edited 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 take control of their finances with precise, well-researched, and well-written information that breaks down complex topics into manageable bites. The Bankrate guarantee

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If you have questions about money. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can trust that our information is trustworthy and precise. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial choices. The content we create by our editorial staff is factual, objective and uninfluenced through our sponsors. We’re honest regarding how we’re able to bring quality content, competitive rates and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or when you click on certain links posted on our site. So, this compensation can influence the manner, place and when products are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own proprietary website rules and whether a product is available in your area or at your self-selected credit score range can also impact how and where products appear on this site. Although we try to provide a wide range offers, Bankrate does not include the details of every credit or financial product or service. This is the decision that millions of car owners make each year: Do you purchase a brand-new car or go with an older vehicle to save money? Making the decision between that brand-new car smell or a pre-owned vehicle comes down to more than just cost — but it’s an important aspect. New cars cost $716 per month, whereas used averages at $526, according to Experian’s for the fourth quarter of 2022. If you are trying to save money on your initial purchase, a used vehicle is an excellent option. However, you must consider the price over the duration of ownership — including the maintenance as well as repairs. You might find that purchasing new is the most cost-effective option for your budget. The most important thing to remember

New is often a good choice if you are looking for the most modern features and lower maintenance costs at the beginning. A used purchase might be better when you’re willing to compromise certain features in order to save money on the initial purchase and insurance.

Compare costs: New vs. used vehicles There are many options to scope for your next purchase, new or used. New cars can be found at local dealers or search on websites like or Edmunds. Used cars are offered through dealerships, however, you can also locate them (which could be cheaper)- through independent dealers as well as private-party sellers and superstores like , or . In general, used cars are cheaper than brand new ones. But both have increased dramatically in price over the last few years. New car loans have increased from a monthly average of $554 in the year 2019 to $667 in 2022. That’s an 18.5 percentage difference. Used cars also saw a drastic jump from an average of $391 to $515 which is which is a 27.4 percent variation. For the best way to prepare for the cost of owning a car- new or used — and can give you an idea of the cost of buying and maintenance costs for five years. Here’s the breakdown of prices of Edmunds for a brand new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Used in 2017 Honda Accord EX-L

Price of the typical listing

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated first year of maintenance costs

$140

The $1,371 monthly payments are calculated upon the average rates of interest for both new and used vehicles as of Q1 2022 and a 60 month period. Repair and maintenance costs in your first year as a new owner are based on to Edmunds. The price shouldn’t be the only thing you consider when selecting an automobile. It is also important to consider depreciation, safety features, reliability and your personal preferences. Things to consider when purchasing a new car. Buying a brand new vehicle is a less-maintenance investment that is based on the most recent technology. The advantages of buying a new car is equipped with a range of features including many that you get to pick when you find the right dealer. Customization: The primary benefit of purchasing a brand new car is the possibility of having it outfitted to your preferences — you can select the color and style you like and add any additional features that you like. Current technology is a practical benefit also — you’ll get a car that is equipped with the latest technologies and safety features. More favorable interest rates: When you make the purchase of a brand new vehicle you’re more likely to secure the best interest rate for an auto loan than with an used vehicle purchase usually by a few percentage points. Reliability: You won’t have to worry about any issues with your mechanical system when purchasing a brand new. Plus, the should limit the amount you spend on repairs and maintenance during the initial months of owning. The disadvantages of buying a new car, buying new is more expensive and comes with a few downsides that can dent your pocket. More expensive new cars are typically several thousands of dollars higher than used counterparts, which could make a down-payment or monthly loan payments harder to afford. Depreciation: There’s also the issue of to consider the speed at which your vehicle is worthless. As the saying goes, new cars lose value as soon as they leave the lot. that new vehicles lose 20% of their value in the first year. depreciation continues for at least 10 years following the purchase. Costs for insurance are higher 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 choice for you, make sure you plan your budget and be aware of . Making the right decision about when to buy your car and could help reduce initial costs. Things to consider when purchasing used vehicles typically have a lower price tag and appreciate more slowly, but they have other issues to watch for. Advantages of buying used a pre-owned car, you could save money on the monthly payment, insurance and other fees. Plus, depreciation will likely occur at a slower pace. Have a look at these benefits below Cheaper: Used vehicles’ primary advantage is that they’re generally more affordable than their brand new counterparts. The same model you want a few years old can save you thousands of dollars. Costs and insurance fees are lower: Many pre-owned cars carry less titling, registration and sales tax. It can save you money on the lot and over the car’s life. Depreciation is slower: used vehicles also appreciate slower. Instead of losing 20 percent of their value in its first few years of ownership, the car that is three years old will likely only lose close to 10 percent. A negative experience with buying used might necessitate you to alter your wish list for your next ride, research the car’s history and spend extra funds to maintain the vehicle. Making compromises: You will have to search to find the style, color and you desire. And even then, you may have to make some compromises. The market for cars is highly competitive at the moment and you may not be able to tick all the checkbox. Car history: You will also need to check the maintenance history of your vehicle to make sure it was owned by the original owner who was responsible for the vehicle. It’s advisable to bring the vehicle to a reputable mechanic for a checkup -for example, a brake test and engine test — prior to closing any deal. It is possible to shell out around $100 for the services of a mechanic, but it is well worth it. Increased maintenance costs even if your car is in decent condition an older car will eventually require repairs and maintenance in the future. This could eat into the savings you earn from the initial purchase, so be sure to consider your long-term financial plan when choosing new or used. If you’re trying to lower the cost of your initial purchase, a pre-owned car is an excellent option. But you’ll need to consider the costs over the life of ownership which includes maintenance and repairs. Certified pre-owned alternatives If you’re leaning toward purchasing a used car but are uncertain about relying on the car’s past, a vehicle is an excellent option. A certified pre-owned car is one which has passed a rigorous inspection by the dealership or manufacturer. These cars are an intermediate between new and used vehicles in terms of upfront price as you’ll be charged for the inspection. This additional certification is perfect for drivers who want security from a car that is in excellent condition without the expense 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 car comes down to a variety of factors, including the financial aspect and your preferences and needs. Consider these issues when choosing which one is best for you. Budget Multiple costs are typically cheaper when you buy an used car rather than a new one. Everything from dealer fees will be less expensive when you buy a used vehicle. The vehicle you choose the price of purchase will also typically be less for a used car. When you calculate the numbers to determine how you can afford a car consider more than the monthly payments and insurance. Include annual registration fees, fuel expenses, maintenance and repairs. Bells and whistles One advantage of buying an all-new car is that it comes with the most recent technologies as well as safety equipment. What’s more, if being capable of choosing a particular car color or interior finish is important to you, a new car purchase will simplify this. When purchasing a used car it is possible to spend hours searching to get exactly what you want. Still, the luxury of selecting the most suitable package for tires and sound system, or even seating may not outweigh 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 you should use the tools available on the to check the safety rating. Maintenance requirements A car that is older might have more expensive maintenance expenses, which is important to consider if you’re on a tight household budget. The majority of the maintenance involved with a brand-new car will likely be 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 can to get the protection you want. The typical extended warranty is about $1480, however it is possible to pay much more or less, based on the model of your car and the level of coverage you choose. What can you do to get the best price on your vehicle, whether you decide to buy the new model or used one, keep in mind that conducting a thorough research on the car is the most crucial element in . The research you conduct should include examining the safety rating of the vehicle, insurance costs and five-year cost-to-own. It is important to consider these factors when making an informed choice. It is also advisable to take the time to test-drive several vehicles and compare prices with a few sellers, getting quotes from several . Make sure you are getting the lowest monthly payment and the most competitive terms for financing to ensure that you keep 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 a variety of factors, such as the concern you have about depreciation, budget, your determination to have certain features and how long you plan on having your vehicle. When you’ve got a car you want to purchase, do some research and before you head to the dealer, make sure you get the best deal. Learn more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to purchase a car. The article was edited 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 take control of their finances through providing clear, well-researched details that cut complicated topics into digestible pieces.

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