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Do you want to purchase 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 better financial choices by offering interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this site, including for instance, the order in which they may appear in the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that could be accessible to you. Peter Cade/Getty Images

6 minutes read. Published on December 1, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the ins and outs of securely taking out loans to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances with precise, well-researched, and well-written facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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At Bankrate we are committed to helping you make better financial decisions. We adhere to the highest standards of journalistic integrity ,

This article may include some references to products offered by our partners. Here’s a brief explanation of how we earn money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track experience of helping customers make smart financial choices.

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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. We have loans reporter and editor concentrate on the points consumers care about most — the various kinds of loans available, the best rates, the best lenders, ways to repay debt, and much more. So you’ll be able to feel secure when making a decision about your investment. Integrity of the editing

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters provide honest and trustworthy content to assist you in making the right financial decisions. Key Principles We value your trust. Our goal is to offer readers truthful and impartial information. We have standards for editorial content in place to ensure this is the case. Our editors and reporters rigorously verify the truthfulness of content in order to make sure that the information you’re reading is correct. We maintain a firewall with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment through our sponsors. Editorial Independence Bankrate’s editorial staff writes in the name of YOU the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team is not paid directly from advertisers, and all content is verified to guarantee its accuracy. So, whether you’re reading an article or reviewing you can be sure that you’re getting credible and reliable information. How we make money

If you have questions about money. Bankrate has answers. Our experts have helped you understand your money for more than four years. We are constantly striving to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and precise. Our award-winning editors and reporters produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced by our advertisers. We’re transparent regarding how we’re capable of bringing high-quality content, competitive rates, and practical tools for our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods or services, or through you clicking specific links that are posted on our website. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether a product is offered in your region or within your personal credit score can also impact how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. It’s the choice that millions of car buyers take each year: Should you buy a brand-new ride or go with an older vehicle for savings? Making the decision between that brand-new car smell or a used car is more than price- but it’s an important aspect. The cost of a new car is $716 per month, whereas used averages at $526, according to Experian’s figures for the fourth quarter of 2022. If you are trying to lower the cost of your initial purchase, a used car is a good choice. But you’ll need to consider the cost over the life of ownership, including the maintenance as well as repairs. It could be that buying new is the better choice to save money. The most important thing to remember

New is often the best option if are looking for the most modern features and lower initial maintenance costs. Buying used might fit better when you’re willing to sacrifice some features to lower the initial purchase as well as insurance.

Compare the costs of new and. used cars There are options for scouting the best deal, new or used. There are new cars available at local dealers or by searching on sites such as or Edmunds. Used cars are available through dealerships, however, you can also find them (which could be cheaper)- through independent dealers, private-party sellers or superstores like , or . In general used vehicles are more affordable than new cars. But both have increased dramatically in price over the last few years. New car loans have increased from a monthly median of $554 in 2019 and $667 in 2022. That’s an 18.5 percent difference. Also, used cars experienced the most dramatic jump, from $391 on average to $515 which is an increase of 27.4 percentage variation. To best prepare for the expense of owning a car- new or used -and give you a sense of purchase costs 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

Typical listing price

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated first year of maintenance expenses

$140

$1,371 Monthly payments are based on the average interest rates for both new and used cars 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 that you take into consideration when selecting the right car. You must also consider factors like depreciation and safety features, as well as reliability and your preferences. Considerations when buying a new car. Buying a brand new car will require less maintenance with the latest technology. The advantages of buying a new car comes with a range of features that you get to pick when you locate the perfect dealership. Customization: The main benefit of buying a new car is that you can get it fitted to your personal preferences You can pick the color and design you like and add any additional features that appeal to you. Technology advancements: There are practical advantages too — you will get a car that is equipped with the latest technology as well as safety equipment. Better interest rates: With an investment in a brand-new car you’re also more likely to get a better interest rate on an auto loan than with a used car purchase usually by a few percentage points. Reliability: You don’t have to deal with any issues with your mechanical system when you buy new. Plus, the should limit the amount you spend on maintenance and repairs in the initial year of your ownership. Pros of buying new, buying new is more expensive and comes with a few downsides that can dent your budget. More expensive: New cars are often many thousands of dollars more expensive than their predecessors that are used, which can make a down payment or monthly loan payment more expensive to pay for. Also, you’ll have depreciation to contend with , or the amount at which your vehicle decreases in value. According to the old saying, new cars are worthless when you drive them off the lot. That means that new cars lose 20 percent of their value during the first year of ownership, and depreciation will continue over the first 10 years of ownership. More expensive insurance costs: New cars often cost more to insure due to the higher risk of theft, higher value , and other elements. If you decide that is the right option for you, you should plan and look out for . Timing your car purchase carefully and can reduce some upfront costs. Things to consider when purchasing used vehicles typically have a lower price tag and appreciate more slowly, but have other shortcomings to watch for. Pros of buying used With a pre-owned car, you will save money on the monthly payment, insurance and other fees. Furthermore, depreciation may happen at a slower rate. Have a look at the following benefits Cheaper: Used vehicles’ primary advantage is that they are 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 lower fees for titling and sales taxes. You could save money both on the lot and over the life of the vehicle. A slower depreciation rate: Older vehicles also appreciate slower. Rather than losing 20% of its value in the first year of ownership an older car of three years would only lose close to 10 percent. The negatives of purchasing used could require you to adjust your wish list when you are ready to purchase your next car, research the car’s history and invest additional funds to keep the car in good condition. Making compromises: You will need to look for the design, color and style you want. And even then, you may have to make some compromises. The market for cars is highly competitive and you may not be able to check every box. Car history: You will have to also check the car’s maintenance records to confirm you know that previous owners was responsible for it. It’s wise to bring the vehicle to a trusted mechanic for a routine checkup- including a brake check and engine test prior to closing any deal. Expect to pay about $100 for the mechanic’s efforts, but it is well worth the cost. Increased maintenance costs even if the vehicle is in decent condition an older car will inevitably need more repairs and maintenance in the future. This can eat away at the savings you earn from your first purchase, so you should consider your long-term financial plan when choosing new versus used. If you are trying to save money on your initial purchase, a used vehicle is an excellent option. But you’ll need to consider the costs throughout the duration of ownership which includes maintenance and repairs. Certified pre-owned options If you’re thinking of buying used but are hesitant about relying on the car’s past then a certified pre-owned vehicle is an excellent choice. A certified pre-owned vehicle is a used car which has passed a rigorous inspection by either the dealer or manufacturer. These cars are an equalizer between used and new vehicles in terms of upfront price since you’ll pay extra for the inspection. This extra certification is ideal for those who need security from a car that is in excellent condition without the price tag of a brand-new vehicle. How to choose whether to buy a new or used car The decision between buying a brand new or used vehicle will come down to factors including financial considerations and your tastes and preferences. Consider these issues when choosing the type of vehicle that is right for you. Budget Multiple costs are often less expensive when you purchase an older vehicle instead of a new one. Everything from the to dealer charges are less costly when you purchase an older vehicle. Based on the car you select the price of purchase will typically be lower for a used vehicle. If you are calculating the numbers to determine much you can afford for a car take a look beyond the monthly payment and insurance. Make sure you include annual registration costs, fuel expenses, maintenance and repairs. Bells and whistles One benefit of purchasing a brand new vehicle is that it will include the most recent technologies in safety and technology. Additionally, if being capable of choosing a particular car color or interior finish is important to you, a new car purchase will make this easier. If you are buying a used vehicle, you may have to spend a long time looking for the exact car you want. But, the benefits of choosing the right tires and sound system, or even seating could not justify the cost-savings of skipping these accessories and instead purchasing second-hand. If you’re concerned regarding the security of the vehicle you’re considering, use the tools found on the site to verify the safety rating. Maintenance requirements A car that is older may have higher maintenance costs, and this is an important consideration if you’re on a tight household budget. A large portion of the maintenance that comes with a new car is likely to be covered under warranty. If you’re thinking of a used car that’s no longer under warranty, it’s not necessarily an issue. It’s possible to get the protection you want. The average extended warranty cost about $1480, however you could spend far more or less, based on the model of your car and the level of coverage you choose. How do you find the most affordable price on your vehicle, whether you opt to buy a new or used, you must remember that research into the vehicle is the most vital element in . The research you conduct should include examining the model’s safety record along with the cost of insurance and five-year cost-to-own. Try to help make a decision. It is also advisable to take the time to test-drive multiple vehicles and shop around with a couple of sellers, getting quotes from several . Ensure that you get the lowest monthly payments and most competitive financing terms to ensure that you keep more of your hard-earned dollars in your pocket. The final decision between new and used is a matter of balancing to several factors, including the concern you have about depreciation, your budget, your decision to purchase certain features and how long you plan on having your vehicle. If you’ve got a vehicle you want to purchase, do some research prior to heading to the dealer for the most affordable price. Find out more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of borrowing money to purchase a car. 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 confidence to manage their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.

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