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Should you buy 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 choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements 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 where products appear on this site, including the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages,, and other products for home loans. But this compensation does affect the information we publish, or the reviews you read on this site. We do not include the entire universe of businesses or financial deals that might be available 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 assisting readers to navigate the ways and pitfalls of borrowing money to buy cars. The article was edited 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 their readers gain the confidence to take control of their finances through providing concise, well-researched and accurate facts that break down complex topics into manageable bites. The Bankrate promises
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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide consumers with the expert advice and the tools required to make it through life’s financial journey. Bankrate follows a strict standard of conduct, which means that you can trust 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 right financial decisions. The content we create by our editorial team is factual, objective and uninfluenced from our advertising. We’re open about the ways we’re in a position to provide quality information, 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 placement of sponsored products and, services, or by you clicking on specific links that are posted on our website. This compensation could influence the manner, place and when products are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own rules for our website and whether the product is available in 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 website. We strive to offer an array of offers, Bankrate does not include information about each financial or credit item or service. This is the decision that millions of car owners make every year: Should you purchase a brand new car or go with an older car for savings? Deciding between that new car smell or a pre-owned vehicle comes down to more than pricehowever, it’s a crucial element. The cost of a new car is $716 per month, whereas used vehicles average $526, according to Experian’s for the fourth quarter of 2022. If you’re looking to save money on your initial purchase, a second-hand car is a good choice. However, you must consider the costs over the course of ownership — including repair and maintenance. You may find that buying new is the most cost-effective option for your budget. What you should take away
A new purchase is the best option if require the most recent features as well as lower initial maintenance costs. It is possible to buy used when you’re willing to compromise on some features to save on the initial purchase and insurance.
Compare costs: New or. used cars There are a variety of options to check for your next purchase, new or used. There are new cars available at local dealerships or through search engines like or Edmunds. Used cars are available through dealerships, but you can also locate them — potentially cheaper -via independent dealers, private-party sellers or superstores like , or . In general the case of used cars, they are less expensive than new cars. However, both have risen dramatically in cost over the past few years. New car loans have increased from a monthly average of $554 in the year 2019 to $667 in 2022, an 18.5% difference. Also, used cars experienced a drastic jump from $391 to $515 and a 27.4% difference. In order to be prepared for the expense of owning a car- new or used -it can provide an idea of the cost of buying and maintenance costs over five years. Here’s a breakdown of the price from Edmunds for a brand new Honda Accord versus a used one. New 2022 Honda Accord EX-L
Pre-owned 2017 Honda Accord EX-L
Price of the typical listing
$35,338
$22,895
Estimated monthly payment
$668
$449
Estimated first year of maintenance expenses
$140
$1,371 Monthly payments are based upon the average interest rates for both new and used cars as of Q1 2022 and a 60-month period. Repair and maintenance expenses in the first year of ownership is according to Edmunds. The price shouldn’t be the only thing you consider when selecting an automobile. It is also important to consider depreciation security features, reliability, as well as your own preferences. When buying a brand new car Buying a new car is a lower-maintenance investment in the newest technology. Benefits of purchasing a new car comes with a range of features that you can choose from if you can find the right dealer. Customization: The main benefit of buying a new vehicle is that you can have it customized to suit your needs — you can select the color and style that you like and add any additional features that you like. Technology advancements is a practical benefit as well. You will be driving away with the most recent technologies with safety and security features. Higher interest rates: With the purchase of a brand new vehicle you’re more likely to secure an interest rate that is better for an auto loan than with a used car purchase, often by a few percentage points. Reliability: You won’t have to deal with any hidden mechanical problems when you buy new. Additionally, it will reduce your expenditure on repairs and maintenance in the first few years of ownership. Cons of buying new Unfortunately, buying new is more expensive and comes with a few negatives that could cost you your pocket. More expensive The newer cars are usually hundreds of dollars higher than used counterparts, which could cause a down payment or monthly loan payments harder to afford. Depreciation: There’s also the issue of to deal with the rate at which your car loses value. According to the old saying, new cars are worthless when you take them off the lot. That means that new cars lose 20 percent of their value in the first year. depreciation continues for up to 10 years after the initial purchase. Costs for insurance are higher Newer cars are generally more to insure due to the higher risk of theft, higher price and other aspects. If you do choose that it is the best option for you, make a think about and consider . It is important to plan your purchase in advance will help you cut down on initial expenses. Things to consider when purchasing used vehicles usually have a lower price tag and appreciate more slowly, however they also have other flaws to be aware of. Benefits of purchasing used a used car, you could save money on the monthly installment, insurance and other fees. Furthermore, depreciation may happen at a slower rate. Consider the following benefits: Less expensive The main benefit is the fact that they are generally more affordable than their brand new counterparts. Getting the same model you want a few years old could help you save thousands of dollars. Lower insurance costs and fees: Many pre-owned cars carry lower , titling fees and sales taxes. You could save money both on the sale and throughout the course of the car’s lifespan. Slower depreciation: Used cars also depreciate slower. Instead of losing 20 percent of its value in the first year of ownership the car that is three years old will likely just lose 10. Cons of buying used may necessitate you to alter your list of wants for your next ride and research the history of the car and spend extra funds to keep the car in good condition. Making compromises: You will have to search to find the style, color and you’re looking for. Even then you might need to compromise. The car market is extremely competitive, and you may not be able to tick all the checkbox. The car’s history: You’ll be required to verify the car’s maintenance records to ensure it was owned by the original owner who took good care of the vehicle. It is recommended to take the car to a trusted mechanic for a checkup -which includes a brake inspection and engine check prior to concluding any deal. You can expect to pay about $100 for the work of the mechanic however, it’s worth the cost. Costs for maintenance will increase even if the vehicle is in relatively good condition the used vehicle will inevitably need more repairs and maintenance in the future. This can eat away at the savings you earn from your first purchase, so consider your long-term financial plan when choosing new or used. If you’re looking to save money on your initial purchase, a pre-owned car is a great option. But , you’ll have to consider the costs over the life of ownership — including maintenance and repairs. Certified pre-owned alternatives If you’re considering purchasing a used car but are uncertain about relying on the history of the vehicle it’s a great choice. A certified used car is one that has been subjected to a thorough inspection by the dealership or the manufacturer. They are a middle ground between used and new vehicles in terms of price upfront because you’ll have to pay for the inspection. This certification adds value for a driver who wants the security of a car that is in good condition, but without the price tag of a brand new car. Which is the best way to decide whether to purchase a brand-new or used vehicle Deciding between a new or used vehicle will come down to a variety of factors, including financial considerations and your tastes and preferences. Be aware of these aspects when choosing which one is the best choice for you. Budget multiple costs are usually less expensive when you purchase an older vehicle instead of buying a brand new one. Everything from dealer charges are less costly when you buy a used vehicle. Based on the car you select the cost of buying it will also typically be less when you buy a pre-owned car. If you are calculating the numbers to determine how much car you can afford consider more than the monthly installment and insurance. Include annual registration fees, fuel expenses as well as repairs and maintenance. The bells and whistles one advantage of buying a new car is that it comes with the most recent technology and safety features. Additionally, if being in a position to choose a specific car color or interior finish is important to you, then a new car purchase can simplify this. If you are buying a used vehicle you might have to spend hours searching to get precisely what you desire. However, the pleasure of choosing the right package for tires and sound system, or even seating may not outweigh the cost savings by avoiding these add-ons and buying second-hand. If you’re concerned regarding the safety of the vehicle you’re considering you should use the tools available on the to check the safety rating. Maintenance needs An older model may have higher maintenance expenses, which is an important consideration if you’re living on a small household budget. The majority of the maintenance involved with a new car will likely be under warranty. But if you’re leaning toward a used car that’s no longer covered by warranty, it’s not an issue. You can to get the added protection you need. The average extended warranty costs approximately $1,480. However, you could spend far more or less, based on the type of vehicle you own and the protection you choose. How do you find the most affordable price on your vehicle, whether you decide to buy new or used, remember that conducting a thorough research on the car is the most vital element in . Your research should include checking the model’s safety record along with the cost of insurance and five-year cost-to-own. Make sure to assist you in making the right choice. You should also make the effort to test drive multiple vehicles and shop around with a couple of sellers by getting estimates from several . Make sure you are getting the lowest monthly payment and the most competitive financing terms to ensure that you keep more of your hard-earned money in your pocket. The main thing to consider is whether you want new and used cars comes down to many factors, including the concern you have about depreciation, budget, determination to have certain features and how long you plan on having your car. If you’ve got a vehicle 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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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing precise, well-researched and clear information that breaks down complicated subjects into bite-sized pieces.
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