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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 goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows you to conduct your own research and compare information for free to help you make sound 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 Earn money The products that are advertised on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other products for home loans. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be available to you. Peter Cade/Getty Images

6 minutes read. Published on December 1, 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 taking out loans to buy 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 precise, well-researched, and well-written facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee

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We make sure that everything we publish is objective, accurate and trustworthy. Our loans reporter and editor are focused on the areas that consumers are concerned about most — various types of loans available, the best rates, the most reliable lenders, the best ways to pay off debt and much more. So you can feel confident when making your decision to invest your money. Integrity in editing

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You have money questions. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We strive to continuously provide consumers with the expert advice and the tools required to make it through life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial decisions. The content we create by our editorial team is factual, objective and is not influenced by our advertisers. We’re open about how we are in a position to provide quality content, competitive rates, and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or when you click on certain links posted on our site. So, this compensation can 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, mortgage and other home loan products. Other factors, like our own rules for our website and whether the product is offered in the area you reside in or is within your personal credit score could also affect the manner in which products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. It’s the decision millions of car owners make each year: Do you purchase a brand-new car or choose to purchase an older car for savings? Making the decision between that brand-new car smell or a pre-owned vehicle will be more than pricehowever, it’s a crucial factor. The cost of a new car is $716 per month, while the used averages at $526, according to Experian’s for the fourth quarter of 2022. If you’re trying to lower the cost of your initial purchase, a second-hand car is a good choice. But , you’ll have to think about the costs over the course of ownership, which includes maintenance and repairs. You might find that purchasing new is the most cost-effective option for your finances. What you should take away

New is often the best option if want the latest features and lower maintenance costs at the beginning. Buying used might fit better when you’re willing to compromise on certain features in order to save money on the initial purchase as well as insurance.

Compare the costs of new vs. used vehicles There are a variety of options to check for your next purchase, it’s brand-new or secondhand. There are new cars available at local dealerships or search on websites such as or Edmunds. Used cars can be found through dealerships, but they are also available and possibly cheaperthrough independent dealers as well as private-party sellers and superstores such as . In general the case of used cars, they are less expensive than new cars. But both have increased dramatically in price over the last few years. The cost of new cars has risen from a monthly average of $554 in 2019 and $667 by 2022, which is an 18.5% difference. Also, used cars experienced an astronomical increase from an average of $391 to $515 which is which is a 27.4% difference. To best prepare for the costs of owning a vehicle — new or used -and give you a sense of purchase costs and five-year maintenance costs. Here’s a breakdown of the price by Edmunds for a brand-new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Refurbished for 2017 Honda Accord EX-L

The typical listing price

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated cost of the first year of ownership maintenance expenses

$140

$1,371 Monthly payments are based on the average interest rates for new and used vehicles as of Q1 2022 and a 60-month period. Maintenance and repair expenses for during the initial year is according to Edmunds. Price shouldn’t be the only factor you think about when choosing an automobile. It is also important to consider depreciation, safety features, reliability and your personal preferences. When buying a brand new car Buying a new vehicle is a less-maintenance investment with the latest technology. The advantages of buying a new car comes with a range of features that you can choose from when you find the right dealer. Customization: The main benefit of purchasing a brand new car is that you can get it outfitted to your preferences and preferences. You can choose the color and style you like and add any additional features that you like. Modern technology is a practical benefit as well. You will get a car that is equipped with the latest technology as well as safety equipment. Better interest rates: With a new car purchase it is also more likely to get a better interest rate on an auto loan than with a used car purchase, often by a few percentage points. Reliability: You won’t have to deal with any issues with your mechanical system when you buy new. In addition, you can limit your expenditure on repairs and maintenance in the initial years of ownership. Cons of buying new Unfortunately, buying new is more expensive and comes with a few negatives that could cost you your wallet. The cost is higher new cars are typically many thousands of dollars more expensive than their predecessors that are used, which can cause a down payment or monthly loan payments more difficult to manage. Depreciation: There’s also the issue of to deal with the amount at which your vehicle loses value. As the saying goes, new cars lose value the moment you take them off the lot. New vehicles lose 20% of their value within the first year. depreciation will continue over up to 10 years after the initial purchase. Costs for insurance are higher Newer cars are generally more to insure because of their greater risk of theft, higher value and other related elements. If you do choose that it is the best option for you, you should plan and look out for . Making the right decision about when to buy your car and could help reduce initial expenses. Things to consider when purchasing used vehicles typically have the lowest price and appreciate more slowly, but they have other issues to watch for. Pros of buying used With a used vehicle, you can reduce the cost of your monthly payments, insurance, and other costs. Additionally, depreciation is likely to be slower. Take a closer look at these benefits below: Less expensive The main benefit is that they are generally more affordable than their brand new counterparts. If you find the exact model you’re interested in a couple of years old can save you thousands of dollars. Costs and insurance fees are lower A lot of pre-owned cars have lower fees for titling and sales taxes. You could save money both on the purchase and over the course of the car’s lifespan. Depreciation is slower: used cars also depreciate more slowly. Rather than losing 20 percent of their value within the initial year after purchase a three-year-old car would likely only lose around 10 percent. The negatives of purchasing used could make you adjust your priorities when you are ready to purchase your next car, research the car’s history and put aside money to keep the car in good condition. Making compromises: You will have to search to find the color, style and design you desire. And even then you could have to make compromises. The car market is extremely competitive at the moment, and you may not be able to check every mark. Car history: You’ll also need to check the maintenance history of your vehicle to confirm it was owned by the original owner who took good care of it. It’s wise to bring the vehicle to a trusted mechanic for a checkup — including a brake check and engine test — prior to closing any deal. Expect to pay around $100 for the mechanic’s efforts however, it’s worth it. Costs for maintenance will increase: Even if the car is in good shape the used vehicle will eventually require maintenance and repairs over time. This could reduce the savings you earn from your initial purchase, so you should consider your long-term budget when deciding between new or used. If you are trying to save money on your initial purchase, a used car is a good choice. But , you’ll have to take into account the cost over the life of ownership which includes repairs and maintenance. Certified pre-owned alternatives 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 choice. A certified pre-owned car is a pre-owned vehicle that has undergone a complete inspection by the dealership or manufacturer. These cars are an intermediate between used and new vehicles in terms of price upfront because you’ll have to pay for the inspection. This certification adds value for those who need security from a car that is in good condition, but with the cost of a brand-new vehicle. How to choose whether to purchase a brand-new or used car Deciding between a new or used vehicle will come down to factors including factors like your budget and tastes and needs. Take into consideration these factors when deciding which one is the best choice for you. Budget Multiple costs are often cheaper when you buy an used car rather than an entirely new model. Everything from the to dealer costs will be less expensive when you purchase a second-hand vehicle. Depending on the vehicle you choose the price of purchase is usually lower for a used vehicle. When you crunch the numbers to determine much car you can afford, look beyond the monthly payment and insurance. Include annual registration costs, fuel expenses as well as repairs and maintenance. Bells and whistles One benefit of purchasing a new car is that it will include the latest technology and safety features. Additionally, if being able to select a specific car color or interior finish is important to you, then a new car purchase can make this easier. If you buy a used car, you may have to do a lot of looking for the exact car you want. However, the pleasure of selecting the most suitable package for tires such as a sound system, seating or seating may not outweigh the cost savings by avoiding these extras and purchasing a used. And if you have concerns regarding the safety of the vehicle you’re looking at using the tools on the site to verify the safety rating. Maintenance needs An older model might have more expensive maintenance costs, and this is a crucial consideration when you have a limited household budget. The majority of the maintenance involved with a brand new vehicle is covered by warranty. But if you’re leaning toward an old car that’s not longer under warranty, it’s not necessarily an issue. It’s possible to get the protection you want. The typical extended warranty is approximately $1,480. However, you can pay more or less, based on the model of your car and the protection you choose. How do you find the most affordable price on your vehicle, whether you decide to buy either used or new, remember that researching the vehicle is the most vital element in . The research you conduct should include examining the model’s safety record, insurance costs and the cost-to-own for five years. Try to help make an informed choice. You should also consider a test drive of several vehicles and compare prices with a couple of sellers and get quotes from a variety of . Ensure that you get the lowest monthly payment and the most competitive terms for financing to keep more of your hard-earned dollars in your pockets. The bottom line Deciding between new and used is a matter of balancing to several factors, including your concerns around depreciation, your budget, your decision to purchase specific features, and the length of time you plan on having your vehicle. If you’ve got a vehicle in mind, shop around prior to heading to the dealer for the best price. 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 in navigating the ways and pitfalls of borrowing money to purchase cars. 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 gain confidence to manage their finances with concise, well-studied facts that break down complicated topics into digestible pieces.

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