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6 min read . Published on December 1, 2022.

Authored 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 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 dedicated to helping their readers to control their finances by providing clear, well-researched facts that break down complex topics into manageable bites. The Bankrate guarantee

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We make sure that everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans reporters and editors concentrate on the things that consumers are interested about most — various types of loans available, the best rates, the top lenders, the best ways to repay debt, and much more. So you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors, reporters and editors produce honest and reliable content that will assist you in making the right financial choices. The key principles We respect your confidence. Our mission is to provide our readers with truthful and impartial information, and we have standards for editorial content in place to ensure that is the case. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you’re reading is accurate. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU the reader. Our aim is to provide you the best guidance to make intelligent financial decisions for your personal finances. We adhere to the strictest guidelines in order to make sure that content isn’t affected by advertisements. Our editorial team receives no directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you’re reading an article or reviewing you can be sure that you’re getting reliable and dependable information. How we earn money

If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial choices. The content we create by our editorial staff is objective, factual and is not influenced from our advertising. We’re honest about the ways we’re able to bring quality information, competitive rates and helpful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or through you clicking specific links on our website. So, this compensation can impact how, where and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home lending products. Other elements, such as our own proprietary website rules and whether a product is available within your region or within your own personal credit score could also affect the way and place products are listed on this site. We strive to offer an array of offers, Bankrate does not include the details of every financial or credit product or service. This is the decision that millions of car buyers take each year: Should you purchase a brand new car or opt for an older car to save money? Making the decision between that brand-new car smell or an older model is more than pricehowever, it’s a crucial element. Driving new costs $716 per month, whereas used averages at $526, according to Experian’s data for the fourth quarter of 2022. If you are trying to save money on your initial purchase, a pre-owned car is a good choice. But you’ll need to consider the costs over the course of ownership, which includes maintenance and repairs. You might find that purchasing new is the better choice to save money. The most important thing to remember

Buying new can be a good choice if you require the most recent features as well as lower maintenance costs at the beginning. It is possible to buy used if you are willing to sacrifice some features to save on the initial purchase as well as insurance.

Compare the costs of new or. used vehicles There are a variety of options to check for your next purchase, brand new or pre-owned. There are new cars available at a local dealership or search on websites such as or Edmunds. Used cars are available at dealerships, however they are also available and possibly cheaper- through independent dealers, private-party sellers or superstores like , or . In general used vehicles are more affordable than brand new ones. However, both have seen a dramatic increase in price over the last few years. New car payments have jumped from a monthly median of $554 in the year 2019 to $667 in 2022, which is an 18.5 percentage difference. Used cars also saw an astronomical increase from $391 on average to $515 which is a 27.4 percent difference. To best prepare for the cost of owning a careither used or new -it can provide an idea of the cost of buying and maintenance costs for five years. Here’s a price breakdown of Edmunds for a brand-new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Refurbished for 2017 Honda Accord EX-L

Typical listing price

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated cost of the first year of maintenance expenses

$140

The $1,371 monthly payments are calculated upon the average interest rates for new and used vehicles in Q1 2022, and a 60-month duration. Repair and maintenance costs in during the initial year are according to Edmunds. The price shouldn’t be the only factor that you take into consideration when selecting the right car. It is also important to consider depreciation security features, reliability, and your personal preferences. Things to consider when purchasing a new car Buying a new car will require less maintenance with the latest technology. Benefits of purchasing a new car comes with a wide range of features — many of which you are able to choose when you find the perfect dealership. Customization: The primary benefit of buying a new car is that you can get it customized to suit your needs and preferences. You can choose the color and style you like and add any additional features that you like. Current technology: There are practical advantages also — you’ll be driving away with the most recent technology and safety features. Better interest rates: With a new car purchase it is more likely to receive the best interest rate on an auto loan as opposed to buying a used car typically by a couple of percentage points. Reliability: You won’t have to worry about any undiscovered mechanical issues in the event that you purchase a new. Plus, the should limit your expenditure on repairs and maintenance in the initial years of ownership. Pros of buying new purchasing a brand new car is more costly and has some disadvantages that could eat away at your wallet. Costlier: New cars are often several thousands of dollars more expensive than predecessors that are used, which can cause a down payment or monthly loan payment more expensive to pay for. Depreciation: There’s also the issue of to consider the rate at which your car decreases in value. The saying goes that new cars are worthless when you drive them off the lot. New vehicles lose 20% of their value during the first year, and depreciation is continued throughout the first 10 years of ownership. Higher insurance costs: New cars often cost more to insure due to their greater risk of theft, their higher value , and other factors. If you think that this is the best option for you, make a think about and consider . It is important to plan your purchase in advance and could help reduce initial costs. Things to consider when purchasing used cars typically come with a lower price tag and appreciate more slowly, but they have other issues to look out for. Advantages of buying used a pre-owned vehicle, you can save money on the monthly payment, insurance and other fees. Additionally, depreciation is likely to be slower. Have a look at the following benefits less expensive The primary benefit is that they’re generally cheaper than new counterparts. The same model you want a few years old could help you save a couple thousand dollars. Lower insurance costs and fees: Many pre-owned cars carry less titling, registration and sales taxes. It can save you money on the purchase and over the course of the car’s lifespan. A slower depreciation rate: Older cars also depreciate much more slowly. Instead of losing 20 percent of its value in the initial year after purchase the car that is three years old will likely only lose close to 10. Cons of buying used may necessitate you to alter your list of wants when you are ready to purchase your next car look up the car’s history and spend extra funds to keep the car in good condition. Making compromises: You’ll need to look for the color, style and design you want. And even then, you may have to make some compromises. The car market is extremely competitive at the moment and you might not be able to tick all the mark. The car’s history: You’ll be required to verify the car’s maintenance records to ensure that the previous owner was responsible for it. It’s wise to bring the vehicle to a trusted mechanic for a routine checkupfor example, a brake test and engine test — prior to concluding any deal. It is possible to shell out around $100 for the mechanic’s efforts however, it’s worth the cost. More expensive maintenance costs even if the vehicle is in good shape an older car will require more maintenance and repairs over time. This can eat away at the savings you earn from your initial purchase, so be sure to consider your long-term financial plan when choosing new versus used. If you’re looking to reduce the cost of your first purchase, a pre-owned car is an excellent option. However, you must be aware of the expenses in the long run — including maintenance and repairs. Certified pre-owned options If you’re leaning toward purchasing a used car but are uncertain about relying on the car’s past, a vehicle is an excellent choice. A certified pre-owned vehicle is a pre-owned vehicle which has passed a rigorous inspection by either the dealer or the manufacturer. They are a middle ground between used and new vehicles in terms of upfront price because you’ll have to pay to have the vehicle inspected. This additional certification is perfect for drivers who want the safety of a vehicle in mint condition with the cost of a brand-new vehicle. How to choose between a brand new or used car Deciding between a brand-new or used car comes down to factors including the financial aspect and your preferences and preferences. Take into consideration these factors when deciding which type of purchase is the best choice for you. Budget Multiple costs are typically less expensive when you purchase an used car rather than buying a brand new one. Everything from dealer charges will be less expensive when you purchase a second-hand vehicle. Depending on the vehicle you select, the purchase price will also typically be less for a used car. If you are calculating the numbers to determine how much car you can afford, look beyond the monthly payments and insurance. Include annual registration fees, fuel costs maintenance and repairs. The bells and whistles one benefit of purchasing a brand new vehicle is that it will include modern technology as well as safety equipment. Additionally, if being in a position to choose a specific vehicle color or interior finishes is important to you, then 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. However, the pleasure of choosing the right tires such as a sound system, seating or seating might not be worth the cost savings by avoiding these accessories and instead purchasing used. If you’re concerned regarding the safety of the vehicle you’re looking at using the tools on the website to determine the safety rating. Maintenance needs A slightly older might have more expensive 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 a used car that’s no longer covered under warranty, this isn’t necessarily a deal breaker. It’s possible to get the protection you want. The typical extended warranty is approximately $1,480. However, you can pay higher or lower, depending on the model of your car and the level of coverage you select. How to find the best price on your vehicle, whether you decide to buy either used or new, you must remember that researching the vehicle is the most important factor in . Your research should include checking the car’s safety history along with the cost of insurance and the five-year cost-to-own. Make sure to assist you in making a decision. It is also advisable to consider a test drive of several vehicles and compare prices with a few dealers, getting quotes from several . Be sure to get the lowest monthly payments and most competitive financing terms to save more of your hard-earned money in your pocket. The bottom line Deciding between new and used cars comes down to several factors, including the concern you have about depreciation, budget, your desire to get certain features and how long you’re hoping to own your car. When you’ve got a car in your mind, research and before you head to the dealer for the best deal. Find out more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans 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 the confidence to manage their finances through providing precise, well-researched and clear information that breaks down complex topics into manageable bites.

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