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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 ins and outs of securely taking out loans to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee

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They ensure that what we write is objective, accurate and trustworthy. We have loans reporters and editors focus on the things that consumers are interested about the most — the different types of lending options and the most competitive rates, the best lenders, ways to repay debt, and many more — so you’ll be able to feel secure when making a decision about your investment. Integrity in editing

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If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for more than four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, which means that you can trust that our content is honest and precise. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial decisions. The content created by our editorial team is factual, objective and is not influenced from our advertising. We’re transparent about the ways we’re able to bring quality content, competitive rates and practical tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and, services, or by you clicking on specific links that are posted on our website. So, this compensation can impact how, where and in what order items appear within listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range can also impact the manner in which products appear on this website. Although we try to provide an array of offers, Bankrate does not include the details of every credit or financial product or service. It’s the decision millions of car owners take each year: Should you purchase a brand-new car or opt for an older car in order to cut costs? The decision between a brand new car’s smell or a pre-owned vehicle comes down to more than just cost -however, it’s a crucial factor. New cars cost $716 per month, while the used cars average at $526 according to Experian’s data for the fourth quarter of 2022. If you’re looking to save money on your initial purchase, a pre-owned vehicle is an excellent option. But , you’ll have to think about the price over the duration of ownership, including maintenance and repairs. You might find that purchasing new is the most cost-effective option to save money. What you should take away

New is often 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 compromise on certain features in order to save money on the initial purchase and insurance.

Compare the costs of new vs. used vehicles There are options for scouting out your purchase, whether it’s brand-new or secondhand. You can find new cars at local dealerships or through search engines such as or Edmunds. Used cars are offered through dealerships, but you can also find them and possibly cheaper- through independent dealers as well as private-party sellers and superstores such as . In general, used cars are cheaper than brand new vehicles. But both have increased dramatically in value over the past few years. New car loans have increased from a monthly average of $554 in 2019 and $667 in 2022, which is an 18.5 percent difference. Used cars also saw the most dramatic jump, from $391 on average to $515 and a 27.4 percent variation. To best prepare for the costs of owning a carwhether it’s new or usedand give you an idea of costs for purchase and maintenance costs over five years. Here’s the breakdown of prices from Edmunds for a brand new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Pre-owned for 2017 Honda Accord EX-L

Price of the typical listing

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated cost of the first year of maintenance expenses

$140

1 371 monthly installments are built on the average interest rates for both new and used vehicles as of Q1 2022 and a 60 month term. Repair and maintenance expenses in during the initial year are according to Edmunds. The price shouldn’t be the only thing you consider when selecting the right car. You must also consider factors like depreciation, safety features, reliability as well as your own preferences. Things to consider when purchasing a new car. Buying a brand new car is a lower-maintenance investment that is based on the most recent technology. Benefits of purchasing a new car comes with a variety of options — many of which you can choose from if you can find the right dealer. Customization: The primary benefit of buying a new vehicle is the possibility of having it fitted to your personal preferences and preferences. You can choose the color and design you want and request any add-ons that you like. Technology advancements is a practical benefit too — you will drive off with the latest technologies as well as safety equipment. Better interest rates: With the purchase of a brand new vehicle it is more likely to receive the best interest rate when you take out an auto loan than you would with buying a used car, often by a few percentage points. Reliability: You won’t have to deal with any undiscovered mechanical issues when purchasing a brand new. Plus, the should limit your expenditure on repairs and maintenance in the initial year of your ownership. Pros of buying new, buying new is more costly and has a few disadvantages that could eat away at your pocket. The cost is higher The newer cars are usually many thousands of dollars more expensive 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 amount at which your vehicle decreases in value. According to the old saying, new vehicles lose value when you take them off the lot. New vehicles will lose 20 percent of their value during the first year. depreciation will continue throughout at least 10 years following the purchase. More expensive insurance costs: New cars often cost more to insure because of the higher risk of theft, higher value and other related elements. If you think that this is the best choice for you, make sure you plan your budget and be aware of . Making the right decision about when to buy your car will help you cut down on initial costs. Things to consider when purchasing used vehicles typically have less cost and depreciate more slowly but they have other issues to be aware of. Advantages of buying used a used car, you could reduce the cost of your monthly payment, insurance and other fees. Furthermore, depreciation may occur at a slower pace. Consider the following benefits Cheaper: Used vehicles’ primary benefit is that they are generally less expensive than their new counterparts. If you find the exact model you’re interested in a couple of years old can save you thousands of dollars. Reduced insurance costs and fees: Many pre-owned cars carry lower fees for titling and sales tax. It can save you money on the sale and throughout the course of the car’s lifespan. A slower depreciation rate: Older vehicles also appreciate more slowly. Rather than losing 20 percent of its value within the first year of ownership, a three-year-old car would likely only lose close to 10. Cons of buying used may necessitate you to alter your priorities when you are ready to purchase your next car look up the car’s history and invest additional funds to keep the car in good condition. Making compromises: You’ll have to search to find the color, style and design you’re looking for. Even then you could have to make some compromises. The market for cars is highly competitive right now, and you may be unable to tick every box. The car’s history: You’ll have to also check the vehicle’s maintenance record to make sure it was owned by the original owner who was responsible for the vehicle. It’s wise to bring the vehicle to a trusted mechanic for a thorough check-upwhich includes a brake inspection and engine test prior to concluding any deal. Expect to pay about $100 for the work of the mechanic however it’s worth it. Increased maintenance costs even if the vehicle is in decent condition the used vehicle will inevitably need more repairs and maintenance in the future. This could eat into the savings you make from your initial purchase, so consider your long-term budget when deciding between new or used. If you’re trying to save money on your initial purchase, a pre-owned car is a good choice. However, you must consider the costs over the life of ownership which includes maintenance and repairs. Pre-owned certified options If you’re leaning toward buying used but are hesitant about trusting the vehicle’s history then a certified pre-owned vehicle is an excellent choice. A certified used car is a used car that has undergone a complete examination by the dealer or the manufacturer. They are an equalizer between used and new vehicles in terms of cost upfront since you’ll pay extra to have the vehicle inspected. This certification adds value for drivers who want the safety of a vehicle that is in good condition, but without the price tag of a brand new car. What should you consider when deciding whether to buy a new or used vehicle Deciding between a new or used vehicle will come from a combination of factors like your budget and tastes and preferences. Be aware of these aspects when choosing the type of vehicle that is right for you. Budget multiple costs are usually lower when you buy an used car rather than a new one. Everything from dealer costs will be less expensive when you purchase a second-hand vehicle. The vehicle you pick the cost of buying it will typically be lower for a used vehicle. When you crunch the numbers to determine much car you can afford take a look beyond the monthly payment and insurance. Be sure to include annual registration costs, fuel expenses maintenance and repairs. Bells and whistles One benefit of purchasing an all-new car is that it’ll come with modern technology and safety features. Additionally, if being in a position to choose a specific colour or design of the interior is important to you, a new car purchase can help you achieve this. If you buy a used car you might have to spend a long time searching to get the exact car you want. However, the pleasure of choosing the right tire package such as a sound system, seating or seating could not justify the cost-savings of skipping these add-ons and buying used. And if you have concerns about the safety of the vehicle you’re considering using the tools on the site to verify the safety rating. Maintenance needs A slightly older could have higher maintenance costs, and this is a crucial consideration when you’re living on a small budget for household expenses. The majority of the maintenance involved with a brand-new car is likely to be covered under warranty. However, if you’re considering a used car that’s no longer covered under warranty, this isn’t necessarily an issue. It’s possible to get the extra protection you require. The average extended warranty costs approximately $1,480. However, you could spend far more or less, based on the model of your car and the amount of coverage you choose. How to find the best deal on your car Whether you decide to buy new or used, keep in mind that research into the vehicle is the most vital element in . The research you conduct should include examining the model’s safety record as well as the insurance cost and the cost-to-own for five years. It is important to consider these factors when making the right choice. You should also take the time to test-drive multiple vehicles and shop around with a few sellers, getting quotes from several . Ensure that you get the lowest monthly payments and the most competitive financing terms to save the most of your hard-earned cash in your pockets. The main thing to consider is whether you want new and used cars comes down to several factors, including the concern you have about depreciation, budget, determination to have specific features, and the length of time you’re hoping to own your vehicle. When you’ve got a car in your mind, research and prior to going to the dealer for the most affordable price. Learn more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with precise, well-researched and clear details that cut complicated topics into digestible pieces.

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