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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 smarter financial decisions by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements 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 site are from companies that compensate us. This compensation may impact how and where products are displayed on this site, including the sequence in which they be listed within the categories of listing, except where prohibited by law for our loans, mortgages, and other home loan products. However, this compensation will 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 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 in navigating the details of taking out loans 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 the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing concise, well-researched and accurate information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise

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At Bankrate we strive to help you make better financial decisions. We adhere to the highest standards of ethical standards ,

This post could contain references to products from our partners. Here’s how we earn money . The Bankrate promise

Founded in 1976, Bankrate has a long track history of helping people make smart financial choices.

We’ve earned this name for over four decades by simplifying the process of financial decision-making

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We make sure that everything we publish is objective, accurate and reliable. We have loans journalists and editors focus on the areas that consumers are concerned about most — various types of loans available as well as the best rates, the top lenders, how to pay off debt and much more. So you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters produce honest and reliable content to aid you in making the best financial choices. Our main principles are that we appreciate your trust. Our goal is to provide our readers with truthful and impartial information. We have established editorial standards 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 true. We have a strict separation with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU the reader. Our aim is to provide you the most accurate information to assist you in making wise financial choices for yourself. We follow rigorous guidelines that ensure our content isn’t influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and all of our content is verified to guarantee its accuracy. So whether you’re reading an article or a review you can be sure that you’re receiving reliable and dependable information. How we make money

You have money questions. Bankrate has answers. Our experts have helped you understand 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 standard of conduct, which means that you can trust that our content is truthful and reliable. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the right financial decisions. Our content produced by our editorial staff is factual, objective and uninfluenced from our advertising. We’re honest regarding how we’re able to bring quality content, competitive rates, and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods andservices or through you clicking specific links that are posted on our site. This compensation could affect the way, location and when 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 products for home loans. Other factors, like our own rules for our website and whether the product is available within the area you reside in or is within your own personal credit score may also influence how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about each financial or credit item or service. It’s the decision millions of car buyers take each year: Should you purchase a brand-new car or choose to purchase an older vehicle for savings? The decision between a brand new car’s smell or an older model comes down to more than just cost -however, it’s a crucial element. The cost of a new car is $716 per month while used cars average at $526 according to Experian’s for the fourth quarter of 2022. If you’re looking to reduce the cost of your first purchase, a used car is a good choice. But you’ll need to consider the cost over the life of ownership, which includes maintenance and repairs. It could be that buying new is the best option to save money. Key takeaway

Buying new can be a good choice if you want the latest features and lower maintenance costs at the beginning. A used purchase might be better when you’re willing to sacrifice certain features in order to save money on the initial purchase as well as insurance.

Compare costs: New or. used cars There are a variety of options to check the best deal, it’s brand-new or secondhand. New cars can be found at local dealerships or search on websites such as or Edmunds. Used cars are offered at dealerships, however they are also available and possibly cheaperthrough independent dealers as well as private-party sellers and superstores such as . In general used vehicles are more affordable than brand new ones. But both have increased dramatically in cost over the past few years. The cost of new cars has risen from a monthly median of $554 in 2019 to $667 in 2022, which is an 18.5 percent difference. Also, used cars experienced the most dramatic jump, from an average of $391 to $515 and a 27.4 percent difference. In order to be prepared for the costs of owning a vehicle -either used or new -it can provide an idea of the cost of buying and maintenance costs over five years. Here’s a price breakdown from Edmunds for a brand new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Used 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 costs

$140

1 371 monthly installments are built upon the average rates of interest 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. Price should not be the only aspect you think about when choosing an automobile. You should also weigh vehicle depreciation, safety features, reliability and your personal preferences. Considerations when buying a new car. Buying a brand new vehicle is a less-maintenance investment in the newest technology. Pros of buying new A new car is equipped with a wide range of features that you get to pick when you locate the right dealership. Customization: The primary benefit of buying a new car is the possibility of having it customized to suit your needs and preferences. You can choose the color and design you want and request any add-ons that you like. Current technology: There are practical advantages as well. You will be driving away with the most recent technology as well as safety equipment. Higher interest rates: With a new car purchase it is more likely to receive the best interest rate on an auto loan than with buying a used car, often by a few percentage points. Reliability: You don’t have to deal with any hidden mechanical problems when you buy new. Plus, the should limit your expenditure on repairs and maintenance during the initial years of ownership. Cons of buying new Unfortunately, buying new is more costly and comes with a few negatives that could cost you your pocket. More expensive The newer cars are usually several thousands of dollars higher than used counterparts, which could make a down-payment or monthly loan payments more difficult to manage. Also, you’ll have depreciation to contend with , or the rate at which your car is worthless. As the saying goes, new cars lose value the moment you take them off the lot. That means that new cars lose 20 percent of their value in the first year, and depreciation is continued over the first 10 years of ownership. Costs for insurance are higher Newer cars are generally more to insure because of their higher chance of theft, higher value , and other aspects. If you do think that this is the best choice for you, 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 typically have the lowest price and appreciate more slowly, but have other shortcomings to be aware of. Advantages of buying used an used car, you will reduce the cost of your monthly installment, insurance and other costs. Additionally, depreciation is likely to be slower. Take a closer look at these key benefits below less expensive The main benefit is 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 a couple thousand dollars. Reduced insurance costs and fees: Many pre-owned cars carry lower , titling fees and sales taxes. You could save money both on the lot and over the life of the vehicle. Slower depreciation: Used cars also depreciate slower. Rather than losing 20% of its value in the initial year after purchase a three-year-old car would likely just lose 10 percent. A negative experience with buying used might make you adjust your list of wants 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 research to find the style, color and you desire. And even then, you may have to make some compromises. The car market is extremely competitive at the moment and you may not be able to tick all the checkbox. Car history: You will be required to verify the car’s maintenance records to ensure you know that previous owners was able to take good care of the vehicle. It’s wise to bring the vehicle to a trusted mechanic for a checkup -for example, a brake test and engine test prior to concluding any deal. It is possible to shell out around $100 for the services of a mechanic however, it’s worth it. More expensive maintenance costs even if your car is in relatively good condition, a used car will require more maintenance and repairs over time. This could reduce the savings you earn from the initial purchase, so consider your long-term budgeting when selecting new or used. If you’re trying to reduce the cost of your first purchase, a used vehicle is an excellent option. However, you must be aware of the expenses throughout the duration of ownership — including maintenance and repairs. Certified pre-owned options If you’re thinking of buying used but are hesitant about relying on the history of the vehicle, a vehicle is a great choice. A certified used car is a used car which has passed a rigorous inspection by either the dealer or manufacturer. These cars are an equalizer between brand new and used cars in terms of upfront price as you’ll be charged in order to get the check. This additional certification is perfect for drivers who want the safety of a vehicle that is in good condition, but with the cost of a brand-new vehicle. What should you consider when deciding between a brand new or used car Deciding between a new or used car will come from a combination of financial considerations and your tastes and requirements. Be aware of these aspects when choosing which type of purchase is right for you. Budget multiple costs are usually lower when you buy a used vehicle rather than buying a brand new one. Everything from dealer charges will be less expensive when you buy a used vehicle. The vehicle you choose, the purchase price is usually lower for a used vehicle. If you are calculating the numbers to figure out how much you can afford for a car, look beyond the monthly installment and insurance. Include annual registration fees, fuel costs 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 as well as safety equipment. Furthermore, if you want to be capable of choosing a particular car color or interior finish is essential to you, a new car purchase will make this easier. When purchasing a used car you might have to spend a long time searching to get precisely what you desire. Still, the luxury of selecting the most suitable package for tires such as a sound system, seating or seating could not justify the cost savings by avoiding these add-ons and buying second-hand. And if you have concerns regarding the safety of the vehicle you’re considering using the tools on the to check the safety rating. Maintenance needs A slightly older could have higher maintenance expenses, which 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 covered by warranty. However, if you’re considering an old car that’s not longer covered by warranty, this isn’t necessarily a deal breaker. It’s possible to get the protection you want. The average extended warranty costs approximately $1,480. However, it is possible to pay much higher or lower, depending on your vehicle and the amount of coverage you choose. How to find the best price on your vehicle, whether you choose to purchase a brand new or used, remember that conducting a thorough research on the car is the most crucial element in . The research you conduct should include examining the model’s safety record 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 make the effort to test drive several vehicles and compare prices with a few sellers by getting estimates from several . Ensure that you get the lowest monthly cost and the most competitive financing terms to ensure that you keep the most of your hard-earned cash in your pockets. The final decision between new and used is a matter of balancing to many factors, including the concern you have about depreciation, budget, desire to get specific features, and the length of time you plan on having your car. Once you have a car in mind, shop around prior to heading to the dealership for the best 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 specializes in assisting readers to navigate the details of borrowing money to purchase an automobile. Written 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 take control of their finances by providing clear, well-researched information that breaks down complicated topics into digestible pieces.

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