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Do you want to purchase a used or new car? 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 providing you with interactive financial calculators and tools as well as publishing original and impartial content, by enabling you to conduct your own research and compare information for free - so that you can 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 Earn money The products that are advertised on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity 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 contain the universe of companies or financial offers that may be open to you. Peter Cade/Getty Images
6 min 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 ins and outs of securely borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances through providing precise, well-researched, and well-written information that breaks down complicated subjects into digestible pieces. The Bankrate promise
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At Bankrate we aim to help you make better financial choices. We adhere to the highest standards of ethical standards ,
this post may contain the mention of products made by our partners. Here's an explanation for how we earn money . The Bankrate promise
In 1976, Bankrate was founded. Bankrate has a long record of helping people make smart financial choices.
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They ensure that what we write is objective, accurate and reliable. The loans reporters and editors focus on the areas that consumers are concerned about the most -- the different types of lending options as well as the best rates, the top lenders, the best ways to pay off debt and much more. So you'll be able to feel secure when making a decision about your investment. Integrity of the editing
Bankrate follows a strict standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and reporters produce honest and reliable information to aid you in making the best financial decisions. The key principles We respect your confidence. Our aim is to provide readers with accurate and unbiased information. We have established editorial standards to ensure this is the case. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're receiving is true. We keep a barrier between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive any direct payment 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 wise financial choices for yourself. We adhere to rigorous guidelines that ensure our content isn't in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and all of our content is verified to guarantee its accuracy. Therefore when you read an article or a review it is safe to know that you're receiving reliable and reliable information. What we do to earn money
There are money-related questions. Bankrate can help. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and precise. Our award-winning editors and journalists create honest and accurate content to help you make the right financial choices. The content created by our editorial team is objective, factual and is not influenced by our advertisers. We're open about how we are able to bring quality information, 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 receive compensation for placement of sponsored products andservices or by you clicking on certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage, home equity and other products for home loans. Other factors, such as our own website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range may also influence how and where products appear on this site. We strive to offer an array of offers, Bankrate does not include information about each financial or credit item or service. It's the decision millions of car owners make every year: Should you buy a brand-new ride or opt for an older car for savings? Deciding between that new car smell or a pre-owned vehicle will be more than priceand it's a significant element. The cost of a new car is $716 per month, whereas used vehicles average $526, according to Experian's data for the fourth quarter of 2022. If you're looking to reduce the cost of your first purchase, a second-hand car is a good choice. But , you'll have to think about the price over the duration of ownership, which includes repair and maintenance. You might find that purchasing new is the better choice for your finances. What you should take away
New is often the best option if are looking for the most modern features and 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 and. used vehicles There are a variety of options to check the best deal, brand new or pre-owned. New cars can be found at local dealers or through search engines like or Edmunds. Used cars are available through dealerships, however, they are also available and possibly cheapervia independent dealers and private-party sellers, or through superstores such as . In general, used cars are cheaper than brand new vehicles. However, both have risen dramatically in price over the last few years. New car payments have jumped from a monthly median of $554 in 2019 and $667 in 2022, which is an 18.5% difference. The used cars saw the most dramatic jump, from $391 to $515, which is a 27.4 percent difference. In order to be prepared for the costs of owning a vehicle -either used or new -- and can give you an idea of costs for purchase and maintenance costs over five years. Here's the breakdown of prices of Edmunds for a brand new Honda Accord versus a used one. New 2022 Honda Accord EX-L
Refurbished 2017 Honda Accord EX-L
Price of the typical listing
$35,338
$22,895
Estimated monthly payment
$668
$449
Estimated first year of maintenance costs
$140
The $1,371 monthly payments are calculated on average rates of interest for both new and used vehicles as of Q1 2022, and a 60-month duration. Maintenance and repair costs in during the initial year is according to Edmunds. The price shouldn't be the only factor you think about when choosing the right car. You should also weigh vehicle depreciation, safety features, reliability and your personal preferences. When buying a brand new car. Buying a brand new vehicle is a less-maintenance investment that is based on the most recent technology. Benefits of purchasing a new car is equipped with a wide range of features that you get to pick if you can find the perfect dealership. Customization: The main benefit of buying a new car is that you can have it outfitted to your preferences -- you can select the color and design you like and add any additional features that appeal to you. Current technology: There are practical advantages as well. You will be driving away with the most recent technology and safety features. More favorable interest rates: When you make the purchase of a brand new vehicle it is more likely to receive an interest rate that is better for an auto loan than you would with a used car purchase, often by a few percentage points. Reliability: You don't have to worry about any issues with your mechanical system when purchasing a brand new. Plus, the should limit your spending on repairs and maintenance during the first few years of ownership. The disadvantages of buying a new car, buying new is more costly and has some disadvantages that could eat away at your wallet. Costlier new cars are typically many thousands of dollars more expensive than their predecessors that are used, which can make a down payment or monthly loan payments more difficult to manage. Depreciation: There's also the issue of to contend with , or the speed at which your vehicle loses value. According to the old saying, new vehicles lose value as soon as you drive them off the lot. that new cars lose 20 percent of their value during the first year of ownership, and depreciation continues for at least 10 years following the purchase. Higher insurance costs new cars typically cost more to insure due to the higher risk of theft, greater value , and other factors. If you do think that this is the best choice for you, plan and look out for . Making the right decision about when to buy your car and can reduce some upfront expenses. When buying used, you should consider the following considerations. vehicles usually have the lowest price and appreciate more slowly, but have other shortcomings to look out for. Benefits of purchasing used an used car, you could reduce the cost of your monthly payment, insurance and other fees. Furthermore, depreciation may occur at a slower pace. Take a closer look at the following benefits less expensive The primary advantage 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 Some pre-owned vehicles have lower fees for titling and sales taxes. You could save money both on the sale and throughout the car's life. Depreciation is slower: used cars also depreciate more slowly. Rather than losing 20 percent of their value within the initial year after purchase, the car that is three years old will likely just lose 10. Cons of buying used may necessitate you to alter your wish list for your next ride and research the history of the car and put aside money to maintain the vehicle. Making compromises: You will need to look for the style, color and you desire. And even then, you may have to make compromises. The car market is extremely competitive right now, and you may be unable to tick every box. The car's history: You'll also need to check the car's maintenance records to confirm you know that previous owners was able to take good care of the vehicle. It's wise to bring the vehicle to a reputable mechanic for a routine checkup- including a brake check and engine test -- prior to concluding any deal. You can expect to pay about $100 for the mechanic's efforts, but it is well worth the cost. Increased maintenance costs: Even if the car is in good shape the used vehicle will require more repairs and maintenance over the course of time. This could reduce the savings you earn from your first purchase, so be sure to consider your long-term budgeting when selecting new versus used. If you are trying to save money on your initial purchase, a used car is an excellent option. But you'll need to be aware of the expenses over the life of ownership -- including maintenance and repairs. Certified pre-owned alternatives If you're leaning toward buying used but are hesitant about relying on the car's past, a vehicle is a great choice. A certified pre-owned car is a pre-owned vehicle that has undergone a complete examination by the dealer or the manufacturer. They are an intermediate between new and used vehicles in terms of cost upfront because you'll have to pay to have the vehicle inspected. This additional certification is perfect for a driver who wants the safety of a vehicle that is in good condition, but without the expense of a brand new vehicle. How to choose whether to purchase a brand-new or used vehicle The decision between buying a brand new or used car comes down to factors including the financial aspect and your preferences and requirements. Take into consideration these factors when deciding which one is the best choice for you. Budget Multiple costs are typically lower when you buy an used car rather than a new one. Everything from dealer charges will be less expensive when you purchase an older vehicle. The vehicle you choose the cost of buying it is usually lower when you buy a pre-owned car. If you are calculating the numbers to figure out how much car you can afford consider more than the monthly payment and insurance. Be sure to include annual registration costs, fuel expenses as well as repairs and maintenance. The bells and whistles one benefit of purchasing an all-new car is that it'll come with modern technologies and safety features. Furthermore, if you want to be capable of choosing a particular car color or interior finish is important to you, a new car purchase will help you achieve this. When purchasing a used car, you may have to spend a long time searching to get the exact car you want. Still, the luxury of selecting the most suitable package for tires, sound system or seating could not justify the cost-savings of skipping these add-ons and buying used. If you are concerned regarding the security of the vehicle you're considering, use the tools found on the site to verify whether it has a safety score. Maintenance needs A slightly older might have more expensive maintenance expenses, which is important to consider if you're on a tight household budget. Much of the maintenance associated with a brand new vehicle is covered by warranty. However, if you're considering an older car that is no longer covered by warranty, it's not an issue. You may be able to obtain the protection you want. The typical extended warranty is about $1480, however you can pay higher or lower, depending on your vehicle and the amount of coverage you choose. How to find the best deal on your car Whether you decide to buy either used or new, remember that research into the vehicle is the most vital element in . Your research should include checking the model's safety record, insurance costs and five-year cost-to-own. Make sure to assist you in making an informed choice. Also, make the effort to test drive various vehicles and talk with a couple of sellers by getting estimates from several . Make sure you are getting the lowest monthly payment and the most competitive terms for financing to save more of your hard-earned dollars in your pocket. The main thing to consider is whether you want new and used comes down to several factors, including the concerns you have regarding depreciation, your budget, your decision to purchase certain features and how long you're planning to keep your car. If you've got a vehicle you want to purchase, do some research and before you head to the dealer for the most affordable price. 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 has a specialization in helping readers to navigate the details of borrowing money to purchase a car. 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 readers gain confidence to manage their finances by providing clear, well-researched details that cut otherwise complicated subjects into bite-sized pieces.
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