New Vs. Used Car Calculator
The average used car costs less than the average new car by about two-thirds. But cost isn’t everything — you must consider aspects such as the amount you drive, length of ownership, vehicle value and your lifestyle. To find out if financing a new or used vehicle is right for you, answer the following questions for tailored advice.
Should you get a new or used car?
At the simplest level, buying used instead of new will cost you less money. But buying used may also mean compromising on the newest available features. Purchasing new can be a good choice if you are comfortable spending a bit more money and want the most advanced features and lower initial maintenance costs.
Considerations when buying new
Purchasing a new vehicle comes with improved reliability, better interest rates and the option to customize your purchase directly to your needs. But it also carries a higher purchase cost, more expensive insurance and a faster depreciating vehicle.
When shopping for new vehicles be sure to research ahead of time and test drive different versions of the model you are interested in.
Considerations when buying used
A used car carries an unknown driving history and potentially high maintenance costs. But it will be less expensive, hold cheaper insurance rates and depreciate at a slower rate.
When shopping for a used car consider a certified pre-owned option. This vehicle will boast the perk of a low price tag while still holding the assurance of a vehicle that's well taken care of.