Should I buy a new or used car?
Last updated: January 1
When deciding whether to buy a new or used car, there are a few factors to consider. Purchase price, depreciation, upkeep, ownership length, and interest costs all factor into the decision. Certain vehicles depreciate more rapidly than others. A new vehicle generally has lower repair and maintenance costs, especially if the manufacturer offers a service plan. Lastly, new vehicle loan rates offered with new cars tend to be lower than for used cars.