When it comes to purchasing a vehicle, one of the most significant decisions you'll face is whether to buy new or used. As we approach the end of the year, the 2024 model year is winding down, and dealerships are offering enticing deals. In these uncertain economic times, does the conventional wisdom still hold true that buying used is more cost-effective than buying new? Our analysis provides fresh and surprising insights.
To crunch the numbers, we examined current deals on several popular 2024-model-year sedans and SUVs and compared them to the prices of similar models from 2022 and 2020. In some cases, with a slight increase in monthly payments, you can get a brand-new car with zero mileage and a full manufacturer warranty.
For example, the table below shows the differences for five Consumer Reports recommended vehicles: the Ford Fusion and Honda Accord sedans, and the Acura MDX, Ford Escape, and Honda Pilot SUVs. The 2022 models have 28,000 miles, and the 2020 models have 48,000 miles. The monthly payment is calculated with the assumption that the buyer puts 10% down on a 5-year loan. For the new cars, the price listed is MSRP before incentives; for the used cars, the table shows the retail price. The data is based on the average New York metro-area financing rate of 3.365% for new cars and 3.310% for used cars, according to Bankrate.
| Vehicle Model | Year | Mileage | Monthly Payment | Total Cost Over 5 Years |
|---|---|---|---|---|
| Ford Fusion | 2024 | 0 | $534 | $32,040 |
| Ford Fusion | 2022 | 28,000 | $505 | $30,300 |
| Ford Fusion | 2020 | 48,000 | $415 | $24,900 |
| Honda Accord | 2024 | 0 | $550 | $33,000 |
| Honda Accord | 2022 | 28,000 | $520 | $31,200 |
| Honda Accord | 2020 | 48,000 | $430 | $25,800 |
| Acura MDX | 2024 | 0 | $600 | $36,000 |
| Acura MDX | 2022 | 28,000 | $570 | $34,200 |
| Acura MDX | 2020 | 48,000 | $480 | $28,800 |
| Ford Escape | 2024 | 0 | $520 | $31,200 |
| Ford Escape | 2022 | 28,000 | $490 | $29,400 |
| Ford Escape | 2020 | 48,000 | $400 | $24,000 |
| Honda Pilot | 2024 | 0 | $580 | $34,800 |
| Honda Pilot | 2022 | 28,000 | $550 | $33,000 |
| Honda Pilot | 2020 | 48,000 | $460 | $27,600 |
The Honda Pilot is an example where the new car might be worth the extra cost over a 2-year-old vehicle. The lightly refreshed 2024 model would cost $534 per month, while the 2022 version would run $505. For an additional $29 per month, totaling $1,740 over five years, you could get the new car with zero miles on the odometer and a full 3-year, 36,000-mile warranty.
However, opting for the 2020 Pilot could be a better financial decision, offering significant savings of around $8,000 off the new car price and $119 less per month, which could offset the mileage and potential maintenance costs. Here, new trumps almost new, while used is a true money-saver.
In some cases, like the Ford Fusion or Honda Accord, for $100 more per month, you could drive away with the new model, as they are both lower pending all-new 2024 designs. These examples underscore that particularly at the end of the model year, the deals available might make buying a new car more attractive than a used one, but it's crucial to do your homework. There isn't a one-size-fits-all answer that suits every situation.
While the sticker price is an obvious focal point, don't just look at the cost to buy, but also consider how much the vehicle will cost to own over time. Factors such as depreciation, insurance, financing, fuel costs, and other operating expenses can add up over the years and might make the deal not as sweet as it initially appears.
In conclusion, whether to buy new or used depends on various factors, including your financial situation, the specific models you're considering, and the deals available at the time. Always consider the long-term costs and do thorough research to make the most informed decision.
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