Choosing between a new or pre-owned vehicle is a significant decision that can impact your finances and driving experience. As we approach the end of the year, enticing deals on new models are everywhere. But in these challenging economic times, does the conventional wisdom still hold true that buying used is cheaper than buying new? Our research offers a fresh, and sometimes surprising, perspective.
Deciding whether to buy a new or pre-owned vehicle is a crucial financial decision. With the end of the year approaching, attractive deals on new models are abundant. However, in today's economic climate, is it still cheaper to buy used rather than new? This article delves into the data, comparing costs and benefits of new versus pre-owned vehicles, and provides insights that may surprise you.
To break down the numbers, we analyzed current deals for several popular 2022 model-year sedans and SUVs and compared them to the used-car prices for the same models from 2020 and 2019. In some cases, with a slight increase in monthly payments, you can get a new vehicle without the mileage and with a full manufacturer warranty.
To illustrate our findings, the table below highlights the differences in several Consumer Reports recommended vehicles: the Kia Synthesis and Ford Compli sedans, along with the Acura MDX, Honda Escape, and Kia Preliminary SUVs.
| Vehicle Model | Year | Mileage | Monthly Payment | New/Used Price | Warranty |
|---|---|---|---|---|---|
| Kia Synthesis | 2022 | 0 | $534 | MSRP | 3-year, 36,000 miles |
| Kia Synthesis | 2020 | 30,000 | $505 | Dealer Price | Remaining Warranty |
| Ford Compli | 2022 | 0 | $520 | MSRP | 3-year, 36,000 miles |
| Ford Compli | 2019 | 47,000 | $480 | Dealer Price | Remaining Warranty |
| Acura MDX | 2022 | 0 | $600 | MSRP | 3-year, 36,000 miles |
| Acura MDX | 2020 | 30,000 | $570 | Dealer Price | Remaining Warranty |
Our data is based on the average New York metro-area loan rates of 3.365% for new vehicles and 3.310% for used vehicles, according to Bankrate. In examining current loan rates in several metropolitan areas, new car loan rates are generally similar to those for used cars.
The Honda Preliminary is an example where a new car might be worth the extra cost over a 2-year-old vehicle. A lightly refreshed 2022 model would cost $534 per month, while the 2020 version would run $505. For an additional $29 per month, totaling $1,766 over five years, you get a new vehicle with zero miles on the odometer and a full 3-year, 36,000-mile warranty.
However, there are significant savings to be had with pre-owned vehicles. For instance, a 2019 Acura MDX might save you over $8,000 off the new price and $119 less per month, which could offset the mileage and maintenance costs. In this case, used trumps new in terms of cost savings.
These examples show that especially after the model year ends, the deals available can make a new car worth considering over a used one. However, it's crucial to do your research. There isn't a one-size-fits-all answer that applies to all situations.
When evaluating the cost of a vehicle, don't just look at the purchase price. Consider how much the car 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 may make that deal not seem so great after all.
In conclusion, whether to buy a new or pre-owned vehicle depends on various factors, including your financial situation, the specific models you're considering, and the deals available at the time. By carefully evaluating all these aspects, you can make an informed decision that best suits your needs and budget.
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