New vs Used Car Calculator

Looking to replace your current vehicle but can't decide between purchasing brand new or a used car? Do you pay the premium for a brand new car with a fresh interior and the newest safety and technology features? Or do save some money and buy the clean used car? We get it–its not an easy decision, but we are here to help.

Get a better understanding of the real costs differences

Our buy new vs used car calculator will help you compare the costs of buying a brand new car to a used car. With this buy new vs used car calculator, you will see the cost difference between the following:

  • Depreciation cost
  • Financing cost
  • Long-term fuel costs
  • Long-term vehicle cost
  • Annual vehicle cost
  • And more!
Buy new or used car

New vs Used Car Calculator

(Default numbers for example only, please add your own figures)

 New CarUSED CAR
Enter the price of the new and used vehicles
Percent sales tax on purchase
License plate fee cost
(If not included in the registration fees)
Vehicle registration fee and title
Financing this purchase
("y" for yes. or "n" for no)
Down payment amount
Monthly finance percentage rate
Number months financed
Annual insurance cost
Miles driven per year
Fuel mileage per gallon
Fuel price per gallon
Age of car in years
How many years do you plan on to keeping the new or used car?
Maintenance and repair cost per month
   
Results
(Based on how long you plan to keep each vehicle)

Here's the breakdown of the numbers...

Tax, license, and registration cost
Depreciation cost
Finance cost
Insurance cost
Fuel cost
Maintenance and repair cost
Total car ownership cost
Annual car cost
Your cost per mile

New vs used car calculator results explained

  • Tax, license, and registration cost for the life of the vehicle ownership
  • Average depreciation cost. Cars lose between 40% to 50% of their initial value after five years.
  • Total car ownership cost is the total cost you will pay for each vehicle for the total ownership experience. This includes:
    • The total amount of money you'll borrow to buy the car
    • Total insurance cost for the ownership experience
    • Total fuel cost based on miles per gallon and estimated fuel price per gallon
    • Maintenance and repair costs during the total ownership experience
  • Cost per mile takes in consideration all the factors mentioned above and breaks it down per mile. This comes in handy for those that drive their cars for work. Seeing this cost difference helps bring clarity to the decision to either buy new vs used

Tips on buying a new vs used car

  • Check reviews and car complaints for the vehicle you want
  • Research the costs to repair and insure each vehicle
  • Take multiple test drives on different routes. This helps you determine if the interior suits your needs and comfort expectations
  • Prepare to haggle on the costs. You may have a little more flexibility for the out the door costs with used cars compared to new ones