New or Used Car Calculator
Enter information below to compare the financial consequences ofΒ buying a new car versus buying a used car.Β Β
New Car or Three-Year-Old Used Car?
A decision calculator to complete before you visit a dealership. Enter your numbers for each vehicle and compare the true cost of ownership β not just the sticker price.
Step 1 β My Transportation Needs
Start with your situation, not the vehicle.
Step 2 β My Two Choices: Purchase & Financing
The loan fields below calculate automatically as you type.
| New Vehicle | Used Vehicle (β3 yrs old) | |
|---|---|---|
| Year, make, and model | ||
| Mileage | ||
| Purchase price | ||
| Taxes and fees | ||
| Down payment | ||
| Trade-in allowance | ||
| Amount financed | β | β |
| Interest rate (APR) | ||
| Loan length (months) | ||
| Monthly payment | β | β |
| Total loan interest | β | β |
Step 3 β Estimated Annual Operating Costs
Used vehicles often cost less to insure but more to maintain and repair. Get a real insurance quote for each vehicle.
| New Vehicle | Used Vehicle | |
|---|---|---|
| Insurance | ||
| Fuel | ||
| Maintenance | ||
| Expected repairs | ||
| Registration | ||
| Total annual cost | β | β |
The Bottom Line
Total cost of ownership over your expected holding period.
π New Vehicle
π Used Vehicle
Total cost = purchase price + taxes & fees β trade-in + loan interest + annual operating costs Γ years kept. Resale value at the end of your holding period is not included; a newer vehicle will typically be worth more when you sell it, which narrows the gap.
Step 4 β Protection & Condition Checklist
Complete these before signing anything β especially for a used vehicle.
| Question | New Vehicle | Used Vehicle |
|---|---|---|
| Warranty remaining | ||
| Vehicle-history report reviewed | N/A | |
| Maintenance records available | N/A | |
| Independent inspection completed | N/A | |
| Open recalls checked | ||
| Insurance quote obtained |
Step 5 β How Does This Purchase Affect My Other Goals?
After buying this vehicle, can I stillβ¦
| Financial priority | Yes | No | Needs work |
|---|---|---|---|
| Pay all monthly bills | |||
| Maintain emergency savings | |||
| Avoid credit-card debt | |||
| Receive my employer retirement match | |||
| Save for other important goals |
Step 6 β My Decision
This calculator is for educational purposes only and does not constitute financial advice. Estimates depend on the accuracy of your inputs.
