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Which is better: a new or used vehicle?

Share current LOB: PersonalBanking
Which is better: a new or used vehicle?

NewUsed
Interest rate
%%
Loan term (months)
Down payment
$$
Years you will own vehicle
Monthly maintenance costs
$$
Monthly Insurance costs
$$
Registration costs
$$
Purchase price
$$
Vehicle age (years)

Your savings interest rate
%
Your state & federal tax rates
%

Future depreciation

For two loans with the same interest rate, the monthly payment is larger for a loan with a shorter term. However, if you pay off the loan sooner you have a chance to deposit the savings in an interest-paying account. If your savings rate of return is much higher than the auto loan interest rate, it might be better to invest the money and finance the car.

Information and these calculators are made available by one or more third party service providers. All examples are hypothetical and are for illustrative purposes. SunTrust Bank and its affiliates do not provide legal or tax advice. Information provided and these calculators are not intended to offer any tax, legal, financial or investment advice. SunTrust cannot guarantee that the information provided or the calculators are accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. SunTrust makes no warranties with regard to these calculators or the results obtained by their use. SunTrust disclaims any liability arising out of your use of, or any tax position taken in reliance on, these calculators. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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