The savings on purchasing a used car over a new car vary widely based on vehicle models, according to new data from CARFAX.
Select models in today’s market present relatively the same payments for 3-year-old vehicles and new vehicles. In the November Used Car Index, CARFAX pointed out that the average price of a 2023 Honda Civic is $24,300, and the 2025 version is $27,400. With 10 percent down on the purchase and a 72-month term, the consumer with a 7 percent interest rate would pay $372 per month on the 2023 Civic. For the new 2025 Civic with a 4.99 percent interest rate, the payment would be $397.
“That’s only a $25-a-month difference in payments, but the new buyer has a car that’s 3 years newer, has fewer miles on it, and has a full factory warranty,” CARFX noted.
It observed similar occurrences for the Ford Bronco, Kia Seltos, and Toyota Corolla Cross SUVs; Porsche Boxster S convertible; and Toyota Tacoma pickup truck on the 2023 and 2025 models.
“It’s very rare when used values and new values get close to each other. So make sure you act quickly and, of course, do your research before making any sort of purchase,” CARFAX said. “This situation isn’t true for every vehicle. It’s more likely to happen with models that hold their value very well. A lot of pricing depends on what your local dealers have available on their lots. Only car shoppers with the best credit will get the lowest financing rates, and that’s true for new and used vehicles.”
Since October, SUVs dropped in price by 0.2 percent to $24,067. Luxury SUVs dropped 0.8 percent or $270 to $34,766.
Pickup trucks rose $225 or 0.7 percent to $34,425. Prices rose $400 for trucks in the South and $350 in the Southwest.
