New vs used: what you save
How much do you save by buying used instead of new? Pick a model and see the typical price of a new one next to the same model one to six years old, with the saving in dollars and percent. It shows what the early drop in value costs a new-car buyer.
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How it works
Each month we count how many cars of every model, new and used, are listed for sale in Canada at each price, and find the typical asking price for new cars and for each used model year.
The tool lines them up by age and subtracts, so you see what a one-year-old, three-year-old or five-year-old costs against a new one. It highlights a three-year-old, a popular nearly-new choice.
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What this does not cover
- These are asking prices. New cars are often sold below sticker and used cars are negotiated too, so the real saving may differ. The depreciation tool shows how each year of age changes the price.
- A used car has less warranty left and an unknown history. Weigh the saving against that, and against financing offers that apply only to new cars.
- Some models have no new listings to compare with, for example when they are sold direct or in short supply.
Common questions
How much cheaper is a used car than a new one?
It depends on the model and its age, and it is largest in the first few years. The tool shows the saving for the model you pick at each age.
Is it better to buy a new or a 3-year-old car?
A 3-year-old car has already taken the steepest part of the drop in value and often has warranty left, which is why many buyers choose it. A new car brings the full warranty, the latest features and sometimes special financing.
Does a used car cost more to run?
It can, because of repairs once the warranty ends, though a well-chosen nearly new car often costs little. Compare the full cost, including interest, which is often higher on used cars.
Where do the prices come from?
From cars listed for sale in Canada, counted by price and refreshed every month. The page shows how many listings it compared and which month they are from.