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If you’ve come here looking for a used or certified pre-owned car, truck, SUV, crossover, hatchback, hybrid or convertible, then you’re in the right place. Edmunds has everything you need to know about buying or selling a used vehicle, including Carfax vehicle history reports, dealership listings and pricing information, expert car reviews, consumer car reviews, car dealership reviews, car price comparisons, car appraisal calculators, images and videos, technical features and specs, user forums and more.

At Edmunds, you’ll be able to browse thousands of used cars, trucks and SUVs for sale with special offers, appraise your current car, and research the car, SUV or truck of your dreams. You can limit your search to certified pre-owned (or CPO) vehicles for sale and be a click away from articles by our experts that will give you the best car shopping and buying tips and advice. Let’s take a closer look at each of these aids to easier used-car shopping.

The INVENTORY tab at the top of the page allows you to browse used cars for sale from popular makes such as Ford, Honda, Toyota, Chevrolet, Hyundai, Infiniti, Acura and Subaru. The inventory tool allows you to cast a much wider net than simply visiting your local dealership’s website. Start with the make and model of the vehicle that you’re interested in. You’ll have the option to refine your search by price, distance, model year and mileage. If you’re looking for specific options or features, a certain trim level or a specific color, there are more advanced search filters available, including engine type, fuel type, drivetrain, powertrain, airbags, air-conditioning and much more. After you find the car, SUV, truck or hybrid that you’re interested in, select the listing to check out the VIN details page for that vehicle and get more information. There you’ll find a description of the vehicle from the dealer, vehicle features and options, contact information for that dealership, dealer reviews, a ballpark insurance estimate, and a link to see a Carfax vehicle history report.

The APPRAISE tab at the top of the page lets you enter your car’s basic information, odometer reading, trim level, and overall condition. Then Edmunds provides you with the True Market Value (TMV) for your used car or vehicle. Edmunds’s True Market Value or used car value is is a great starting point for negotiation of a used-car sale between a private buyer and seller. This is an “as is” value that does not include any warranties. The final sales price depends on the car’s actual condition and local market factors. You can use this used car value estimate to price your car for sale or to negotiate a trade-in for a new, CPO, or previously owned car for sale from a local dealer. The used car value estimate is also useful for assessing retail pricing at a car dealer. You can try it out by clicking the “APPRAISE” tab, above. Once you enter your vehicle details, you will receive three estimates for your used car’s value: “Trade-in” is what you can expect a dealer to offer you for your used car; “Private Party” is what you might expect to earn if you sold the pre-owned vehicle yourself; and “Dealer Retail” is what you might expect to pay if you were buying this used model used at a dealership. If the vehicle is new enough, you’ll also see a price that says “Certified Used Price.” This price estimates what the dealership might sell it for as a certified pre-owned vehicle.

The RESEARCH tab points you to our expert analysis of the make and model of the car you select. You can read our editors’ reviews and learn about each generation of the vehicle you’re interested in. From there, you can narrow the focus of your car buying research by selecting a particular model year and learning more by checking out photos of the cars, researching local dealership listings, car valuation, consumer reviews, editors’ reviews, pros & cons, features & specs, and safety information. That’s a world of information. And we’ve put it all right at your fingertips.

Are you thinking about trading in your vehicle at the dealership or selling it yourself? Find out what your used car is worth with our True Market Value appraisal tool. Enter the year, make and model to get started. Make sure you know the options on your vehicle and the current odometer reading. Be honest about the condition level. Most cars will fall in the “average” to “clean” range.

The appraisal tool will give you three prices: “Trade-in” is what you can expect a dealer to offer you. “Private Party” is what you might expect to earn if you sold the vehicle yourself. “Dealer Retail” is what you might expect to pay if you were buying this model used at a dealership. If the vehicle is new enough, you’ll also see a price that says “Certified Used Price.” This price estimates what the dealer might sell it for as a CPO vehicle.

If you are hesitant about buying a traditional used car, you may want to consider a certified pre-owned vehicle. These vehicles tend to be newer, have gone through a more detailed inspection process and come with a limited warranty. The Edmunds inventory tool will have an option to sort the list to show only CPO vehicles. You can also go directly to the CPO cars page.

Explore Car-Buying Articles: If you’re unsure about the next steps in buying a used car — or car buying in general — Edmunds has research articles that can help. Take a look at those we’ve linked to on this page, or visit our research main page for a full list of articles that have been written by Edmunds car-shopping experts.

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With the current economy, consumers are looking at used cars as a means to get value for their money. When you purchase a pre-owned automobile, the value does not immediately depreciate like it would with the purchase of a new car. The consumer also has a more flexible price range when shopping for a used car. Where a new car is based off the MSRP; the price of a used vehicle can vary greatly depending on mileage, year, and condition. If a new luxury car is out of your price range, then buying a used car that is one or two years old with low mileage could be a way to compromise.

The days of driving around to numerous dealers looking for the perfect pre-owned car has long since passed. The ability to browse thousands of used cars online has revolutionized the industry. What used to take hours to accomplish can now be done in a fraction of the time from the comfort of your own home. Browsing car listings online affords you the time to research all the vehicles in your price range without having to worry about any unwanted outside influences. You can do all the legwork and vehicle investigation using the internet. Search the huge database of used cars at and filter our inventory by year, make, model, or category. Our Car Comparison Tool allows you to analyze numerous vehicles at the same time. See information and specifications like: fuel economy, price, trim level, options, safety features, dimensions, and performance.

Once you decide that buying a used car is the right decision and have narrowed down the number of choices to just a handful; you can browse numerous pre-owned vehicles online at Having the ability to see numerous used cars for sale from thousands of dealerships in one place is a real benefit. When you have a broad search radius; you are more likely to find the exact car for sale, with all the features and options that are important to you. Save money by comparing thousands of used cars in your area will give you an idea on the price but also the leverage to purchase the automobile of choice.

Why then should you buy a used car? One good reason is that when you purchase a lightly pre-owned vehicle; you can afford a more premium car then you normally would. Let’s say that you really want to own a luxury or sports car, but cannot justify the large monthly payment on a brand new model. By purchasing a used version that is a few years old with a couple thousand miles on the odometer will put these previously out of range models well within reach. Not to mention that these second-hand vehicles can be loaded with high end packages, extra options, and features that you otherwise could not afford. has many great tools available to those embarking on a used car search. Besides being able to compare automobiles, the website has information available online for any car sold in the U.S. dating back to 1999. There are some free shopping tools available to aid in your quest to buy a used car. See Auto Insurance Quotes on used cars for sale. Insurance rates for pre-owned automobiles are a lot cheaper than those for new cars; since the value of a used car is generally thousands less depending on a couple of factors like: age, mileage, and condition. also has a free car payment calculator so you can better estimate your monthly payments if choosing to finance.

One disadvantage when buying a used car would be the absence of financing deals and rebates. There are often incentives available to those who purchase new cars such as zero percent ARP financing for a number of months. These incentives are available from the factory on new vehicles but are not extended to those looking to buy used cars. There is an exception to this though; some manufacturers have Certified Pre-Owned programs. And there are often CPO offers available to those purchasing a second-hand vehicle from a certified dealer.

Len Stoler Hyundai Dealer Baltimore, Owings Mills, Towson MD, New & Used Hyundai Cars, Parts, Service in Owings Mills, Maryland, car trade in value.#Car #trade #in #value

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Len Stoler Hyundai in Owings Mills, MD treats the needs of each individual customer with paramount concern. We know that you have high expectations, and as a car dealer we enjoy the challenge of meeting and exceeding those standards each and every time. Allow us to demonstrate our commitment to excellence! Len Stoler Hyundai serves Baltimore, Owings Mills, Reisterstown, Pikesville, Westminster, Towson, Hunt Valley,Hanover, White Marsh, Bel Air, Dundalk, Columbia, Ellicott City, Catonsville, Cockeysville, Annapolis, Glen Burnie, Sykesville, Woodlawn, Woodstock, Baltimore County, Randallstown, Taneytown, Carroll County, Maryland.

New Hyundai Dealer Baltimore, Owings Mills MD

Len Stoler Hyundai has an amazing selection of new Hyundai Cars and SUV’s in the Baltimore area. We are customer focus and results driven. Stop by today and see why Baltimore area Hyundai customers love shopping at Len Stoler Hyundai! Plus Len Stoler Hyundai has one of the highest rated Hyundai Service Facilities in the Baltimore Area! Remember, Len Stoler Hyundai is truly A Better Way To Buy! View our new inventory right on our website!

Used Car Dealership in Owings Mills, Maryland

Our experienced sales staff is eager to share its knowledge and enthusiasm with you. We not only have a great selection of new Hyundai models, but also a variety of used cars, trucks, and SUVs. You will find certified pre-owned Hyundais as well as vehicles from some of today’s other top automakers. We encourage you to browse our online used inventory, schedule a test drive and investigate financing options. You can also request more information about a vehicle using our online form or by calling (888) 335-0646.

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Our site allows you to find cars any way you want to. Buyers can search for a specific make, model, colour, trim or age. You can even just view the recently reduced cheap cars for sale. However, if you’re unsure about what car you’re looking to buy next then you can be a lot more vague and search by body style. Users can find hatchbacks, convertible cars, diesels, or even automatic cars at the click of a button.

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Whether you’re looking for a saloon in Shropshire or a hatchback in Hampshire then we’ll have one for sale. We have thousands of used cars in and around your local area. Whatever region you live in we can help you find a suitable car just up the road. Local used cars for sale

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Public Auto Auctions

Interstate Auto Auction is an auto auction open to the public located in Salem, NH. Our public car auctions sell vehicles from dealer trade-ins, repossessions, lease ends, donated cars and more. At Interstate Auto Auction we want you to buy with confidence. You can TEST DRIVE any of the vehicles before the auction!! Feel Free to review our cars online. We also encourage you to read our about us page and our very helpful and transparent FREQUENTLY ASKED QUESTIONS GUIDE which answers over 20 questions that you may have about how we operate.

Interstate Auto Auction now offers you the option to pay for your auction online.

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Finding you and your car the right quote

When applying for car insurance quotes, you’ll need to have the following details to hand:

Information about your car

This includes the make and model, plus the age and value of your car (every make and model of car is allocated to an insurance group, which helps determine your premium. You can find out which group your car belongs to using this tool). You’re also required to declare any modifications you’ve made.

Information about you

Your job, age, and where you live will need to be provided, along with details of your driving history (including any convictions and claims).

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The names and licence details of anyone who will be driving your car need to be provided.

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Details of your no claims discount will help lower the price you are quoted. You can find out here how many years’ no claims discount your insurer will honour.

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How to reduce the cost of car insurance

Car insurance can be one of the most expensive aspects of owning a car. MoneySuperMarket data shows the average cost of annual car insurance is £579 (September 2017), this is an increase of 7.5% compared to this time last year. Here are our top tips on how to reduce your premiums:

Don’t auto-renew: UK motorists lose around £2.37bn by rolling over their policies with the same insurer every year.

Compare quotes: Market research company, Consumer Intelligence, found that 51% of customers who search for car insurance through us could save up to £286 on their annual premium*.

Increase your excess: Insurers are likely to reduce the cost of cover if you increase your excess. Just make sure your excess is affordable. Read our voluntary excess guide.

Build a no claims discount: Most insurers reward drivers for claims-free driving.

*51% of customers could save up to £286.06 Consumer Intelligence, September 2017

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What types of car insurance policy are available?

Third party provides the lowest level of car insurance cover. It insures you against damage to another person’s car or injury to them, however it doesn’t cover your car should it need to be repaired or replaced.

Third Party Fire and Theft

With third party, fire and theft you have additional cover to repair or replace your car if it’s stolen, damaged or destroyed by fire.

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Fully comprehensive car insurance offers complete cover for your car and other drivers. This includes third party and third party fire theft, vandalism damage, accidental damage, repairs, and loss of gadgets such as sat nav systems.

Our dedicated guides will help you work out which type of cover is right for you and your motor.

How can we help you save on your car insurance?

It’s our job to find you the best car insurance deal from a wide range of leading UK insurance companies. When you enter your details on our site, we send them to over 140 car insurers so they can compete for your business.

We rank the quotes they offer in price order so you can make your selection.

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Unlike some of our competitors, MoneySuperMarket is not owned by an insurance company. So we can offer great value, with savings delivered straight to you.

We combine independence, so we can negotiate the best prices, with excellent technology, to find great value products and services for you. That’s what makes us – in our customers’ opinions – the best price comparison website.

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We aim to show you car insurance quotes from as many insurance companies as possible, so that you can find the right policy for you. Unfortunately, we can’t promise to show quotes from every insurance provider, because not all companies want to be included on comparison websites. We won’t offer you advice or make a recommendation, but we will provide you with all the information you need to help you decide which is the right policy for you. You can find out more about how we work here.

MoneySuperMarket can help you find great deals on your car insurance. From single to multi-car deals, satellite-based telematics policies to insurance for classic cars, we search the market to get the best combination of protection and price. Check out our news and guide pages for more information.

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SUPER!! AMAZING 2013 INFINITI JX35 Great Running, Highway Miles! Retails for Nearly $15,000!!

Check Out Our Auction Video See Examples of Cars Selling to Customers

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Public Auto Auctions

Interstate Auto Auction is an auto auction open to the public located in Salem, NH. Our public car auctions sell vehicles from dealer trade-ins, repossessions, lease ends, donated cars and more. At Interstate Auto Auction we want you to buy with confidence. You can TEST DRIVE any of the vehicles before the auction!! Feel Free to review our cars online. We also encourage you to read our about us page and our very helpful and transparent FREQUENTLY ASKED QUESTIONS GUIDE which answers over 20 questions that you may have about how we operate.

Interstate Auto Auction now offers you the option to pay for your auction online.

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Car Loan Calculator: Monthly Automobile Repayment Calculator, car value calculator.#Car #value #calculator

Auto Loan Calculator

This calculator computes monthly automotive loan payments.

Current Car Loan Rates

The First Necessary Step in the Car Buying Process

Whether you buy new or used, it’s wise to get pre-approved for a loan before you ever step on a car lot. Go to your bank or credit union and ask the agent if you qualify for a loan and how much. The agent will check your FICO credit score and other obligations and provide you with an amount and interest rate. A FICO score can be between 300 and 850. The higher the score the lower the interest rate you will be offered. People with a bad credit history may pay interest rates that are more than double prime rates. You can also shop for auto loans online if you aren’t concerned about where your personal information goes. Armed with a pre-approved loan you are now in control and have a choice to go with dealer financing or stick with your bank, whichever rate is lower.

How to Get the Best Deal

Got new car fever? Well, first, you need to do a little homework. With the internet, the mystery of the automobile buying process has been unveiled and you can be a well-informed buyer ready to negotiate for the best price. First of all, go to to check out vehicle reliability. You may be eying that shiny red sports car, but if its review states that this manufacturer has a history of poor performance or something like electrical issues, you may want to reconsider.

Test drive the vehicle you have in mind, but renting one from a car rental company for a couple days is the ultimate test.

The Internet has Changed Automotive Shopping

After you have determined the car you want to buy, go to to find the invoice price. Do not shop without this information in hand. It’s your leverage in the negotiating process. If you don’t have this piece of information, the dealer will work from the MSRP which is a much higher price. Consider MSRP as retail price and invoice price as dealer cost. Never pay higher than invoice price. And don’t worry, the dealer still makes a profit. There is something called holdback which the manufacturer gives the dealer for each vehicle. It’s usually 2-3 % which they receive quarterly. At times the manufacturer also offers dealer incentives for specific models.

You can shop online and get instant automobile quotes at sites like CarsDirect and TrueCar. If you are not comfortable buying online you can always use their quotes to see if the traditional dealer will match the price.

If you have looked ahead and planned your purchase, note that some times of the year are better than others to buy a car. Salesmen work on commission and have monthly, quarterly and yearly goals to meet. So buying at the end of one of these periods can save you money, especially if the salesman hasn’t hit his quota.

If you have made a decision on the exact vehicle you want, visiting the dealership late in the day may work to your advantage because everyone is eager to go home. Aside from the information we provide here, you may want to read some personal stories of sale negotiations to better visualize and prepare yourself:

  • How to Negotiate for a Used Car The Art of Manliness
  • The Four-Square Technique that Dealers Use, and How to Beat It The Consumerist
  • One guy’s trade-in value dispute with a dealership after using TrueCar also from The Consumerist

Understanding 0% Financing vs. Factory Rebate

Many times dealerships will offer a choice of 0% financing or a factory rebate. How do you know which is better? Figure out the interest you would pay for the life of the loan if you financed with your bank. If the interest is more than the rebate, then take the 0% financing. For instance, using our loan calculator, if you buy a $20,000 vehicle at 5% APR for 60 months the monthly payment would be $377.42 and you would pay $2,645.48 in interest. If the rebate is $1,000 it would be to your advantage to take the 0% financing because the $1,000 rebate is less than the $2,645.48 you would save in interest. Be aware though, that unless you have a good credit rating, you may not qualify for the 0% financing and this option may only be offered on selected models. People with poor credit are a major source of profits because they can be charged far higher interest rates. Some buy here, pay here dealerships specifically focus on subprime borrowers.

Some Used Cars Are a Real Bargain

Before you take the plunge of buying a new car, consider a used one. Frugal shoppers know that new cars depreciate as soon as they are driven off the lot, and in fact lose on average 15-25% of its value each year the first five years. Buying one that’s a couple years old can still provide you with a reliable vehicle for thousands less while letting someone else take the depreciation hit. If you trade in every few years then depreciation is something to consider, so look for vehicles that traditionally hold their value such as Honda, Toyota or Lexus. If you keep your automobile until it falls apart, then depreciation is not a concern for you. New models for the upcoming year usually arrive late summer or early fall. Although selection may be limited, this is a great time to consider buying last year’s model because the dealer will need to make room for the new ones.

Check the used car history by the VIN# on sites like Carfax or Autocheck. This will help eliminate anything that looks questionable. Anything that says it’s a salvage should raise a red flag . Salvage vehicles are those in accidents that the insurance company has determined repair costs are more than it is worth. Some shops will try to repair them and sale them at a steep discount. These are given salvage titles. Unless you are mechanically savvy, it’s best to avoid these. On the other hand, something called a program car is usually an exceptional bargain. A program car is a one that was driven on company business by a manufacturer employee. They are driven very little and are well maintained. They usually have 10,000 miles or less on the odometer. Dealers pay low prices for them and are not shy to advertise them. They usually still have factory warranties. Still not convinced to buy used? Then consider insurance costs on a used car will typically be significantly less expensive than on a new one.

There’s More to a Loan than a Monthly Payment

Car value calculatorWhen it comes to borrowing money, a wise shopper looks at the total cost of the loan, and not just at the monthly payment. Too many advertisements state only the monthly payment. You need to dig deeper to see the real story. In general, a lower interest rate will cost you less money. A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That’s a savings of $1,083.05.

That same wise shopper will look not only at the interest rate but also the length of the loan. The longer you stretch out the payments, the more expensive the loan will be. Let’s take that same $20,000 loan above at 5% at 5 years and see how much we can save by paying it off in 3 years. So, $20,000 at 5% for 36 months will cost $21,579.05 saving you $1,066.43. Using the calculator above (assuming $0 down payment, $0 trade-in and 1% sales tax) you will see that the monthly payment for the 5 year loan is $377.42 and the monthly payment for the 3 year loan is $599.42. If you can easily handle the higher payment the savings are well worth it.

If your credit drastically improves your initial loan was at a higher interest rate, it may be worth looking into refinancing at a lower rate.

What To Do with Your Trade-In

Although it’s convenient to trade in your old vehicle to the dealer at the time of purchasing another, it’s not to your best advantage. You are likely to get the least value from the dealer, as they have to move it yet again and need to ensure a safe profit margin on selling it. They do not have to take your old automobile, and will offer you what will make them the highest profit. Some dealerships may offer artificially high trade in values, but only offer them in association with a higher price on the vehicle they sell you.

The better option is to sell it privately. It seems even government agencies are freely giving out this advice; from the Arizona Attorney General to the FTC. Don’t underestimate the value of your old car. Go to Kelly Blue Book online to do your valuation research. If you can sell it, even for a small amount, it’s extra bargaining power for your new vehicle.

Another option with your old automobile is to keep it. An old pick up truck used for heavy work can help protect the value of a new vehicle by minimizing wear and tear, along with depreciation. Automotive insurance companies typically offer multiple vehicle discounts.

Comparing Car Costs: Buy New, Buy Used or Lease, value of car.#Value #of #car

Comparing Car Costs: Buy New, Buy Used or Lease?

11/13/2014 (updated 11/06/2017) – By Ronald Montoya

Car Buying Learning Center

How does the cost of buying a new car compare to leasing the same car? And if you decide to buy a used car, how much would you save over buying or leasing a new car? Finally, what impact will those decisions have a few years from now when you’re ready to shop again?

It’s hard to give one definitive answer that covers all people and all situations, but here’s the short version: If your only concern is making the most sensible financial decision for acquiring the car, buy a used one, pay it off and keep it for a few years.

Used cars aren’t for everyone, however. If you want the latest technology or like having a new car every three years, buying new or leasing are the routes to take. If a low monthly payment is your primary goal, leasing might be the best approach.

To compare the costs of leasing, buying new and buying used, we’ll use a popular vehicle in our examples: a compact SUV. Most owners in the U.S. keep their new and used vehicles for 79 months just over 6.5 years That’s the length of ownership we are assuming here. To match that period, we are basing the leasing example on two back-to-back three-year leases, totaling 72 months. You can see the other assumptions behind these examples at the end of the story:

Leasing: The average lease cost is based on a compact SUV that sells for $27,142 and has drive-off fees of $2,038. For the lease’s interest rate, better known as the money factor, we’ve used the average amount: 0.000833. This results in a $330 monthly payment for three years. We used the same numbers for the second three-year lease.

Buying New: The average amount financed for a new car is about $26,830, with a down payment of $3,181. The average interest rate is 4.5 percent, resulting in a monthly payment of $426.

Buying Used: The average amount financed for a 3- or 4-year-old compact SUV is $18,691 with an average down payment of $2,275. The interest rate for used-car loans is usually higher than for new, and in our case it would be about 7.2 percent. These factors result in a monthly payment of $344.

After six years, here are the total out-of-pocket costs for each financing method:

In terms of out-of-pocket spending, leasing costs $5,846 less over six years than buying a new car, excluding any repair costs the new car might incur. The out-of-pocket cost of buying a used car is $2,870 cheaper than leasing and a $8,716 cheaper than buying a new car. We have excluded any costs of repair for the used car.

What Did Your Money Get You?

Here is something essential to remember about the apparent lower cost of leasing versus buying new: At the end of a leasing cycle, you don’t own the car. Generally speaking, you have to start a new lease-or-buy cycle.

But if you’d bought a new car and were now at the end of the ownership cycle, you’d have a 6-year-old vehicle that would have about 72,000 miles on the odometer. It would be worth roughly $9,800 as a trade-in, according to Edmunds data. If you’d bought a used car, it would now be about 9 years old. It would have about 108,000 miles and would be worth about $6,000 as a trade-in.

You could potentially earn a couple thousand more dollars by selling to a private party. But most people are likely to opt for the convenience of a trade-in at the dealership.

When we deduct that used-car equity from the out-of-pocket costs of acquiring the car, the long-term cost picture changes. Buying new looks like a better deal than leasing. Buying used still is the thriftiest way to go, however.

In this basic comparison, if you’d leased two compact SUVs back to back, you would have paid $3,954 more to drive them for six years than you would if you bought a new vehicle.

If you’d bought a used compact SUV, you would have saved $8,840 over leasing during this six-year cycle. Buying used rather than buying new would have saved $4,886.

Leasing doesn’t look great in this dollars-only analysis, but there are factors in its favor:

Since a lease is usually for three years, the vehicle is always under warranty. You avoid the hassle of out-of-warranty repairs and costly maintenance. You do have to pay for routine maintenance, but that usually involves just oil changes and tire rotation. You can avoid maintenance costs altogether if you lease a new car that has afree maintenance program.

You have the opportunity to buy the leased vehicle. The finance company sets the purchase price at the beginning of the lease, and often that’s the current market value of the vehicle at the end of the lease.

Leasing protects you against unexpected depreciation. If the market value of the car unexpectedly drops because of a shift in the market, brought about by such things as rising gas prices, you aren’t hurt. Conversely, if the lease car holds its value especially well, you can buy the car at a bargain price at the end of the lease and either keep or resell it. In some cases, people can leverage equity in leased cars.

Leasing offers an attractive tax deduction if you use the car for business. An accountant is the best resource for more information on this subject.

Other aspects of leasing are more difficult to monetize but appeal to some shoppers:

Leasing offers the enjoyment and prestige of driving a newer car more often.

Leasing provides a new car that has the latest safety, technology and comfort features.

Once you’ve paid off a car, ownership has several advantages over leasing:

You’re free to bank or invest the money that you used to spend on your monthly payment. You also can apply that money to household expenses or set it aside as a repair and maintenance fund for the car you own.

You have the flexibility to sell the car when you want to, not when the lease is up.

You can modify the car exactly as you want without fears that you will break the terms of your lease contract.

You don’t have to worry about excess wear and tear, which you could be required to pay for on a leased car.

You don’t have to worry about excess mileage penalties.

Remember that financing a new or used car only starts to make financial sense when you’ve paid the loan in full. You need to keep the vehicle for a while to enjoy months or years without car payments. But of course, if you drive the car for years and years and pile on the mileage, you diminish its value. Unless it’s a classic vehicle, a car is a depreciating asset.

While on paper the used vehicle might be the least expensive option, you might not be comfortable handling repairs on an aging vehicle. Or if you’ve always purchased your vehicles only to get bored with them in a few years, leasing might be the better option. Do your own calculations, factor in the intangibles, and the best decision for you will emerge.

How We Arrived at the Numbers

Here are the assumptions we made for the three different deals:

Length of ownership: For new and used cars, we used the current average car ownership period of 79 months, or just over 6.5 years

Length of lease: Most people lease for three years. We assumed the costs involved in two lease cycles (72 months) to better match the 79-month ownership period for new and used cars.

Average new-car loan term and interest: The average loan term for a new car in 2017 was 69 months, or just under six years. We assumed a 72-month new-car loan, which is close to the 69-month average and matches the length of leases in our leasing example.

Average used-car loan term and interest: The average used-car loan is slightly shorter than that of a new-car loan. We used a 66-month loan for the used-car example.

Source of the information: For each financing method, the average cost of the vehicle, interest rate, down payment and monthly payment are based on Edmunds data for thousands of recent transactions across the United States.