Keep your car or buy a new one?
How it works
Use this tool to compare the cost of buying a new car versus keeping your current car. We calculate the total cost of ownership over a set number of years, considering factors such as:
- Fuel efficiency
- Maintenance costs
- Insurance premiums
- Depreciation
- Road tax
- Finance costs (if applicable)
By inputting details about your current car and the potential new car, you'll get a comprehensive breakdown of costs to help you make an informed decision.
Enter the estimated amount you could sell your current car for. This will be used to calculate depreciation and will be automatically added to the cash payment for the new car.
Fuel Information
Annual Maintenance Costs
Total annual maintenance cost: $954.00
Projected vehicle details after 0 years:
Value: $0.00
Age: 5 years
Mileage: 50,000 miles
Purchase Information
How will you cover the cost?
Tell us which options apply so we can show the right inputs.
We'll cap this at the lower of your car's value or the price of the new car.
Include any additional cash you plan to pay up front besides the sale of your current car.
We'll total up the sale proceeds and any extra savings you add here.
Only select this if you're buying a completely new car. It will automatically set age to 0 years and mileage to 0 miles.
Fuel Information
Annual Maintenance Costs
Estimated annual maintenance cost: $654.00
Projected vehicle details after 0 years:
Estimated resale value $0.00
Projected age 2 years
Projected mileage 0 miles
Fill in the key figures and car details above to see your cost comparison automatically
Still need: miles per year and years of ownership
Car Cost Comparison Guide
Deciding whether to keep your current car or buy a new one is a significant financial decision. This car cost comparison tool helps you make an informed choice by considering various factors such as fuel efficiency, maintenance costs, insurance, depreciation, and more.
By inputting details about your current car and a potential new car, you can see a side-by-side comparison of the total cost of ownership over time. This allows you to determine which option is more cost-effective in the long run.
Remember, while cost is an important factor, it's not the only consideration when choosing a car. Safety features, reliability, comfort, and personal preferences should also play a role in your decision-making process.
What factors does this tool consider in the cost comparison?
This tool takes into account various factors including purchase price, fuel efficiency, maintenance costs, insurance premiums, road tax, depreciation, and financing costs (if applicable).
How accurate is the depreciation calculation?
The depreciation calculation is based on average UK figures and considers factors such as the car's age, mileage, and initial value. While it provides a good estimate, actual depreciation can vary based on market conditions and specific car models.
Can I compare more than two cars?
Currently, this tool allows you to compare your current car with one potential new car. For comparing multiple new cars, you can run the comparison multiple times, changing the new car details each time.
How does the tool handle electric vehicles in the comparison?
For electric vehicles, the tool adjusts the fuel efficiency calculation to use kWh/mile instead of MPG. It also considers the typically lower maintenance costs and different road tax rates associated with electric vehicles.
Why Use a Car Cost Comparison Calculator?
Many car buyers focus solely on the purchase price or headline instalments when deciding between keeping their current vehicle or buying new. However, the true cost of car ownership extends far beyond these initial figures. Our comprehensive calculator considers:
- Total Cost of Ownership: Including depreciation, fuel, insurance, maintenance, and road tax
- Depreciation Impact: How your car's value changes over time based on age and mileage
- Fuel Efficiency Savings: The long-term financial impact of better MPG or electric efficiency
- Maintenance Costs: How newer cars often have lower repair and servicing costs
- Insurance Variations: How different cars affect your insurance premiums
- Financing Options: Whether using your current car's value as a deposit affects the calculation
This holistic approach ensures you're making a financially informed decision rather than being swayed by marketing or emotional factors alone.
Tips for Accurate Comparisons
Current Car Assessment
- • Research your car's current market value on Auto Trader or similar
- • Consider upcoming major services or MOT
- • Factor in any known issues or repairs needed
- • Review your actual fuel consumption over recent months
New Car Evaluation
- • Include all on-the-road costs and optional extras
- • Research real-world fuel efficiency figures
- • Get insurance quotes for accurate premium estimates
- • Consider manufacturer warranty coverage