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General information only: This guide does not consider your objectives, financial situation or needs and is not financial advice. Credit eligibility, rates and terms depend on the lender's assessment.
Interactive comparison
Compare the real five-year cost
Change the vehicle, purchase costs and ownership scenario. No credit check is performed.
The cheaper vehicle is not automatically the cheaper decision
Used cars often have a lower purchase price, while new vehicles may offer warranty coverage, current safety features and access to a wider range of lender policies. The better financial fit depends on the complete cost and how long you plan to keep the car.
Older vehicles can attract different loan terms or secured-lending criteria. Maintenance and repair risk also becomes more important as age and kilometres increase.
Compare total ownership costs
Model the deposit, financed amount, term, interest, fees and expected running costs. New vehicles can depreciate quickly; used vehicles can require earlier maintenance. Neither outcome is universal.
- Vehicle price and on-road costs
- Insurance and registration
- Fuel or charging
- Servicing, tyres and repairs
- Expected resale value
Match the term to the useful life
A long loan over an older vehicle can leave repayments continuing after major repairs or replacement becomes likely. Consider whether the proposed term is reasonable for the vehicle’s age, condition and intended use.
Sources and further reading
Primary sources checked when this guide was reviewed:
Read BaseRate's editorial policy and calculator methodology.