Calculate how soon to buy your next car

If you are asking yourself should I buy a new car or keep my old one? This tool can help you decide.

It may be difficult to determine whether you should hold on to your current vehicle if you've paid it off or purchase a new one. But we have a car depreciation calculator that can help with that decision.

Typically, you will find that it's better to keep a vehicle a little longer since cars can depreciate quickly within the first few years of ownership. Along with depreciation, you're typically paying more loan interest in the first few years of ownership as well. Sales tax and licensing fees are another consideration with new cars. All that adds up each time a different vehicle is purchased. This calculator is meant to be a general resource based on the inputted numbers. Cars of similar dollar values can have different depreciation rates based on factors like make, model and current market conditions. Check your type of car for more specifics.

This auto calculator can help you visualize the savings you may get by keeping your current vehicle after it's paid off instead of replacing with a new one. It might also assist you in making an informed decision should you want to trade in your car after it is paid off. The calculator may give you some information to help plan and adjust your savings strategy to make purchasing a new car a reality.

Should I trade in my car or keep it?

All fields are required. If something doesn't apply, place a 0 in the field.

Car you currently own

Car you are planning to purchase

This calculator assumes only the purchase price changes for the second car. All other values input for the first will be used for the second car's calculation. The trade-in value of the first car will be calculated into the results.


Keep your vehicle

The total cost of purchasing an auto and keeping it for 0 months would be $0.

Purchase a different vehicle

The total cost of purchasing an auto and keeping it for 0 months, then using the value as a down-payment to purchase a new car and keep it for 0 months would be approximately $0.
You could save approximately $0 by keeping the auto longer.
The first year's depreciation is 20% on the new car and 10% on the used car. Subsequent years were figured at 10% for both new and used.
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Now that you have seen the potential savings of keeping your current car or likely costs if you decide to get a new car, you might want to learn more about car loan basics, tips for buying a car online or GAP insurance. And consider contacting a State Farm® insurance agent for any of your car, home and life insurance needs.

Neither State Farm® nor its agents provide tax or legal advice. This calculator is for illustrative and educational purposes only. Its accuracy and applicability to your circumstances is not guaranteed. Please consult your own adviser regarding your particular circumstances.

The information in this article was obtained from various sources not associated with State Farm (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.

State Farm Mutual Automobile Insurance Company
State Farm Indemnity Company
State Farm Fire and Casualty Company
State Farm General Insurance Company
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL

State Farm County Mutual Insurance Company of Texas
State Farm Lloyds
Richardson, TX

State Farm Florida Insurance Company
Tallahassee, FL

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