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     • A new car is more expensive to replace than a used one, and your insurance premiums will reflect that. If your brand-new Honda Civic is stolen, your insurance company has to cover over $20,000 to get you back into that car. A used car at half the price costs less to replace and so less to insure.
     www.ratehub.ca/blog/buy-new-or-used-car-insurance/

     Should I buy a used or new car? - Ratehub.ca

2. People also ask

   Is a used car cheaper than a new car?

   • For comparable models, a used vehicle will, of course, be cheaper than a new one, but that’s not necessarily the whole story. You may be tempted to bypass mainstream models to get a premium vehicle that you can’t afford new, but be sure your budget can handle its higher repair and insurance costs.

   Pros and Cons of Buying New vs Used Cars | AutoTrader.ca

   www.autotrader.ca/editorial/20210512/pros-and-cons-of-buying-new-vs-used-cars/

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   Is it cheaper to insure a used car or a new car?

   • Generally speaking, it costs less to insure a used car than a new car, but this isn’t a hard and fast rule. Many variables can affect insurance costs, such as the type of vehicle and the level of risk attached to it. For example, insuring a sports car will be much more expensive than insuring a commuter sedan.

   Should you buy a new or used car? - MoneySense

   www.moneysense.ca/spend/shopping/auto/should-you-buy-a-new-or-used-car/

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   Should you buy a new car?

   • However, a new car suffers from immediate depreciation, so a new-to-you car is a smart idea because it can save you about 20% off the brand new price. Visit Ratehub.ca’s car buying guide: How to buy a car

   Should I buy a used or new car? - Ratehub.ca

   www.ratehub.ca/blog/buy-new-or-used-car-insurance/

   See all results for this question

   Why do used cars have more expensive insurance rates?

   • This means cars with high theft ratings tend to have more expensive insurance rates. It looks like there are some models that lead to spending more money to insure an older used car, depending on the model you choose. On top of the higher odds of this vehicle being stolen, you also have to worry about the expensive replacement parts.

   Insurance for a new versus used car | LowestRates.ca

   www.lowestrates.ca/resource-centre/auto-insurance/new-car-vs-used-car

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   Why do older cars cost less to insure?

   • Older vehicles commonly cost less to insure compared to new vehicles. There are many reasons for this, but it’s mainly because they simply aren’t worth as much. An insurance provider is agreeing to pay up to the vehicle’s actual cash value if it’s damaged; it makes sense that they’d charge less to insure a $2,000 ’95 model than a $60,000 ’23 model.

   Buying Used vs. New Cars | Pros + Cons | Square One

   www.squareone.ca/resource-centres/vehicle-owner/used-vs-new-cars

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   Is buying a new car a bad investment?

   • The biggest drawback of buying a new vehicle is the cost. Both because the total price is generally higher, and because the vehicle’s value will depreciate significantly in the first few years of ownership. Additionally, insurance costs for new vehicles are often higher. Is a new vehicle a bad investment?

   Buying Used vs. New Cars | Pros + Cons | Square One

   www.squareone.ca/resource-centres/vehicle-owner/used-vs-new-cars

   See all results for this question

3. www.ratehub.ca › blog › buy-new-or-used-car-insuranceShould I buy a used or new car? - Ratehub.ca

   www.ratehub.ca › blog › buy-new-or-used-car-insurance

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   Nov 22, 2023 · A new car is more expensive to replace than a used one, and your insurance premiums will reflect that. If your brand-new Honda Civic is stolen, your insurance company has to cover over $20,000 to get you back into that car. A used car at half the price costs less to replace and so less to insure.

   • Categories: Mortgages

4. www.autotrader.ca › editorial › 20210512Pros and Cons of Buying New vs Used Cars | AutoTrader.ca

   www.autotrader.ca › editorial › 20210512

   • Cached

   May 12, 2021 · For comparable models, a used vehicle will, of course, be cheaper than a new one, but that’s not necessarily the whole story. You may be tempted to bypass mainstream models to get a premium vehicle that you can’t afford new, but be sure your budget can handle its higher repair and insurance costs.

   • Author: Jil Mcintosh

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6. www.moneysense.ca › spend › shoppingShould you buy a new or used car? - MoneySense

   www.moneysense.ca › spend › shopping

   • Cached

   Dec 7, 2022 · 1. Price and depreciation. If budget is your biggest concern, you’re better off looking at pre-owned cars. They’re significantly cheaper than the same models purchased new, even if they’re only a...

7. www.squareone.ca › vehicle-owner › used-vs-new-carsBuying Used vs. New Cars | Pros + Cons | Square One

   www.squareone.ca › vehicle-owner › used-vs-new-cars

   • Cached

   Nov 13, 2023 · Buy it, finance it, or lease it? But chief among these decisions: Should I buy a new or used car? In this guide, we’ll cover the pros and cons of used and new vehicles, plus the car insurance implications of each. Buying a used car. The sale price of used vehicles has increased dramatically since 2020.

8. www.canadadrives.ca › advantages-of-used-cars9 Undeniable Advantages of Buying a Used Car - Canada Drives

   www.canadadrives.ca › advantages-of-used-cars

   • Cars last longer today. A few decades ago it might have made more sense to avoid buying a used car—purely on the basis of reliability—than it does now.
   • Upfront savings on price. Brand new cars begin to depreciate (a lot!) the moment you drive them off the dealership’s lot. Data from CARFAX shows you can lose about 10% of the value of the car in the first month alone and up to 20% over the course of the first year.
   • More options for your budget. When you’re shopping for used cars, the depreciation factor works heavily in your favour. Even if you’re only looking at vehicles that are a few years old, the prices will be far lower than if you were only looking at brand new options.
   • Thriving used car market. Not only will you have more options to fit your budget, but shopping for pre-owned cars gives you a wider variety to choose from as well.

9. www.lowestrates.ca › new-car-vs-used-carInsurance for a new versus used car | LowestRates.ca

   www.lowestrates.ca › new-car-vs-used-car

   • Cached

   Feb 5, 2021 · You’re going to save money on car insurance coverage with a used car. The parts are likely cheaper, and if you avoid the most stolen cars in Canada, you can avoid higher insurance costs associated with that risk. This is good news for you because you can save on the car price and on insurance.

10. www.cargurus.ca › Cars › articlesBuying a New vs Used Car in Canada: Advantages of Each ...

    www.cargurus.ca › Cars › articles

    • Cached

    The best used cars can offer more variety than you’ll find in the new car market as well as a lower sticker price, too. Here’s a look at some reasons why you might choose to buy used: You want to pay less up front. This is stating the obvious: a used car costs less than a new one.