Cost Comparison Calculator

Buy new, or keep your paid off car?

Maintenance and fuel cost roughly the same either way. The real gap is cash out of pocket: a car payment, plus the full coverage insurance a lender requires versus the liability-only policy a paid-off car can carry.

New Car & Loan

$49,000
12%
6.4%

Insurance

$210/mo
$75/mo

2026 national averages (ValuePenguin) — full coverage runs ~2.7x liability-only. Replace with your own quotes.

12 mo

Capped at the loan term — this compares costs only while the loan is active.

Monthly cost — buying new
$0
 
Monthly cost — keeping current
$0
liability-only insurance, no payment
Cash kept in pocket by month 12
$0
by keeping your current car instead
Cumulative cash cost
Buy new Keep current

The shaded gap is cash kept in your pocket by not buying — the down payment, loan interest, and extra insurance you'd otherwise pay while the bank holds the lien. Shown for the life of the loan only; once it's paid off, buying and keeping cost the same each month.

Show year-by-year table
Month Cost — buying new Cost — keeping current Cash kept by keeping