Information below provided by  Equifax 

There are advantages to both. When trying to decide which makes sense, it usually comes down to a simple question: How much money do you have to spend?

The average used car costs less than half the average new car -- that's probably why used cars outsell new cars three to one. You will also enjoy the benefit of paying less to insure a used car. But remember that while it may cost substantially less to buy a used car, it will undoubtedly cost more to maintain it.

Buying a New Car?

The Good... Lower interest rate Long-term financing Full factory warranties Lemon law protection Usually safer than used Customizable from the factory

The Not-So-Good... Costs more Lose substantial money through depreciation as soon as its driven off the lot

Buying a Used Car?

The Good... Costs less Original owner absorbs the loss through depreciation Can often find great deals on similar cars if you have the time to shop around Can save on sales tax, if bought privately Lower registration fees

The Not-So-Good... Warranties not as strong, if they exist at all Not as dependable Financing rates higher More challenging to find a good used car than a good new one