If you’re trading in a vehicle, you can put its value toward the down payment. The higher your down payment, the lower your monthly auto loan payments. Brands known to hold their value over time, like Toyota or Honda, will depreciate less quickly than other vehicles, like luxury cars. In the long-term, it’s typically less expensive to own a used car, though it depends on the vehicle’s condition. for a used car loan is $569, which is 22 percent below the $733 average new car monthly payment. Even though used cars come with higher interest rates than new cars, the difference in vehicle price usually translates into lower monthly payments. Your monthly payments will likely be lower for a used than new car.