diff --git a/src/tool_operate.c b/src/tool_operate.c
index e1c9c6251..fa8be45ed 100644
--- a/src/tool_operate.c
+++ b/src/tool_operate.c
@@ -905,35 +905,6 @@ static CURLcode single_transfer(struct GlobalConfig *global,
         /* default output stream is stdout */
         outs->stream = stdout;
 
-        /* --etag-save */
-        etag_save = &per->etag_save;
-        etag_save->stream = stdout;
-
-        if(config->etag_save_file) {
-          /* open file for output: */
-          if(strcmp(config->etag_save_file, "-")) {
-            FILE *newfile = fopen(config->etag_save_file, "wb");
-            if(!newfile) {
-              warnf(
-                config->global,
-                "Failed to open %s\n", config->etag_save_file);
-
-              result = CURLE_WRITE_ERROR;
-              break;
-            }
-            else {
-              etag_save->filename = config->etag_save_file;
-              etag_save->s_isreg = TRUE;
-              etag_save->fopened = TRUE;
-              etag_save->stream = newfile;
-            }
-          }
-          else {
-            /* always use binary mode for protocol header output */
-            set_binmode(etag_save->stream);
-          }
-        }
-
         /* --etag-compare */
         if(config->etag_compare_file) {
           char *etag_from_file = NULL;
@@ -941,7 +912,7 @@ static CURLcode single_transfer(struct GlobalConfig *global,
 
           /* open file for reading: */
           FILE *file = fopen(config->etag_compare_file, FOPEN_READTEXT);
-          if(!file) {
+          if(!file && !config->etag_save_file) {
             errorf(config->global,
                    "Failed to open %s\n", config->etag_compare_file);
             result = CURLE_READ_ERROR;
@@ -975,6 +946,35 @@ static CURLcode single_transfer(struct GlobalConfig *global,
           }
         }
 
+        /* --etag-save */
+        etag_save = &per->etag_save;
+        etag_save->stream = stdout;
+
+        if(config->etag_save_file) {
+          /* open file for output: */
+          if(strcmp(config->etag_save_file, "-")) {
+            FILE *newfile = fopen(config->etag_save_file, "wb");
+            if(!newfile) {
+              warnf(
+                config->global,
+                "Failed to open %s\n", config->etag_save_file);
+
+              result = CURLE_WRITE_ERROR;
+              break;
+            }
+            else {
+              etag_save->filename = config->etag_save_file;
+              etag_save->s_isreg = TRUE;
+              etag_save->fopened = TRUE;
+              etag_save->stream = newfile;
+            }
+          }
+          else {
+            /* always use binary mode for protocol header output */
+            set_binmode(etag_save->stream);
+          }
+        }
+
         if(metalink) {
           /* For Metalink download, use name in Metalink file as
              filename. */
diff --git a/tests/data/Makefile.inc b/tests/data/Makefile.inc
index 0fd29780a..2b20ac329 100644
--- a/tests/data/Makefile.inc
+++ b/tests/data/Makefile.inc
@@ -58,7 +58,7 @@ test307 test308 test309 test310 test311 test312 test313 test314 test315 \
 test316 test317 test318 test319 test320 test321 test322 test323 test324 \
 test325 test326 test327 test328 test329 test330 test331 test332 test333 \
 test334 test335 test336 test337 test338 test339 test340 test341 test342 \
-test343 \
+test343 test344 test345 \
 test350 test351 test352 test353 test354 test355 test356 test357 \
 test393 test394 test395 \
 \
diff --git a/tests/data/test344 b/tests/data/test344
new file mode 100644
index 000000000..054d0351b
--- /dev/null
+++ b/tests/data/test344
@@ -0,0 +1,58 @@
+<testcase>
+<info>
+<keywords>
+HTTP
+HTTP GET
+</keywords>
+</info>
+
+#
+# Server-side
+<reply>
+<data>
+HTTP/1.1 200 OK
+Date: Thu, 09 Nov 2010 14:49:00 GMT
+Server: test-server/fake
+Last-Modified: Tue, 13 Jun 2000 12:10:00 GMT
+ETag: "21025-dc7-11111"
+Accept-Ranges: bytes
+Content-Length: 0
+Connection: close
+Content-Type: text/html
+Funny-head: yesyes
+
+</data>
+</reply>
+
+#
+# Client-side
+<client>
+<server>
+http
+</server>
+<name>
+Both --etag-compare and -save store new Etag using non-existing file
+</name>
+<command>
+http://%HOSTIP:%HTTPPORT/344 --etag-compare log/etag344 --etag-save log/etag344
+</command>
+</client>
+
+#
+# Verify data after the test has been "shot"
+<verify>
+<strip>
+^User-Agent:.*
+</strip>
+<protocol>
+GET /344 HTTP/1.1
+Host: %HOSTIP:%HTTPPORT
+Accept: */*
+If-None-Match: ""
+
+</protocol>
+<file name="log/etag344">
+21025-dc7-11111
+</file>
+</verify>
+</testcase>
diff --git a/tests/data/test345 b/tests/data/test345
new file mode 100644
index 000000000..135e0c26a
--- /dev/null
+++ b/tests/data/test345
@@ -0,0 +1,61 @@
+<testcase>
+<info>
+<keywords>
+HTTP
+HTTP GET
+</keywords>
+</info>
+
+#
+# Server-side
+<reply>
+<data>
+HTTP/1.1 200 OK
+Date: Thu, 09 Nov 2010 14:49:00 GMT
+Server: test-server/fake
+Last-Modified: Tue, 13 Jun 2000 12:10:00 GMT
+ETag: "21025-dc7-11111"
+Accept-Ranges: bytes
+Content-Length: 0
+Connection: close
+Content-Type: text/html
+Funny-head: yesyes
+
+</data>
+</reply>
+
+#
+# Client-side
+<client>
+<server>
+http
+</server>
+<name>
+Both --etag-compare and -save store new Etag using one pre-existing file
+</name>
+<file name="log/etag345">
+21025-dc7-39462498
+</file>
+<command>
+http://%HOSTIP:%HTTPPORT/345 --etag-compare log/etag345 --etag-save log/etag345
+</command>
+</client>
+
+#
+# Verify data after the test has been "shot"
+<verify>
+<strip>
+^User-Agent:.*
+</strip>
+<protocol>
+GET /345 HTTP/1.1
+Host: %HOSTIP:%HTTPPORT
+Accept: */*
+If-None-Match: "21025-dc7-39462498"
+
+</protocol>
+<file name="log/etag345">
+21025-dc7-11111
+</file>
+</verify>
+</testcase>