Drive Your Car Until It's Dead or Buy a New Car?
At some point during car ownership, you’re going to need to make a decision about what to do with your car. Towards the end of the car’s lifespan, you need to decide whether you’re better off selling the car, whether it be to a dealer or privately, or if you want to ride the car into the ground. Ultimately, it comes down to what’s going to make the most sense financially, without leaving you on the side of the road with a broken-down car. In this article, we’re going to look at a few of the things you need to consider about this topic.
Consideration #1: Safety
Having a car that is fully paid off is a good feeling and can certainly help your savings account, but there are concerns to address. Many people will continue to drive a car, despite it having some safety concerns because they want to save money. We can certainly understand where they’re coming from, but the risk is high. Driving an unsafe car "into the ground" just isn't a smart idea. So if you find yourself behind the wheel of a car that you know is unsafe, it might be time to visit your car dealer.
Consideration #2: Dependability
A dependable car and a safe car usually go hand-in-hand. A car that is frequently breaking down or has you constantly wondering when it will finally "give out" and quit on you is no way to drive, or live! Driving a car that has dependability issues is stressful and can be costly, you’re probably better off with a new car and a car payment.
Consideration #3: Value
The longer you drive your car, the less it will be worth come trade-in time. From an economic perspective, you might just be better off trading in your old car sooner than later.
Consideration #4: Comfort and Happiness
Does driving your old car make you happy? All too often, people fail to factor in the link between driving and happiness. After all, most of us spend considerable time in our cars, it’s important that it’s comfortable and you like it. If you hate your "old" car, then why not upgrade to a new one? Car dealerships have a wide array of financing options available, meaning that there is likely a payment option that works for your budget.
If you take these four points into consideration, the odds are good that you will find yourself looking for a new car. There is nothing wrong with driving a car that is bought and paid for, but if it is unsafe, unreliable or doesn't make you happy, then it is time to explore your options.