Some people will advise you to drive your car "into the ground." Is this good advice? While their intentions may be nothing sort of great, is this advice that you should follow? Stated another way, is such advice in your financial best interest? As it turns out, the answer can be more complicated than it seems. Let's take a look at a few points to ponder on this topic.
Having a car paid off is a good feeling, but there are other concerns. Many people will drive a car, even if they have some safety concerns, because they want to save money. The impulse is understandable, but in the long run, the risk is just too great. 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.
A dependable car and a safe car usually go hand-in-hand. A car that is breaking down frequently or leaves you 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, meaning you are probably better off with a new car and a car payment.
The longer you drive your existing, older 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.
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. 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 perfectly 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.
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