Saving Money: Old Car vs New Car

Getting left by the side of the road is no fun at all, and it makes it awful tempting to get rid of that old car for a newer model. However, before getting too bent out of shape, it’s best to step back and really take a look at the situation. This is a minor inconvenience, but is it really the pinnacle moment for trading up? Trading up, after all, often brings with it much higher automobile-related expenses.

Benefits of Buying a New Car

Oh, it is so easy to get car buying fever when one has had their old vehicle for many years. Wouldn’t it be nice to have a new, shiny, clean, pretty vehicle to get around in? Then this thought somehow becomes a desperate want, and sometimes this is mistaken for a need. There are some benefits to buying a new vehicle. For instance, it is pretty and shiny and clean. It seems like a new car would be very reliable. Plus, friends would be so jealous!

Problems with Buying a New Car

Absolutely, there are some really fun, happy emotions connected to purchasing a new vehicle. The question is, how long are those positive emotions going to last? After all, a vehicle won’t stay clean and lovely for very long while it’s in use. A newer model can break down just like an older one. While friends may indeed be jealous, it isn’t likely worth the extra expense just to make that happen.

Yes, buying a new vehicle is not inexpensive. All of those fun motivators come at a very steep price, particularly if that old car is paid for. It’s not just a hefty car payment for a vehicle that is going to depreciate thousands once it’s driven off the lot. Insurance will be higher. As a matter of fact, in many areas, a car with a payment attached requires collision insurance as well as the regular old stuff, which costs much more. Plus, there are the taxes, titling, and other requirements for registering a new vehicle.

Really, it is often in the best interest of the owner to simply have their old car repaired and continue on with it. Take all of that money saved and have it detailed, washed, and waxed so that it can feel newer! Unless an older car is literally falling apart, it really is the least expensive to fix that old jalopy and keep on trucking with it.