7/21/2017

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Keep Your Car Longer

Does it make sense to keep your older car longer or does it make more sense to buy a newer model?

Many of the cars you see on the streets today cost almost as much, and in some cases more, than homes. Cars are expensive and they lose their value fairly quickly. Most homes are built to last for generations while most cars have a life span of just a few years.

While a house is stationary, cars are driven every day and suffer from wear and tear and bumps and bruises. To keep a car operating long term, it has to be serviced on a regular basis and maintained in good working condition.

The better you treat your car, or truck, the longer it will last. Most people know and understand that cars have so many working parts that it is a miracle that most of them last as long as they do. But regardless, keeping your old car as long as you can makes good financial sense.

Although automobile manufacturers spend a lot of their resources on building cars that are safe, long lasting, and affordable, it is impossible to guarantee how long any car will last. As a matter of fact, the government has had to set standards that manufacturers have to meet to insure quality, but even this only works to a certain degree.

With so many people commuting to and from work, some putting over a hundred miles a day on their cars and trucks, it can be expected that these automobiles won't last over 10 years. If you put over one hundred miles a day on your car, you will probably find yourself having to buy a new one as soon as the one you are driving is paid off.

So how can you save money when your are spending so much on cars? If you drive a lot, you either have to buy a new car or keep your old one in good repair. If you don't drive that much, your car may last for many years.

You have to ask yourself a very important question. "Should I keep my car a little longer or should I trade it in for a newer model?" The answer is "yes" if it keeps working for you. The answer is "no" if it starts breaking down on a regular basis.

You need a dependable car or truck no matter where you live or what distance you have to travel to get to work and back home. Your car should be in good condition for getting around town, running errands, or taking a trip.

In most larger towns and cities, you can depend on public transportation but you may not be able to take it everywhere you want to go. Most people want to own a car or truck so buying one is always a large part of their financial plans.

But if you own an older car that is free of loans, does it make sense to keep it a little longer or make more debt buying another one. Once your car is paid off and the longer you go without buying another one, the more money you can save.

If your car or truck starts breaking down and needs to be repaired on a regular basis, it may be time to buy another one. You can put it off as long as you can but you don't want to be on the road and your car breaks down on you, especially if it raining, snowing, hot and humid, cold, or late at night.

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