Time to Get Financially Savvy: How Long Should You Own A Car?

Time to Get Financially Savvy: How Long Should You Own A Car?

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Does your car’s odometer show somewhere between 100,000 to 150,000 kilometres? Are you wondering if it’s time to get rid of your old car and buy a new one? For most people, their car is one of the most expensive items that they’ll buy in their lifetime. So, when it comes to selling it and buying a new one, it’s only natural that you want to make sure that you’re making a wise decision – financially. Sure, you can sell your car to a wrecker quickly and be done with it. But, if it makes more sense financially to hold on to the vehicle for longer, then why not do that? Here’s the basic truth: the longer you keep a car, the more value for money you get.

People Are Holding on To Their Cars for Longer

The average number of years a person owns a car has been steadily increasing over the last decade. Current figures show that most Australians own their cars for ten years or longer before getting rid of them. This clearly shows that people have realised that holding onto a car that’s working perfectly fine is the smart thing to do. Sure, the model may be a little outdated, but consider all the money you’ll save by driving the same car for fifteen years!

But, Don’t Old Cars Incur Higher Maintenance Costs?

One of the most commonly asked questions when it comes to keeping your older car is – won’t the maintenance costs increase as the years go by? Surely, an older vehicle will incur much higher maintenance costs than a new one? While it’s true that your older car will probably need a lot more maintenance than a new one, it’s still no contest. Owning and maintaining a well-loved car is still a much cheaper option than buying a new one. You need to keep in mind that cars are not an investment. The minute you drive a new car out of the dealership, it starts depreciating. So, every time you buy a new vehicle, you’re spending money – not saving or investing by any means (although car companies would love for you to think of buying a car as an investment).

Selling an Old Car Is Now Easier Than Ever Before

Another great reason to hold on to your car for as long as you can is because it’s now easier than ever to get rid of your old car. So, you can run your old Toyota Corolla to the ground and once it starts falling apart, you can simply sell it for cash to a Cash for Car business. It’s quick and easy. So, it only makes sense to get as much mileage out of your car as you can before getting rid of it.

This article was written by Car Removal Adelaide.

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