Cars are one of those things that you don’t really expect to have many of. We change our phones every couple of years (or maybe even annually), but with cars things are a bit different. First of all, they are expensive – both to buy and to maintain. Secondly, they are supposed to last us a while, right? And yet it seems like the most reasonable deal is to sell your old car when you’ve paid it off and just get a new one with a down payment.
Does this make sense though? And should you actually buy a new car? Maybe you should be the one buying the used model after all. In this article we will take a look at what makes sense for different people. Don’t forget that there are many auto transport companies such as Instacar Transport that can help you if you want to buy a used car out of state.
The Pros of Buying A Car On A Regular Basis
Let’s first see why you should consider having a car every 5 years or so (the most common lease period). For starters, new is usually better. Maybe not in terms of part quality, but definitely in terms of functionality. Though you should keep in mind that manufacturers may not have a new model iteration for you in 5 years. Sometimes they keep the same generation for 6 or more years. This may eventually affect your decision. Nevertheless, you should be able to get a new car with new tech every couple of years.
Another benefit to new cars is that you are much less likely to have them break down. Even if they do, they are usually covered by warranty and you won’t be paying as much for repairs. Yet beyond the 5 year mark is where most problems start to occur so by that point you should have made up your mind on what to do.
The final major thing is that you will have peace of mind. While the used market is much better nowadays, you still may get a used car with an underlying problem that springs up a couple of months in. At that point you don’t have much of a choice – you have to pay for your repairs.
The Pros of Keeping Your Car… or An Alternative
While this is not the most exciting choice, it is perhaps the one that makes most sense. Why? Well, if your car isn’t breaking down and you can afford the occasional repair, why bother replacing it? Sure, you might get a bit better fuel efficiency, but that is about it. Plus you will still pay more overall for a new car than you would pay for repairs on your old ride.
Or alternatively, you can just buy a used vehicle, if you want to experience something new, without spending all that much. Cars depreciate like crazy, so a 6-year-old vehicle may cost much less than a new one. And frankly, 6 years is not a sufficient period for any major improvement. It is likely that the old car will be just as capable as any new vehicle.
So what is your pick?