Owning a car is akin to having a child. It’s a big financial decision and entails significant responsibilities. Unlike a growing child, a car won’t eventually tend to itself. To make matters a bit more tedious, many vehicles will reach old age faster than you do. With this being said, is growing old with your long-living automobile a good idea?
Return on investment
Often, maximizing your vehicle’s life, like you would wear your shoes, provides the lowest total cost of ownership and the highest return on your investment. However, this assumes that repair fees to keep your car going are minimal. To slow down your car’s depreciation, consistent upkeep is required. When technical car enthusiasts are serious about growing old with their car, their old vehicle can be in working condition for at least two decades. It is important to note that it takes skill, knowledge, dedication, and passion for prolonging your car’s life. Without much of this, your vehicle will turn into junk faster than it turns into a classic.
Average ownership
Each car manufacturer has differing durability. This is why some brands are more trusted than others. Some cars tend to encounter periodic repair issues after the 7th year. You can imagine that by the 10th year, the periodic repairs could outweigh the regular repayments for a new car. On the contrary, some vehicles are only getting warmed up the first ten years. Car enthusiasts find that in general, the sweet spot for cars in the United States is between their fifth and tenth years. After this time, many parts of the vehicle will encounter more frequent issues, even if the engine is in tip-top shape. Your knowledge and skill in maintaining your own car play a vital role in prolonging its life. Without this, it makes financial sense to sell your car years before issues start to show up while giving the buyer enough time to enjoy much of your old car’s mileage.
Legacy
A well-maintained old car can be passed on from one generation to another. Leaving a legacy car to your loved ones is usually understandable and often appreciated. Though cars can be inherited overnight, the ability to maintain them takes time to develop. There are also risks associated with relying on an old car in today’s time. A study in 2012 reviewed fatal car crashes from 2005 to 2011. The probability that a teen driver was fatally injured increased as the vehicle’s age increased and in cars of earlier model years. Older car models have inferior quality of airbags, seat belts, stability control, and braking systems. Today’s automobiles have better roof crushing strength, traction control, and collision warnings, to name a few. If you find yourself having an old car you don’t know what to do about it, you can contact junk car dealers in case you want to exchange it for cash.
Driving an older car with enough safety features can be a great financial choice. However, if you encounter more problems and stress, preserving your well-being is better than keeping your car.