Motoring experts agree that these days, vehicles are made to last longer. However most people would rather get themselves a new car every three or four years. What's the point in getting a new car if your old car is still in good condition? You can save the money you could have spent buying a new car by using your old one for eight years then sell it off. You'd have saved enough money to buy a new car without touching your earnings, and you get some money off selling your old car. That, now, is killing two birds with one stone.
If a car has a life of say 14 years, it may cost £20,000 new, and will be resold for £5,000 after 7 years. This meaning that 75% of the cost comes in the first half of the lifetime of the vehicle. That's why ever car I've bought has been at least 5 years old, because you can get some very high quality ones for quite a low price.
The longer you keep a car, the more value you get from it but you need to take into consideration that after about 100,000 km's parts start to wear out and replacements become expensive. I have never bought a new car and I don't see the point until my financial position is so good that I can afford to do it without thinking about it. A car loses at least 15% of its value as soon as you drive it off the lot and each as new year model is released it continues to lose value fairly rapidly. I think the reason many people change cars every 4-5 years is because the km's are starting to get high and expensive maintenance is imminent or it is because the are leasing the vehicle and the lease is due to expire. Some people just like a change though as newer features are introduced and safety becomes better or they just want to keep up with the Jones's. Personally, I like that character, simplicity and styling of older cars and don't have a problem driving a 40 year old classic
I tend to drive my cars for a very long time. It's a big investment, getting a car and I need to get as much out of it as I can. I do change cars when I find myself constantly having to go to the mechanic either for checkups or for changing parts that break, at that point I figure the money I spend on the mechanic is better applied to the monthly payment of a new car. Then when I change I go for used cars, the 5-year rule that Hedonologist mentioned is a very good one.
@Denis Hard I'm not sure if new cars are a good investment. Note, a slightly used car often works just as well, so is a better bargain. However, though, there are people who simply enjoy new and high-quality vehicles. In that case, yeah, your strategy might work.
@Strykstar I agree with you. Cars are big investments and it is always better to use it fully before changing it. Even after a long time if the car begins to give you troubles and you find spending much money for repairing them, then it is a right time to opt for new one.
i can't afford a car payment nor do I want one hanging over my head, so I tend to drive my vehicles into the ground. My current one I have had for years, and it is still a good car. It isn't pretty to look at but it gets me where I am going so I am all for it! No car payment for me!
If I am making big money then I may follow the trend of changing cars every one or two years. Otherwise there is no point to do away with my car even if it has gone old so long it's still very useful and doesn't give problems, mechanically or electrically. I would keep using the car while I manage my resources to reach other more pressing needs
Unless there is money to spare, I see no reason for changing a car every few years The best case scenario for me is to adequately maintain my vehicle so that I will able to get a considerable period of reliable service from it. During this time I can plan and save for the time when I will replace it.
This is an interesting thread because our 2 cars are now both 4 years old. I had been talking with my wife for a plan to buy a new car to replace 1 of our present cars. Our decision for now is to retain the 2 cars since they are still in good condition – the engine has no problem and the body is still good-looking. My only concern is the warranty had expired so if there is a major problem then we will shoulder the cost. Nevertheless, I have to agree that until 5 years maybe, our cars are still okay like brand new.
With rare exceptions (where I'm really in a hurry) I always washed my car at home and I can say that I already saved a very good money with car washs. In no time is a boring activity for me because I like to wash my car.
