Lately, with the surge in car prices, it has become even more difficult for many to afford a new car. The average price of a new car in the United States is around $47,000, while that of a used car is about $27,000. This makes holding onto your car for over a decade an attractive option.
In this post, we will explore the benefits of keeping a car for such a long period. From lower insurance costs to customizing according to your wish, we’ll cover everything you need to know. Read on to understand the financial and practical advantages of driving an older vehicle.
You Won’t Have a Car Payment Anymore
If you had taken a car loan before, you won’t have a car payment after a time period. Of course, this depends on the amount and the time you had taken the loan for. Nevertheless, if you don’t have to pay a sum every month, it would boost your finances.
Obviously, you cannot ignore the other costs such as gas and regular maintenance. However, those would be a part of it either way.
Decrease In Insurance Expenses
You can expect lower auto insurance premiums as your car ages. The cherry on top is that car insurance reduces with age. Since cars are a depreciating asset, the insurance rates decrease with time.
If you wish to save on insurance on an older car, you can drop off some coverage rates. That would also help you in saving money.
Absorption of Depreciation
The good news is that new cars depreciate most heavily in the first few years of ownership. By the time your car hits the decade old mark, depreciation will have slowed down. You will have survived the biggest hit which is in the first few years.
So take a seat back and sail smoothly in these calmer financial waters.
Evidence of Reliability
When your car has passed the 10-year mark, you already have enough evidence of its reliability. Obviously, you have ironed out all possible major issues and honed its performance over time.
Thus you will have the peace of mind that your car will take you where you need to go, without breaking down. It will be evidence that a car can endure when cared for properly.
Customizing and Personalizing
The one major advantage of holding onto a car is that you can customize it to your liking. You can add accessories, features and thus make the car you own into something that screams ‘individuality’.
Thus you enjoy the results of your investment and add unique touches that make it special. In the end, you are left with a vehicle that is a reflection of you.
Being Immune To The Software Glitches
When you hold on to a car for over a decade, your car will not have the new gen artificial intelligence embedded systems. You might see that as missing out.
However, you will be immune to the headaches of dealing with software bugs, glitches and even the possibility of being hacked into. It is a competition between reliability and new-gen technology. However, having to worry only about the mechanical repairs is well worth its weight in gold.
You Contribute To the Environment
When you hold on to your car for over a decade, you extend its lifespan. Thus you reduce the demand of newer vehicles.
Building a car takes up a considerable amount of energy and resources. So when you keep your car, you indirectly reduce your carbon footprint.
You Don’t Need To Let Go Of Memories
You might be a parent who used to take their kids to school in that car. Or you might have had a pet, who you brought home in that very car. When they are away, that very car might be the only source of memories for you.
If you hold on to that car, you hold on to those memories too. Instead of being in photographs, the car might provide a far better tangible connection.
No Need for New Decisions
Car shopping is often more stressful than other purchases. By keeping a car for ten years, you avoid this stress. With an old car, you skip the hassle of test drives, comparing features, and other decisions.
You Support Local Mechanics
By keeping the same car for an extended period, you likely frequent the same local mechanic. This relationship ensures that your car gets consistent, knowledgeable care. Additionally, it also establishes you as a dependable patron, contributing to a sustainable local economy.
You Break Free From Superficial Consumerism
Driving an older car can feel emancipating. You will make a statement that you do not give in to the social pressure of equating status with materialistic stuff such as newer cars.
This would show that you reject superficial consumerism and prioritize your own individuality. This is a pronunciation of a mantra of self-definition and the rejection of materialism.
You Could Be Sitting On A Gold Mine
Even though cars are known to be a depreciating asset, some collectible cars such as Bentley, Alfa Romeo etc appreciate in value over time. If your car has a significant following or history, you could be sitting on top of a gold mine. You may research your car’s model to gain additional knowledge. It might be a long shot, but why not try your luck out.