The Cars

Keeping your old vehicle can save you money. This is the right answer to the question “Should you continue with your old car or sell it out for a new one?” Old cars will help put many drivers on the road to a better economy. You will definitely save money if you choose to keep your car instead of selling it for a brand new vehicle.

Rich White, executive director, Car Care Council said that “People who don’t sell their old a car , treat them as important investment and commit to regular maintenance of their vehicle which saves their money”.

Checking the oil, filter and hoses , the brakes along with air conditioning are the most common faults, and keeping these repaired is the key to keeping your car working reliably and safely for a longer time. An annual tune-up and wheel alignment is also recommended by the council.

Over a four year period, the variation in savings between keeping a vehicle and purchasing a new one is $10,894, this is stated by Runz-Heimer International.

Expenditure for keeping the older car

Comparing the cost acknowledged, for keeping a four door six cylinder car of 2003, that has a decent mileage is priced at $19,727 against a new six-cylinder, four-door car which gets 23.5 miles per gallon and is priced $23,451 and whose down payment is $10,158 which is the older car’s trade in price.

After four years, expenditure on the old car including fuel, maintenance, license, insurance, registration, taxes, and tires was $16,548 and with the resale value of $3,759 the total expense goes to $12,789.

Price to pay to buy a new car

Expenses for the new vehicle including the loan interest payment on the loan, several taxes and registration fees maintenance, and tires goes to $32,258 after adding the resale value of about $8575 puts the total four years expense of the new car at $23,683.

Terry Mulcahy, who is the vice president of investments department for R.W. Baird in Mequon said that “the advice to our clients is that if they want their savings increase every year, they should cut down their expenses”. The car comparison shows clearly that keeping your old car is a good idea and it can save you a lot of money.

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