Is it better to keep an old car or buy a newer one?
I have a honda accord that's 15 year old. Its very reliable for most part but minor repairs come up from time to time. I take it to get checked out every 6 months or so and if there's something that needs attantion, I get it fixed right away. I want to keep the car as long as I can but I'm worried about the car age. Are things going to start falling apart since the car is so old?
Always keep an older car if it doesn't have major issues, it will save more money in the long run. Minor problems here and there are ok to let by. As long as you maintain your car properly, it shouldn't give you any headaches, Honda's are generally super reliable…
Financially you are usually better off keeping an older car but that is not the only thing to consider. How reliable does the car have to be? Once it starts breaking down and you are missing work because of it it's time to get a new car. For the most part Honda's are good cars and if you take care of it you can go well past 200K miles. But at some point the condition and problems with the care are going to be more than you are willing to put up with. When you get to that point get a new car.
Keep the old car until the cost and inconvenience of problems and repairs becomes to burdensome. However, the cost of a new car gets you new styling, new technology, improved safety features, Lemon Law protection, manufacturer's warranty, and of course that wonderful new-car smell.
At some point cars become increasingly more unreliable and will nickle and dime you to death if you try and keep them running. How long? I just quit my 1997 Toyota and traded it on 2007 model for exactly that reason.
Chances are the car isn't worth anything now because of it's age and mileage. So if keep it and something serious does go wrong you can just sell it to a scrap yard, walk away and buy a newer model. Or it might keep going for another 5 years with only minor repairs and you have saved a heap of money. You aren't really out of pocket either way. Just be prepared to dump it if the repairs become more than the monthly payments on a newer car.
Of course if you just want, and can afford a nicer car, then who am I to argue ;-)
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