Getting a new car can be exciting. It’s fun to drive a shiny new vehicle, and it’s great to drive the kind of car that other people envy. However, that doesn’t mean you should buy a new car every year or two.
Although it’s fun to drive a new car, you may want to consider driving your car for as long as possible instead for these reasons:
- Give self-driving technology time to develop
- You’ll eventually ditch a monthly payment
- Taxes and tags are cheap
- You won’t sweat dents and scratches
- Cars aren’t investments
Give Self-Driving Technology Time to Develop
Self-driving car technology is already here. Some of this technology is already in vehicles, and has been for a number of years, helping you to make stops and regulate your speed when you’re on the interstate. However, depending on where you live, you could be sharing the road with vehicles that actually drive themselves right now.
Feeling nervous and scared about this new technology? There’s nothing wrong with wanting new technology to be well-tested before you give it a try. Driving your car for as long as possible can help.
The technology as it stands today can’t make moral decisions, and there is very little legislation to ensure it’s safe. Just keep driving the car you have while they work out the kinks. When self-driving cars finally are a thing, they will have been a thing for long enough that you actually feel comfortable getting behind the wheel.
You’ll Eventually Ditch a Monthly Payment
Paying for a car can put a big dent in your wallet. The average monthly car payment for a new car is $575. Even used cars have an average monthly payment of $430. That’s a lot of money!
Eventually, you’ll pay off your car and you won’t have to make that payment anymore. Why would you want to jump into buying a new car right away? Instead, drive your car for as long as it’s safe to drive. Instead of making car payments, you can take what you would have spent on your payment and save it. That way, when you are ready to buy a new car, you’ve got a good chunk of change you can use towards a down payment, decreasing the monthly payment you have to pay in the future.
Taxes and Tags are Cheap
As if car payments aren’t costly enough when you own a new vehicle, you’ll be devastated when you get your yearly tax and tag bill in the mail. Getting a new sticker for your car’s license plate every year can cost hundreds of dollars!
The good news is that vehicle taxes decrease every year as the value of your car depreciates. As the years go by, you’ll pay less and less until you’re writing a check for just $50 or less. You’ll end up saving hundreds or even thousands of dollars over the years on taxes when you own the same car for a decade or more.
You Won’t Sweat Dents and Scratches
A lot of people baby their new cars. You want to keep your car looking its best for as long as possible! Although you will always want your car to look nice, you’ll worry a little less about how it looks as it gets older.
When you have a new car that isn’t worth nearly as much as it was when it was brand-new, you no longer have to debate between traditional and paintless dent removal, and you aren’t worried when you have to park next to a beater car in the parking lot. Not to mention all the money you will save on repairs and upgrades to your car that ultimately don’t matter at all.
Cars Aren’t Investments
A car isn’t an investment. Instead of increasing in value over time, it decreases in value over time, regardless of how well you have taken care of your vehicle. There’s no reason to upgrade to the latest model. Just because it costs more doesn’t mean you’ll get a better return on your money. Instead, when your new vehicle costs more, you’ll just end up paying more without a good return on your investment anyway. You might was well drive the car you already own for as long as you can!
Don’t fall into the trap of thinking you have to drive a brand new car every few years. There are actually quite a few reasons to keep driving your car for as long as possible.