Ask yourself these 2 questions and be amazed at how easy it is to make a choice between Buying a New Car vs keeping the Old one. You should only seriously consider buying a new car when the situations become untenable and impractical (also underscored in two situations above) to hold on to your old car.
If you have the money to comfortably buy a new car, then this post wouldn’t have been a very lengthy exercise to write or read. You can trade in your old car and get a new one – it’s a no-brainer. However, not all people have that luxury.
A new car depreciates the fastest in the first 5 years. So, if you buy a new car, you need to know that it loses value fast during that period. In comparison, it is assumed that your older car now depreciates at a slower rate. The fact, however, is that depreciation depends on other factors, including make, model, MY, your driving style, and many more. I hope you found this helpful.
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