Should you keep a car for as long as possible?

Buying a new car is exciting. The emotion is new and it has that new car smell. At first, you get all the benefits of owning a new car, like a maintenance plan and a service plan that takes care of everything for you. After that period is over, some people sell their cars to buy a new one, while others still love their car and tend to keep it longer. Is it wise to keep your car longer?

Well, that will depend on you, but here are some reasons that can help you with your decision.

• The main benefit of keeping your car longer is that you would have paid it off in full after five years. Thereafter, you won’t have to make any more monthly car payments, which frees you up financially. In this sense, it is a good idea to maintain your car.
• Consider whether your car is still in good running condition and roadworthy. If you’ve been in a lot of accidents and the car’s performance is compromised, then it might not be a good idea to keep the car. However, if there are only a few dents or scratches, then it is not a train wreck. Or maybe it was just a minor accident and the car was fixed by a trusted mechanic, and there have been no problems with it since. In such a case, you can still consider keeping it. The most important part is that it is still safe to drive.
• Before the maintenance plan ends, you can choose to purchase an extended engine plan. This will give you similar benefits to what you had before and give you greater peace of mind if something breaks or needs to be replaced. It’s always a good idea to be covered for those scenarios just in case.
• If you don’t go for the extended engine plan, you may want to research what the general auto parts price range is for your particular vehicle. Are the parts generally expensive or reasonable if something were to be replaced? Will you be able to afford it? It may be wise to save some of the money you used to pay for the monthly car installations. That savings could be used for services, any part replacements or brake maintenance services.

Besides loving your car, there are some worthwhile reasons why you should keep it.