If you own an old car or you are looking for a good used car to buy, you may be in a bit of a quandary! We have all heard of the horror stories of purchasing a secondhand vehicle only to discover a significant fault shortly afterward. How do you know or decide when your car is too old to continue driving, or what is the oldest used car you should buy?
A car is too old when it becomes expensive to maintain due to frequent failures, and parts become scarce and costly. It is too old when it becomes unreliable, and your mechanic advises that it is time to get rid of it or tells you that your needs have changed and the car is no longer suitable.
Old cars can be classics or a calamity waiting to happen, and for those who do not have much experience in the motor industry, buying an old car can feel like rolling the dice! Some previously loved used vehicles out there are gems, but others that you should steer clear of. If you are not extra careful, you would likely to experience these horror stories.
We help you determine which is which and take the guesswork out of buying or owning an old car.
When Is A Car Too Old To Drive Or Own?
As an owner of an old car, you may be thinking about whether you should sell your old beater and replace it with a younger vehicle. We all go through these thought processes as our cars get older, but the decision to get rid of your old vehicle may not be the right one. This good thread may give you more insights.
Your decision to upgrade your car to a newer model should be thought through logically and practically, with little room for sentiment. Sometimes keeping your old car is the best choice you can make. However, in some circumstances, you should put your car up for sale immediately.
We will go through some of the points you should consider when making this decision, and when you answer these questions regarding your car, you should have the right answer. You can also check out this good article to get some more ideas.
To Keep Or Not To Keep Your Old Car
There are several reasons that people begin to entertain the notion of selling their old car to get a more recent model. A survey conducted on the common reasons why people sell their old car reveals that an upgrade to the increasing family size is the top reason.
If you are the driver of an older car, you would probably know its history, maintenance, and how it is currently running. You may feel that you are spending too much money maintaining the car, or you have just had a large expense replacing or repairing major components of the vehicle. These repairs may have taxed your budget, and you may consider getting rid of the car before a severe failure happens.
If you have just spent a lot of money fixing your car, this may be a reason to keep the car rather than get rid of it. Let’s look at when you should consider selling and when you should consider keeping your old car.
Reasons to consider keeping your old car include the following:
- You have just completed a major repair. If you have recently paid a substantial amount to get your car repaired, it could be a reason to keep it. If you have replaced the clutch, transmission or had a major engine overhaul, the car is in better condition than it was before. A replaced transmission would be good for another 60000 to 100000 miles. Continue to drive the vehicle to get the value out of the repair you have just paid.
- Parts are readily available. If parts for your car are still easily accessible at reasonable prices, it may be worth keeping the car. Newer car parts are often more expensive because of the higher demand.
- It is a reliable runner. If you are generally happy with the car, it gives you excellent and reliable performance and only requires regular services – the car is a keeper.
- Maintenance is simple. Older cars generally have simpler engines and systems, making them easier to work on, saving labor costs. Newer cars have complicated electronics that require more expensive equipment to diagnose and repair.
- Payment is complete. If there are no outstanding repayments on the car and the car is reliable, it may be wiser to keep the car than buy a new car and get into debt. Those monthly repayments can eat into your budget!
- Insurance is cheaper. Older cars have a lower replacement value, which makes your insurance premiums lower. Buying a newer car will increase your insurance premiums.
- The car is a classic. If the vehicle has some intrinsic value due to social appeal or collector status, it may be worth keeping it for another few years. The value of these types of cars can become higher the older they get.
While there are some excellent reasons to keep your old car, there are equally good reasons that an old car is no longer worth keeping. If any of the following statements are a good description of your old car, it is time to consider taking action and selling it in favor of a newer car.
Reasons to consider selling your old car include the following.
- Your car mechanic advises that you sell the car. If your car mechanic has noticed major parts wearing out that could involve a major repair in the not too distant future, it may be worthwhile getting rid of the car before the expensive repair.
- Parts are difficult to find. If your car is old enough, the manufacturer may no longer be producing parts for your vehicle. Unless generic versions are available, it will become increasingly more difficult and, thus, more expensive to service and maintain the car.
- The car is unreliable. A vehicle that is not reliable is more of a liability than an asset. If your old car is constantly breaking down on you, get rid of it.
- Fuel efficiency. Old cars have old engines that use old technology. This fact makes older cars less fuel-efficient than newer models. If you drive a lot, the cost of a lower fuel bill may be motivation to sell your old model and replace it with a newer, more fuel-efficient model.
- Your car needs have changed. If you are starting a family, a new business, or your needs for a car have changed over the years, this is a good reason to sell your old car and purchase one the better matches your new circumstances.
- The warranty is coming to an end. A used car that still has some time on the warranty will fetch a higher price than one where the warranty has expired.
These points we have run through for the pros and cons of keeping an old car should start to get you thinking on the right track to establish your reasons for selling or keeping your car. But there are a few further points your should factor into your decision to sell or keep your used car.
Check out this article for more information on when you should keep your old car.
What Is The Value Of The Car?
If you have not been watching the prices of cars in recent years, you may be surprised at how different the used car market is and how it has changed. Newer cars are substantially more expensive, and old ones fetch correspondingly lower prices. Although, used car prices are recently trending up.
When you consider selling or keeping your old car, you also need to consider what you will buy as a replacement. You need to do some research on two main questions before taking the plunge to sell and buy.
- What is the value of my old car?
- What is a replacement car going to cost?
If you would like to get some ideas on the worth of your old car, there are many online valuation tool you can use.
You may find that the sale price you can get for your old car is less than you expected, and a newer car is more expensive than you expected.
In this case, it may be more financially viable to keep your older car and pay the recurring maintenance costs than over-commit yourself to the monthly expense of a newer car. This article talks about the average car maintenance cost.
What Are The Current Problems With Your Old Car?
If your old car is a gem and has been well maintained and cared for, it is probably in pretty good shape. If your used car is mechanically sound and running well, and other reasons we have mentioned to get rid of your car don’t apply, then it is worthwhile keeping your old car.
If you know the car has a good history, good maintenance, few repairs, and runs well, you are in a good position to make a judgment call to keep the car.
Keeping your car is the best thing to do if the only replacement car you can afford is another used car. You would be trading a familiar vehicle with something you don’t know.
Before buying a used car, I would ask myself why the previous owner wanted to sell it. If their reason was that their mechanic told them to, or they were starting to have high maintenance costs, then you may be buying bigger problems than your old car. Here are some tips when buying an old car.
What Is Your Budget For A Replacement Car?
Selling your old car to buy a better replacement car may be a necessity, but, as with selling your old car, there are points for consideration when purchasing a replacement.
When selling an old car, you want to replace it with a newer, better car in better condition than your old car. A newer, better, and more reliable car will demand a correspondingly higher purchase price.
Before taking steps to sell your old car and buy a replacement, you should investigate the following.
- Your old car’s value. How much you can expect from the sale of your old car.
- Your budget. With the cash from the sale of your old car as a deposit, what can you afford to pay monthly on a newer car?
There is no point in selling your old car and purchasing a replacement car with the money. You would only be able to get a unit of a similar age, value, and condition. Unless you have savings that you can add to the purchase price of a replacement car, the money you get for your old car would only serve as a deposit.
What Is The Oldest Used Car You Should Buy?
For many people, the cost of a brand-new car is simply out of the question due to budget constraints. In this case, you would be looking to replace your old car with another used motor vehicle, but one that is more recent and in better condition than your old car.
Many people are nervous when buying a used car, and in some cases, this nervousness is justified. However, with some basic tips on inspecting and investigating quality used cars, you can get yourself a good used vehicle.
The critical question is, what is the oldest used car you should consider buying? The answer to this question depends mainly on your budget and how much you are willing to spend on a car, but the car’s age also has relevance.
Cars depreciate rapidly from their new purchase price, and most experts recommend that the sweet spot in the age category for a used vehicle is between 2 and 3-years old. Buying a used car in this age bracket, you get an almost new car for a substantially lower price.
Most cars depreciate the fastest over the first 5-years of their life, after which the depreciation slows down.
For these reasons, we recommend that the oldest new car you should get, budget allowing, should be a 5-year old car.
When buying a used vehicle, you should always use the following as a checklist.
- Does it have a full-service history? A car that is up to 5-years old should have a full-service history. If it doesn’t, look for a different option.
- Does the vehicle have accident damage? Some accident damage can be minor, while other damage can cause you problems down the road. Rather opt for a secondhand car that is accident-free.
- Look under the hood. Does the motor have any obvious oil leaks, or are there obvious signs of lack of maintenance?
- Take a test drive. How does the car feel when driving? How does the motor sound? The feel of the vehicle when driving can give many indicators as to the condition of the vehicle.
- Get your mechanic to check it out before you buy. Get your mechanic to inspect the car before you commit to the sale. Your mechanic’s experienced eye will pick up problems you may miss.
You can check out this comprehensive guide for buying used cars.
Is A 10-Year Old car Too Old To Buy?
We have recommended that the best-used car age to consider is up to 5-years old. Is a 10-year old car too old to buy?
A 10-year old car that has been well looked after and well maintained is certainly a possible candidate as a quality used car. However, from a statistical standpoint, you are more likely to have problems with a 10-year old car than a 5-year old car.
A car that is a decade old can cost up to double the amount to maintain annually as a car half that age, and a vehicle that is 10-years old is twice as likely to have a significant problem within 18-months to two years than a 5-year old car.
Of course, if your budget only caters to a car within this age bracket, the best option would be to use our checklist to get the best value for your budget on the older car.
You can see different opinions from car owners here.
A car is a large expense and a substantial financial commitment, but it is indispensable to our modern lifestyle. Owning an old car is not necessarily bad, particularly if the vehicle is not costing you money with regular repairs.
An old car in good condition and reliably running can be a cost-saving benefit to your lifestyle. It would certainly mean that you can save some money for the inevitable time when you need to replace the old car that has given you good service.