By Connie Alsobrook
Driving an older car gives the perception of not having any money to
purchase a new car. Why else would you be driving an car over 10 years
old. There are tons of reasons to drive your vintage car until, as they
“until the wheels fall off”.
Some individuals hold on to their older model cars for sentimental purposes. Automobiles are sometimes passed down to another family member and even gifted in a will. When this happens it makes giving up your vehicle very difficult because of all the precious memories that were experienced in that particular car.
While most of us love our old cars, and bragging rights as to who has the most miles, sometimes we do have to let go. Weigh your options and make the best decision for you and your family, not because someone else thinks you look better in a new car.
Here are a few things to consider……………………..
SAVINGS If you have had your car for more than 10 years, chances are you do not
have a car payment. Car payments minimum are about 250.00 per month, so
let say you have not made a vehicle payment for the last 5 years. You
would have saved at least 15,000. Throwing money into a new car just for the sake of having a newer model is not always the best decision. Again with a new car comes extra expenses, the up keep along is pricey.
INSURANCE The longer you have your automobile the less you pay for car insurance, and taxes. In some states if you keep your vehicle over 20 years it
is considered to be an antique and you are eligible for a tag that represents that.
MAINTENANCE When you have been driving your car for a number of years
you become very familiar with it and know immediately when there is a
problem. Parts for an older cars can be easily found at savage/junk yards.
Regular mechanic shops can service your vehicle, they are not required to visit a dealer, which will charge you twice as much for repairs.
RELIABILITY/SAFETY This is the most important thing when considering keeping your car.
- Is your car unreliable in it’s old age?
- Has your car left you stranded?
- Is it unpredictable? Are there major
- issues that need to be repaired that you cannot afford?
- Are you locks still working?
- Do your seat beats function properly?
- Is it polluting the environment?
Here is a list of estimates for common replaced car parts to give you an idea of car payment vs repairs.
Spark Plugs $4.00 – $30.00
Alternator $120.00 – 300.00
Fuel Pump $179.00 -$226.00
Water pump $80.00 – $600.00
Clutch $15.00- $500.00
Starter $150.00 – $450.00
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Be advised that if you are spending too much money each month to repair your automobile you may want to consider purchasing another vehicle.