It’s all over the dailies – the cost of buying new and used cars has skyrocketed! So, when does it stop? We can only speculate.
Meanwhile, many buyers feel priced out of their dream vehicle. But even this leads some to believe that holding onto an older paid-off car is asking for mechanical troubles and expensive repairs down the road.
But much of that worry comes from myths about the correlation between a car’s age and the likelihood of issues. So, is there any truth to it? Well, the answer is that it depends on the quality of the TLC you’ve been giving your car.
Busting the Myths
In overheated markets like Silicon Valley where prices and financing rates are astronomical, buying new often doesn’t compute money-wise.
With interest rates over 14% on 5+ year loans if you have an average credit score, your savings will run dry faster than you can imagine. Think about this: you only need a portion of this cost to maintain your trusty vehicle, and either way you do the calculations, buying new will not match up to the cost of maintenance and DIY.
Equipping yourself with DIY fix-it knowledge for your paid-off vehicle can avoid the pitfalls of both new and used car lots. Things like tuning up mechanical systems, swapping out fluids, replacing worn parts, updating technology features, and detailing both the interior and exterior can work wonders.
On the other hand, protective steps like wax seals, seat covers, door edge guards and more help safeguard against incremental wear and tear.
With watchful maintenance and some cost-effective upgrades, lasting hundreds of thousands of miles in a used car is achievable.
So don’t let dubious myths about unreliability scare you into an unwise purchase. A little TLC allows you to save money and transport yourself in style minus the monthly car loan payment. Bust those myths and feel confident striking out on the open road worry-free.
