Why would I change to a new car (with new loan) when I can use it for free after I fully paid for it?
My car loan ends next year. I planned to finish up the loan and use the car loan-free for the next 5 years. But my friends are encouraging me to sell and get a newer car. They said it’s better that way. Why? What should i do? Anyone can share? Thank you.
1
Discussion (1)
What are your thoughts?
Learn how to style your text
Reply
Save
Write your thoughts
Related Articles
Related Posts
Related Posts
I think it could be related to reliability, warranty, depreciation and maintenance costs. I used to drive but not anymore.
Depending on the usage of the car, some people like to change new cars as the new cars come with warranty and there could promotion offers etc. Also the wear and tear parts that need to be replaced if failed could be quite expensive.
Some people also like to do preventative maintenance to replace major parts proactively at the fifth year and will consider if a newer car offers better value.
Some people look at the depreciation cost per year and might find a newer car has a lower depreciation and operating costs.
It depends on your usage of your car and the maintenance regime.