Unlike in the past, getting cars today is an easy task, thanks to several banks and other financial institutes offering appealing car loans with relatively low-interest rates and an extensive collection of brands and models to choose from, making holding onto your aging ride impractical use of your investment.
With that in mind, here are seven reasons why you should sell your car once it gets old.
New Cars Have the Latest Technologies
New cars always have the latest safety features and widgets that can keep cars safer (airbags, heads-up displays, parking sensors, auto drivers, AI), preventing accidents and potentially saving lives. That’s because vehicles are like computers, undergoing upgrades and featuring new technologies nearly every year, resulting in better fuel efficiency, better safety standards, and fewer toxic emissions.
However, regardless if you have an old or new car, in addition to all the safety features it provides, it’s still wise to hire a car accident lawyer. These professionals can help protect you and your vehicle legally in case of emergencies and accidents, protecting your investments and finances.
Lower Insurance Premiums and Interest Rates
An excellent money-saving advantage of newer cars is that you pay lower insurance premiums. That’s because though the listing price of new automobiles is higher than older ones, it comes with a hefty exchange—high insurance premium rates. More recent vehicles often have lower insurance rates thanks to their improved safety features, accessible parts, and other factors. Additionally, new cars usually have low-interest rates, with some offering rates as low as 1.35%, depending on your credit situation.
It’s Better for the Environment
Old cars can become a health and safety concern over time as their built aren’t optimized for today’s polluted surroundings, resulting in more smoke than their newer counterparts. Plus, they may cause toxic chemicals to seep into the ground, further polluting the environment. So, it’s best to opt for more recent and more environmentally friendly cars to help you drive in style and more responsibly.
Most new cars come with free servicing for the first few years of ownership. However, keep in mind that maintenance is generally not required before driving your first couple of thousand miles of driving. That’s why a new car’s consumables, including batteries, rubber and plastic bits, and filters, won’t need costly attention for your first years of ownership. Plus, free serving typically comes as a part of the sales package on new vehicles.
Another benefit of getting a new car is that most modern versions come with roadside assistance. That’s because even if your vehicle is in its best condition, it’s still possible for you to get a flat tire, or you forget to turn off the lights, resulting in damaged headlights or taillights. Luckily, basic roadside assistance plans are included in the new car purchase price, leaving you with one less thing to worry about in the long run.
A significant advantage that new cars have over older ones is that you’re likely buying a new vehicle that comes with a warranty—helping you get the most out of your investment without worrying much about additional costs. Most new cars will naturally need a couple of repairs and maintenance in their few initial years, allowing you to focus only on the car’s upkeep. Older cars don’t have any warranties, leaving you to pay for all costs associated with the vehicle, leaving you to pay more than you initially had to.
Modern car manufacturers are always working on new ways to improve cars’ fuel economy, and newer models seem to have higher ratings than older ones most of the time. For instance, a 2012 Maruti Dzire had a fuel economy of 44.9mpg, while its newest version has around a 48.2mpg, which is a massive improvement. Additionally, if you have a monthly usage of more than 1242 miles and use a petrol-powered vehicle switching to a new diesel mode can save you as much as $900 every month.
In essence, newer cars often have better fuel efficiency than older ones, allowing you to save more money and get the most out of your investment over time.
Although parting with your first-ever car isn’t an ideal situation, holding onto an older vehicle is impractical. Fortunately, when it comes to buying a car, you have various choices available—and it comes with as many benefits. That’s why when your car has passed its prime, it’s best to let it go and get a new upgrade for a smoother, safer, and fun drive.