There’s no rule that says you must buy a new vehicle every couple of years. For people who find that their older vehicles are in great shape, buying something new only matters if they have grown tired of their current rides. If you’re happy with the way your Ford Transit Connect drives, don’t listen to anyone who says that you just buy something new right now. Instead, focus on these perks that come from owning an older vehicle that still has plenty of life left in it.
No Car Payment
One of the most obvious benefits of owning an older car or truck is the fact that you don’t have a car payment to make each month. In terms of being able to balance the home budget, one less obligation certainly simplifies things. Your income can more easily meet your needs, even if you do occasionally need to spend some money for a car repair. If you are in need of repairs, perhaps due to extreme weather such as hail storms, then it would be beneficial to get in contact with a company such as Hail Specialists, or a company of the same caliber in your area, to fix any damage and restore your car to its original condition. In most cases, the amount you will spend on repairs per year will be a fraction of the cost of making car payments. This is especially true if you maintain the vehicle properly.
More Affordable Insurance Rates
One common but less obvious advantage of owning an older vehicle is the savings on auto insurance premiums. While there is some variance based on the make and model, you’ll find that many vehicles that are two to five years old won’t cost as much to insure. Think of how much you can save by having a lower premium. You may find that the savings in this area alone will help cover a nice chunk of any maintenance or repair work that your car needs.
Plenty of Original Parts
When you conduct a car search in Canada, you’ll find more than plenty of used vehicles for sale. There will also be many replacement parts that are available for vehicles that are ten or less years old. Some of those parts are still being manufactured by the original producers. Others are salvaged parts that also happen to be originals. This means if you do end up needing something like a transmission or other essential component, the cost for the replacement part is likely to be more affordable.
More Money to Set Aside for Other Purposes
Remember the fact that you don’t have to deal with a car payment right now? You can put that money to good use in other ways. Set aside some of the money in a savings or similar account that you can draw on when the time does come to invest in a different vehicle. You can also allocate some of the funds to some sort of retirement account or maybe save up and invest in a bond or some other asset that comes with a relatively low rate of volatility.
Remember that there are a number of people driving around in brand new vehicles that never seem to find the money to set aside in a retirement or investment fund. If you want to build wealth that will help you be more comfortable during your retirement years, see this time with no car payment as a way to accomplish those goals.
If you stop and think for a moment, there are likely some other ways that hanging on to your older vehicle for a few more years benefits you. When someone begins to hint that you need to make a change, check those benefits and see if they still hold true for you. If so, smile and keep on driving what you already own. In the long run, you’ll be happier and maybe a little wealthier.
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