Deciding how long you should keep your car for really depends on how reliable the vehicle is after driving it for several years. The main determination is usually mechanical parts breaking down. The high cost to repair an engine or replace a transmission may force you get rid of your used vehicle because it is just too expensive to fix.
The Average Life Span of a Vehicle
While the lifespan of a vehicle can widely vary, according to AutoTrader, the average time a vehicle can be driven is just over 11 years if properly maintained. Antique and classic cars have a much longer lifespan as collectors and enthusiasts take measures to ensure their vehicles are kept in pristine condition.
Vehicles used on a daily basis are not preserved the same way. Every day commutes can wear a vehicle down over time. Without proper care, parts can and will begin to break down. The harder you drive your vehicle, the shorter the lifespan.
How Long Do People Keep A New Car For?
Putting sentimental value aside which usually tends to make people hang on to a vehicle, the average time a brand new vehicle is owned by the original owner is 8.4 years.
If you leased a vehicle, your time is much shorter. Upon the end of your lease, you’ll need to decide if you are keeping the vehicle or changing to another, maybe newer, model. Car ownership tends to last longer when a vehicle is financed. Loans can take as long as 6 or 7 years to pay-off which is a major factor in keeping a vehicle. Once the full loan amount is paid off and the vehicle has no major issues, you’ll get a few more years of driving it around before you’ll have to part ways with it.
When Is The Best Time To Sell Your Vehicle
Only you can decide when the best time is to sell your used vehicle however here are a few determining factors to help you decide:
- It’s just sitting in the driveway, no one drives it.
- The vehicle is a piece of junk, it doesn’t run or it is damaged.
- You have outgrown your vehicle or it doesn’t fit your lifestyle any longer.
- Insurance is just too high and it is time to lower the payment.
- Gas is expensive and you want a small vehicle.
- You hate your vehicle and have your eye on something better.
Now that you have decided if you should get rid of your current vehicle, you’ll need to find out how much your car, truck, van or SUV is worth.