If you’ve been driving the same car for years, you know how easy it is to get attached. Maybe it’s been paid off for ages, maybe it has a few battle scars you don’t mind, and maybe you’re convinced it’s still cheaper than buying something else. But is it really?
I had this debate myself a while back with my old sedan. Every time I paid for a repair, I told myself, “At least it’s still cheaper than a car payment.” But after the third surprise repair in one year, I started to wonder: was I just throwing money away?
Let’s talk about what really goes into that decision.
The Repairs Don’t Stop
Anyone with an older car knows how this story goes. It starts with little things: new brake pads, an oil change, maybe a battery. Then the bigger stuff comes knocking, the kind that drains your bank account fast. A transmission, timing belt, or engine repair can cost thousands.
AAA says older car owners typically spend between $500 and $1,500 a year just to keep them running, but if you’ve had one of those “it won’t start” moments that turn into a massive repair bill, you know that number can skyrocket fast.
The Quiet Money Leaks
Even if nothing big has broken lately, older cars still nickel-and-dime you. Tires, suspension parts, exhaust systems, none of them last forever. And none of them are cheap. A good set of tires can run $800. Suspension problems? Try a few thousand.
And don’t forget about gas. Most older cars guzzle more than you realize. Newer models are often far more fuel efficient, which means every trip to the pump stings a little less.
What Buying Newer Really Costs
Buying a different car doesn’t have to mean locking yourself into a sky-high payment. If you only look at brand-new cars, it’s easy to get sticker shock. The average new car payment in the U.S. is around $725 a month. But here’s the thing, that’s not the only option.
A reliable used car that’s five to seven years old often costs a lot less. Many fall in the $15,000 to $20,000 range, which could put you closer to $250 to $350 a month depending on your downpayment and financing. That’s still money, but it’s predictable money, unlike random surprise repairs. Plus, these cars have already taken the steepest depreciation hit and often cost less to insure than brand-new models.
When It’s Time to Say Goodbye
Here’s an easy rule of thumb: if you’re spending more than half your car’s value on repairs, it’s probably time to let go. And honestly? Sometimes peace of mind is worth more than squeezing another year out of an unreliable car.
Final Thoughts
Keeping an old car might feel like you’re saving money, but when you add up repairs, maintenance, lost time, and poor fuel economy, you might actually be paying more than you realize. It can be worth sitting down to look at the real numbers and see if keeping your car still makes sense for you. If it doesn’t, exploring your options could open the door to something that better fits your needs and budget.