How often do you replace your car with a new one?
Do you use it until you can’t drive it anymore?
Hi Anjili - I replace my car every 3 years. I run a lease that expires at the end of 3 years and it has a final balloon payment. When I quit the car anything that I get over and above the final payment is mine - tax free! I generally like the feel and smell of a new car so I'm keen to replace them once they generally come out of warranty and to maximise the value. That way I don't have huge repair costs and less chance of a breakdown.
Another reason is that my cars generally have under 50,000 kms on the clock - this helps to maximise the trade in value.
For my wife's car we pay it off over 5 years and then sell it. It will have under 10,000 kms on the clock (she doesn't drive far) and we either use the value to off set the trade in or go on a holiday and do it all over again!
I can't afford a used car much less a new one. I just had my old one towed away.
We try to hang on to our cars as long as possible. On average, we probably get a new (or pre-owned) car about every eight years. We have been very fortunate and blessed with cars that do keep pretty well through the years.
Only when the old car's bumper is scraping the road, the paint is peeling off, the tires are worn down, and engine is making funny noises and refuses to start. Then I will look for a new car (and when I say "new", I mean a "new" and "used" car:) I cannot afford to just go out and buy a new car! I am happy with what works!
I have had my car since 1995, and when it dies, I will either not replace it or replace both it and my house with a small motorhome.
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