At what point does it make sense to sell and buy a new car?
GuestMarch 14, 2019 3:52 pmPersonal FinanceComments Off on At what point does it make sense to sell and buy a new car?0 views
My ’13 Honda Accord has 95K miles on it currently and I was told by the shop that I need new tires which I ordered. Everything else is fine as of now. But I do expect more expense repairs/maintenance in the near future as I rack up more miles. At some point, does it make sense to preemptively sell that car while it has no issues and upgrade to a new car (Honda/Toyota previous year but possibly a hybrid model).
Edit: Thanks for replies all. I wasn’t planning on trading in the car today and was only evaluating if it made sense in the near future, but will be putting this off until the car is likely double its current age.
When the average cost of monthly maintenance exceeds the amount you would pay in a monthly financed payment.
95k on that car is nothing. it should do at the least 250k with proper maintenance. drive it until it dies for good and can't be fixed cheaply
If it has no issues, I don't see a point in selling it.
Edit: if it becomes more expensive to fix than to just buy another car, then you should buy another car. A 2013 honda is still pretty new and seems reliable. You should keep it