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Monthly Archives: May 2018

Which Is Less Expensive? An Old Car Vs. A New Car

New-car envy is real. Looking at the latest sleek designs and all the latest technology offered today can certainly lead us to shiny-new-car syndrome. It looks so pretty! Yet, if we stop and calculate the impact buying that pretty shiny new car will have on our finances, it certainly should give us pause. There are many reasons to keep the old AND buy the new. But since most of us can’t have both, let’s look at when to hold onto what we already have and when it might just be that time to buy something shinier.   Why keep the old? Well, when it comes to new cars, money is a huge factor and it’s not limited to the actual cost of the new car. New cars increase insurance costs, monthly payments, and the cost of annual tags. This must be one of the biggest factors in determining your decision. Don’t get caught up in how cool it is without considering the long-range impact on your budget. And don’t forget that new cars, on average, decrease in value 22% i ... read more

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