Posted on 7/2/2024
Deciding whether to maintain your current vehicle or purchase a new one is a significant financial decision. While the allure of a new car is strong, there are substantial benefits to maintaining your current vehicle. Insights from [Edmunds' True Cost to Own (TCO)] (https://www.edmunds.com/about/more-about-tco.html) analysis highlight several advantages of sticking with your existing car. Let’s explore these benefits in detail. Financial Savings 1. Lower Depreciation Costs: - New cars depreciate quickly, losing a significant portion of their value within the first few years. By maintaining your current vehicle, you avoid this steep depreciation hit. Your car has already gone through the most rapid phase of depreciation, making it a more economical choice. 2. Reduced Monthly Expenses: - Purchasing a new car often involves taking on a new loan, leading to higher monthly payments. Maintaining your current car, especially if i ... read more