11 Signs Your Older Car Is Costing You More Money Than It’s Saving

Over time, an aging car can drain your wallet dry.

Driving a car for a long time is often one of the best money moves for car owners . However, at some point, the day arrives when you are better off buying something new.

Pay attention to these signs that it may be time to replace your car.

1. Your car is leaving you stranded

It's bad enough when you notice issues with your car that cause you to return to a mechanic over and over. But it's even worse when you can’t even get your car to move at all.

If your car is leaving you stranded repeatedly, it’s a sign to move on from the vehicle. In the long run, buying something more reliable might help you get ahead financially .

2. You are spending a fortune on repairs

It might be time to move on from your car if you are constantly spending money on small repairs, or have been slammed with a few major expensive fixes.

Take a look at how much you have spent on repairs in the past year. If the cost shocks you, it may be time to let go.

3. The car lacks connectivity

Newer cars come with connectivity via USB ports, Bluetooth capabilities, touchscreens, and more. These technologies can help you keep your eyes on the road instead of the phone.

If your car is aging, you might want to look for a vehicle that has these features.

4. You are spending too much on gas

One of the great things about newer cars is their fuel efficiency. That is especially true if you get a hybrid vehicle or plug-in hybrid that runs on both gas and electric power.

Older cars may not offer the same fuel efficiency. Check how much you are spending on gas regularly and see if it would be cheaper in the long run to get a more fuel-efficient car.

5. The car is rusting

Rust can be a big issue for a car, especially if it starts to eat away at essential parts of your vehicle, like the frame.

Check your car regularly for rust issues and consider letting the vehicle go if the cost to repair the problem or replace parts starts to creep higher.

6. The car won’t pass emissions tests

Some states require emissions tests in order for you to legally use your vehicle. Issues with your car might prevent you from passing an emissions test.

Factor in the costs of repairing your car to meet these standards and decide whether you might come out ahead if you buy a new car that will likely stay in compliance for years to come.

7. The car has fallen way behind safety advancements

Safety standards continue to increase on new cars. These advancements go beyond air bags and into cutting-edge driver assistance systems, emergency braking systems, and pedestrian alert systems.

Keep yourself safe with these added features in a new car and avoid the risk of paying for repairs or medical bills related to accidents in your current vehicle.

8. You are embarrassing family and friends

Sure, this is more of an aesthetic issue than one that affects your budget. Still, you may want to pay attention to your friends and family when they say they are embarrassed to be seen with your vehicle.

It could be that they see something you don’t: A rundown and unsafe vehicle that needs to be replaced instead of staying on the road in an unsafe condition that could lead to expensive repairs soon.

9. Your family has outgrown your current vehicle

Your family may have grown in recent years, but what happens if your car doesn’t keep up?

It could mean driving two cars somewhere instead of one, which can add to your costs.

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10. The mileage is creeping higher

More miles on your car means more wear and tear on your vehicle. That wear and tear can add up, and you might soon be staring at a big repair bill if you continue to drive the car.

Instead, consider shopping for a new car now before you need to make major repairs. Switch to a vehicle that’s safe, fuel-efficient, and doesn’t need as many fixes.

11. You have grown to hate your car

Do you get mad at your rundown car every time you get in it? If so, it’s time for a change.

If you don’t like your car, you won’t treat it well. That could cost you money, as repairs will likely add up due to a lack of maintenance.

Tips for saving on a new car

So, are you ready to get a new car? There are things you can start doing now to save on the purchase price.

Create a budget so you can save extra cash that you can put toward a new car. Use your savings as a down payment that can reduce your car loan payments.

Take your time to look for deals. Finally, take care of your current car so you can use it as a valuable trade-in when you get your next vehicle.

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Bottom line

It’s a good idea to review your budget now to see how much your car is costing you as it grows older.

Factor in different costs — including gas, repair and maintenance, and money for car insurance — so you clearly understand the pros and cons of getting a new vehicle.

Then, decide whether your old car is costing you more money than it saves — and whether now is the time to make a change.

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