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A majority of Americans are keeping a close eye on their funds, which usually means fewer extravagant vacations, additional hours at the office, and most importantly, saving all that they can. Inevitably, there are moments when an individual has to decide whether to keep his or her used car, or whether to spring for a new one.

The immediate joy and satisfaction of owning a new car can be overwhelmingly exciting, but if the current used car runs efficiently, isn ' t it wise to hang on to it for as long as possible?

There are several aspects for the owner to ponder: how much money is being put into the used car on an annual basis? How many miles are on the used car? Lastly, is the current monetary situation likely to improve in several years? If so, it may make sense to go ahead with buying a new car. But, if the cost of repairs is less than a thousand dollars per year, it may make sense to hang on to the vehicle.

The typical car payment is roughly four hundred dollars a month, and for those struggling with high rents, mortgages, a plethora of bills, joblessness, or a combination of these factors, a monthly car payment is excessive. Typically, by the end of the payment period, the new car will have lost much of its value anyway. On the other hand, reliability, comfort, and the excitement that arises from a new stylish car can shroud the advantages that go along with keeping a used car.

Here are some more advantages to buying a new car: besides the obvious reliability factor, the freeing idea that the buyer can creatively choose the exact options, color, style, etc is empowering. Not only that, but the option of attaining an extensive warranty is also a point in favor of a new car.

Furthermore, in rare circumstances, a brand new car may not function perfectly, and the buyer is protected by the highly revered lemon law, which will replace the lemon with a brand new car. When a used car fails, then that is usually the end, unless the owner has a lot of additional money for repair. Finally, new car loans are easy to attain and usually have the lowest interest rates.

Here are some more advantages to holding on to a used car: firstly, besides the fact that there are no payments, insurance costs far less; moreover, keeping a used car means that property taxes and registration are also significantly less. Think of the money saved per year that could be used for savings, vacations and entertainment. Basically, there is excessive support from those that believe retaining a used car is the answer, mainly because new cars are awful investments.

Holding on to the beater means that the owner needs to participate in regimented maintenance: tune - ups, new hoses, changing anti - freeze, replacing the air filter twice a year, and most importantly, oil changes. Keeping up on this necessary maintenance ensures that the used car will last as long as possible until the day arrives that he or she is able to purchase a dream car.