Do you own an old car and wonder what to do with it? The average lifespan of a vehicle is 11 and a half years but this varies based on many factors, including maintenance and driving style.
As your car ages, you may find that it’s not as functional for you as it used to be when you first bought it. There also may be advances in safety and technology features for new cars that you want now. Sometimes, it’s just a matter of wanting to find a new ride for yourself!
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Read on to learn about five options for what to do with an old car!
Sell It
A home and a vehicle are often two of your most valuable assets. Even if you’ve had your car for a few years, there’s a good chance that it still has some value.
Use car selling tips like competitive pricing and great marketing pictures to sell your vehicle. Selling to a private buyer can be a great way for you to maximize the money that ends up in your pocket. That’s because negotiating a sale yourself takes out the middleman in the transaction and helps you avoid paying a commission or other fees.
Scrap It
You may decide that based on numerous factors, the best decision is to sell your used car for scrap materials. Taking this route can give you a faster turnaround time on getting rid of your car.
Deciding to sell junk car parts to a buyer can be a valuable idea when you are under pressure to unload a vehicle before moving to a new place!
Trade It
Trading in your car to a dealership is also a worthwhile option to consider. Did you know that car dealerships are currently giving buyers an average of $2,000 more for their used cars as a trade-in value?
Besides lowering your new vehicle’s purchase price, the amount you receive on a trade-in can also reduce your tax liability too. That’s because the trade-in value is deducted from the sales price, meaning you are paying less for your new car or truck!
Fix It
While replacing your car with a new one may seem tempting at first, sometimes the wisest financial decision is making a repair and keeping what you have. For example, let’s say that your current vehicle has a transmission problem that costs $1,200 to repair.
Although the repair bill may be a hard pill to swallow initially, spending $1,200 now often beats paying $300 to $400 each month for a new car. When you consider that the average car loan term is 69 months, that’s a long time to be making a monthly payment!
Donate It
Depending on the age and condition of your car, and your financial situation, you may consider donating the vehicle to a church or charity.
Besides offering potential tax benefits, you can make a positive difference in the life of someone in need who can’t afford to buy a vehicle on their own! If you’d rather donate your car to someone you know, speak to friends or family members about who may be a good recipient.
Wrapping Up: What to Do With an Old Car
When you are trying to decide what to do with an old car, you’ve got a lot of different options. Before you make up your mind, consider each alternative and which one best fits the needs of you and your family.
By taking the time to weigh the pros and cons of each one, you will be confident that you’ve made the right decision. Are you looking for other useful information on personal finance? Check out our blog for posts to put to use in your life today!