When the economy tanked in 2008, consumers across the nation stopped buying new cars. In an effort to save money, consumers have begun to hang onto their cars for longer, with many owners embracing the challenge of keeping their automobiles into high-mileage territory.
But is it worth it? Here are several pros and cons of owning a high-mileage car:
Pro: It can save you money. Older cars cost less to insure than newer ones, and you won’t have to pay a car payment.
Con: It can cost you money. If you’re thinking of keeping a car into higher mileage, you better be diligent in routine service for your automobile to keep it in prime operating condition. Otherwise, you may be paying above standard maintenance for costly and complicated repairs.
Pro: Cars are lasting longer. According to industry research, cars these days have higher levels of longevity than cars of the past and can thus reach higher mileage points more easily with fewer breakdowns.
Con: You’ll miss out on new safety features: The safety capabilities of cars are growing every year. Far beyond the now basic backup cameras, newer cars come equipped with sensors that help you stay in your lane and alert you of stationary objects ahead of and behind you. These features may be worth trading in your car, especially if you travel with young children.
Keeping a car running into high mileage territory is a personal decision. You’ll have to weigh the cost of routine maintenance and repairs over car payments and safety concerns over lower insurance payments.
If it’s time to find your next car, remember that many dealerships offer certified pre-owned cars that carry warranties. Regardless if you shop new or used, check out this helpful infographic with tips for car shopping.