Yesterday, I mentioned you can save $31,000 over 10 years by keeping your car rather than selling it with your eyes on the “new hotness.”
But there are certain times you just shouldn’t hang on to “old and busted.” Consumer Reports has some suggestions for when you should say goodbye.
- It needs repairs costing more than its value.
- The vehicle’s structural integrity is threatened by a badly rusted floor pan or sills.
- Despite repairs, the car remains unreliable, and it seems likely you could be left stranded.
- It has been in a flood or serious accident.
Not in Consumer Reports’ list is the desire to trade-up to keep up with the latest models. However, I’ve been wondering if some technological breakthroughs, like a doubling or tripling of fuel efficiency at the same price, would be a good reason to abandon old technology even if it is still working well.
Updated September 28, 2007 and originally published September 4, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.