When it comes to cars, how old is too old? If you've held on to your car for a long time, it might be better for you to trade it in for a new ride. The following are some of the factors to consider if you're wondering whether keeping an old car is worth it.
Mounting Repair Costs
Even if you've taken good car of your car, it still requires more and more maintenance as time goes by. Keep track of how much you spend, on average, on maintenance and repairs every month. If that number is starting to look like the kind of money you'd be willing to pay for a new car, it may be time to move on. And remember, those repairs costs will only be going up.
Fuel Efficiency Costs
New cars are almost universally more efficient than old cars, sometimes by a wide margin. For example, the 2012 Toyota Camry Hybrid earned 39 mpg combined. While that was impressive at the time, the latest model earns 52 mpg combined.[1] At $3.50 a gallon, that fuel economy difference could save you $302 per year if you drive as much as the average American. And that's without factoring in that cars tend to get less efficient as they age.
Safety Concerns
Toyota cars often set the standard for safety in the auto industry. But the entire industry is moving forward every year. Today's safety standards and manufacturing processes are more advanced than those of even five years ago. Modern cars also come with cutting-edge driver-assist features that can help you avoid accidents, such as Toyota Safety Sense™. If safety is a concern, that should be a strong motivation to trade in your old car for a new one.
We invite you to visit Fox Toyota in Auburn, New York, to check out our lineup of new and certified pre-owned vehicles, as well as to learn more about the trade-in process!
[1] EPA-estimated 28 city/39 hwy/32 combined mpg for 2022 Camry LE, SE and SE Nightshade Edition; 27 city/38 hwy/31 combined mpg for 2022 Camry XLE 4-Cylinder and XSE 4-Cylinder; 22 city/33 hwy/26 combined mpg for 2022 Camry XLE V6; 22 city/32 hwy/26 combined mpg for 2022 Camry XSE V6; 21 city/31 hwy/25 combined mpg for 2022 Camry TRD; 51 city/53 hwy/52 combined mpg for 2022 Camry LE Hybrid; and 44 city/47 hwy/46 combined mpg for 2022 Camry SE Hybrid, XLE Hybrid and XSE Hybrid. Use for comparison purposes only. Your mileage will vary for many reasons, including your vehicle's condition and how/where you drive. See www.fueleconomy.gov.
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