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Many people have the misconception that a car is an investment. In reality, unless you are the owner of rare, exotic vehicles, a car typically depreciates in value. Most average consumers lose money on car purchases. It is vital to analyze your vehicle logically rather than getting caught in an emotional quandary over its worth.
When an old car reaches a certain age—especially those over ten years, reaching around 100,000 miles—repair costs often start to pile up. As a responsible car owner, you should consider the cumulative costs of repairs, upcoming maintenance, and the vehicle’s overall reliability instead of prematurely deciding to abandon your old car.
Decision-Making Factors
Understanding your needs as a car owner is essential. Consider the following critical questions: