We all know that the normal thing is that there are people who refuse to give up their old and rickety vehicles. They don’t seem to mind the engine giving off an unholy scream every time it starts (if you’re lucky enough), alerting everyone within a 3-block radius to clear the roads or choke on the pungent aroma of rotten eggs. . And that they resign themselves hopelessly in its wake. The daily problems and inconveniences plaguing their Prohibition-era relic don’t bother them either, it’s just little quirks that add to the overall charm, like the faded door trim and sloping ceiling. Who needs power windows when he can rely on a window crank that (mostly) still turns? Why have multiple airbags and lane sensors when you have a perfectly thin seat belt and a semi-decent life insurance policy? When asked to explain why they insist on driving such an old thing, they simply reply, “Because it works and it’s cheap.”
As automotive reliability has increased in recent years, car owners have become more reluctant to scrap their existing vehicles. In 2017, the combined average age of cars on the road was 11.6 years, compared to 8.5 years less than a decade earlier. But is an old car really worth keeping? Is it really profitable to keep a journey seen for a decade or more on the road, rather than swapping it out for a newer model?
At first glance, the answer may seem obvious. Why throw money at a new car when the current car is still doing well? But if you take a moment to really “look under the hood,” you may discover that things may not be that simple. You may not have to make monthly payments for your clunker, but how is it performing from a fuel efficiency standpoint? What about maintenance costs and safety regulations? Sure, your old man takes you on a trip from point A to point B, that’s fine. But what if you meet a teenager on the road with one hand on the wheel and the other on Snapchat? The potential medical costs for injuries sustained in an older model car could pay twice as much as for a new vehicle, depending on how far the car is within the no-stop curve.
The automotive industry and its inexhaustible innovation are constantly advancing, paving the way to a safer, more economical, and more fuel-efficient experience for car owners. There was a time when sticking with the trusty old jalopy might have made sense, but given today’s technological advancements, that time is over. From insurance costs to safety, maintenance, and even social and professional costs, driving an old car can make less fiscal sense than is commonly thought. In fact, scrapping that new model could even save you money in the long run, along with many other benefits. Do the math, and you’ll discover that scrapping your vehicle could be far more profitable financially than lugging it around year after year.