Is it cheaper to buy a new car or maintain an old car?

I was thinking of purchasing a new car, but my old car still runs decently well. Essentially, it comes down to money. Is it cheaper to buy a new car or maintain an old one?

Answer
In general, maintaining an old car is almost always cheaper than buying a new one. New cars depreciate quickly, and prices average more than $40,000—before tax, fees, and licensing.
Most experts agree that the 50% rule should keep you on track. This states that you should always do maintenance on your vehicle if it costs 50% or less than the resale value of the vehicle. If it’s more than that, you may want to look at buying a new car or a used car.
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Eric Schad
Answered on Oct 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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