Old Cars Have Their Perks, Too!

Gotta love new cars. So many new gadgets and widgets, buttons, plush interiors, glossy finish, new car smell, all kinds of safety features, purrs like a kitten… take me to the showroom floor, now!

However, as tempting as they are, new cars are still a luxury for many Americans under the burden of financial down-turn. As much as they would love to finance a fresh-from-the-factory ride, they must instead settle for driving their old cars or buying a used car.

“Used Car”.

Such an unfortunate term, so much that we’ve come up with euphemisms to make it sound better. (pre-owned, legacy vehicle, etc.)

But really, old cars aren’t all that bad. In fact, there are actually some perks associated with owning and buying old cars.

1) Old Reliable

There’s a reason why you see more Buick LeSabres and Honda Accords on the road than in the junkyards. They may be old, but they’re good, rock-solid cars that have served each of its owners well. When you see one on the road, you can rest assured that it’s lasted through factory recalls, electronic failures, collisions, wear and tear, you name it, and will probably last for years to come.

Literature buffs often wonder if classic literature is really superior to the modern novel, or if history has helped weed out the stinkers. One has to wonder if history does the same for the automobile.

2) Somebody Else’s Headache

One of the biggest pitfalls with buying a new automobile from a dealership is that its resale value takes a nosedive (depreciation) as soon as it’s driven from the lot. And then there’s maintenance costs, accessories, and the trepidation of getting your first scratch or ding, part replacement, etc. Just like anything else, cars don’t last forever, so it WILL happen.

With a pre-owned car, all these initial costs have already been buffered by the original owner. Sure, there’s always some depreciation, but the overhead of buying an older car isn’t nearly as steep.

3) Insurance For What?

With all the things that can go wrong with an old car, you’d think that insurance costs would be higher. Actually for sensible, working cars, you could actually end up paying LESS!

Let me explain.

Insurance is meant to cover what you can’t afford to replace. (nasdaq.com) Eventually, your old car will become so devalued that it will cost less to simply save up for a new car than it would to pay premiums to repair it in the even of an accident. Granted, you need coverage for medical expenses, uninsured motorists and liability, but at some point, the time will come when dropping comprehensive coverage and collision will be a financially sound move.

When? It depends on when you think the risk is acceptable and the replacement costs are no longer worth it.

Reliable. Time-tested. Cheaper to Insure. No, old cars may not always be sporty or glamorous. You may not get your pick of the litter, but take your time and you’ll find the one that was meant for you. Stick with it and take care of it, and not only will it take care of you, but it might take care of your auto premiums as well!

Then, you can use the savings to buy new seat covers! Mmm… plush.

More Choices™!

First Baldwin Insurance

Sources:
nasdaq.com
cars.com
caranddriver.com
moneycrashers.com
kiplinger.com