KEEP YOUR CAR OR TRADE IT IN

Everyone loves the feeling of driving off a car lot with their brand-new car. It looks great, the paint has a great shine to it, the sound system is tremendous, everything is working beautifully and best of all, your vehicle has that brand new smell feature that you love so much.?

Automotive loans can be as little as 36 months to as much as 84 months to pay off a vehicle. Some car owners decide to keep it longer and some decide to trade it in for a new make and model, all depending on their financial situation. Recent trends (especially during the Covid pandemic) have found that people are keeping their cars longer. So just what are some of the benefits of keeping your vehicle for a longer time versus trading it in.?

The most obvious answer is money. If your car is paid off and it hasn’t seen a lot of wear and tear, you may end up driving it longer. Miles driven is always a pretty good indicator on how much stress has been put on your vehicle as well as any problems that may have popped up.?

Manufacturer reliability is also another key factor in driving your car longer. J.D. Power, one of the top American data analytic companies in the country list their Highest Dependability Ratings yearly. ?

Their awards are based on the number of problems a 3-year-old vehicle has sustained over the past year. The fewer problems a car is reported to have, the better the score is for that vehicle. Some of the 2022 winners included BMW, Genesis, Lexus, Toyota, Buick, Mazda and Dodge.??

https://www.jdpower.com/cars/ratings/dependability?

The average consensus is that most cars depreciate around 22% after their first year of purchase. The other rule of thumb is that most cars when well taken care of, can drive past the 100,000-mile mark but issues are more likely to appear as you approach that mark. ?

If the trend lasts, you will see more and more “aged” vehicles on the road. Time will tell if that continues, and the automotive industry will have to adapt to the people’s buying cycles. ?

For more information call 855-246-6700, email us at [email protected] or visit dealersresourcecenter.com.