Out with the Old and In with the New: What to do When You Replace Your Car
After months of hard work, determination and savings, you finally bought the car of your dreams! So, it’s time to finally put your old vehicle to rest.
Or is it? Just because you have no use for it on the road, doesn’t mean your old vehicle isn’t useful in other ways.
Read on to learn what you can do with your old car after purchasing a new one!
Straighten Out Insurance
Before you head out on new adventures with your new vehicle, be sure to straighten out your car insurance.
Updating your insurance provider and policy before switching to the new car will help you avoid potential headache and confusion if you get pulled over while driving.
If you plan on getting rid of your old car, you may also take the time to remove the older car from your insurance so you don’t have to pay to insure both cars while only using one.
Getting Rid of the Old Car
Most buyers tend to trade in their old vehicle when purchasing a new one because of how easy it is. All it takes is going to a dealership and signing a couple of papers.
In addition, your car dealer can apply any trade-in credit you receive to your down payment, which will reduce the overall amount you’ll need to pay for a new car.
Furthermore, there are also tax advantages. A lot of states need the sales tax to be paid, only using the difference between the price of the trade-in and the car you wish to purchase.
However, this advantage isn’t applied if you end up selling the old car yourself and you would need to think ahead to do this before buying the new car.
If you have already purchased a new car or didn’t trade it in to a dealership, you could look into selling it for parts.
Many salvage companies will buy old cars as is for resale or for auto parts.
Save Money
Like the driver, the car will age as time goes on. When enough time has passed, it will start to have a few minor complications, which will then turn into full-blown issues.
Here is a list of problems that can occur with an old car:
- Inability to start
- Battery dies often
- Brakes can go out
- Gearbox malfunctions are more common
- It becomes prone to rusting
- The engine will make rattling noises
The list of problems can go on and on as the vehicle ages. Sometimes, people can’t afford the price of a new car, so they’re forced to resort to repairs.
The cost of repairs can and eventually will exceed the price of a new car. So, instead of wasting thousands on repairs for a dud, it may be time to bite the car keys and purchase a new vehicle.
Of course, it’s not easy to let go of something you’ve had for years. However, the payoff is more than worth it.
If you can’t live with the fact you sold the car to a dealership or a random person, give your car to a friend or a relative. That way you both have a peace of mind.
Category: Automotive, Car Purchase
