Unlike a new vehicle, owning a used car for a longer duration is not really a wise choice, in fact, it is advisable to replace a pre-owned car within 3 to 5 years depending on the age of the car and its condition. And we have 5 reasons to tell you why.
It’s advisable to replace a used car within 3-5 years depending on the age of the car and its condition
1. Older Car, Lesser Value
Now, the reason why a used car is cheaper than a new one is that it loses a major chunk of its value within the first 3-4 years, and that’s called depreciation. While the rate of depreciation certainly slows down after that, the value still keeps on falling over a while. Ideally, purchasing a car that’s 2 to 3 years old and driving it for another 3 years will allow you to attain the best value for your money.
Also Read: 7 Things To Avoid While Buying A Used Car
2. It’s Getting Old
Another reason to replace a used car within 3-5 years is simply that it has gotten old. Assuming you bought a used car that was 4 or 5 years old, which is the average time threshold when a new car owner sells his/her vehicle, by the time you have spent another 3-5 years with the car, it would be old enough to start giving you frequent mechanical issue.
3. Why Pay The Mechanic?
Unless you, and your car’s previous owner, have taken the highest level of precaution in maintaining the vehicle, a 7 or 8-year-old car is bound to start giving you issues. They start small like – drop in mileage, engine overheating, low engine oil level, and radiator issue among others, and grow on from there. So, if you see yourself going to the mechanic every month or two, then it is certainly time to replace your car.
4. Younger Car, Better Features
The younger the car is you’ll get better creature comforts with it. 5 years ago, if your used car only had halogen headlamps, a 2-DIN audio system and a manual air-con system it would have been fine. However, now, features like projector headlamps, automatic climate control, touchscreen infotainment system and others, have become more common. So, replacing an old used car with a younger model will allow you to enjoy more modern creature comforts.
5. Newer Is Safer
A lot of important safety features like airbags, ABS with EBD, parking sensors, seatbelt reminder, high-speed alert, and even ISOFIX child seat mounts, became a part of the standard fitment in cars only in the last 3-4 years. So, if you own a car older than that, then it’s possible your car is missing some of these features, which means it’s time to replace. A vehicle must have all the basic safety features even if it’s a pre-owned vehicle.