Are you keeping your car for the wrong reason?

Buying a car is certainly one of the bigger and more meaningful purchases you will make in life, so it’s easy to get attached to your favourite car. However, as the economy, your lifestyle and family situation changes, so would your needs in terms of a car. We take a look at some of the reasons letting go of your old car is not as easy, and why you might want to rethink the decision to hold on.

 

EMOTIONAL ATTACHMENT:

For many people, buying a car is more than getting from point A to B, in the same way, your car could be a symbol of achievement or a source of pride, perhaps it’s a reward for the many years of labouring at work. Studies show that even though a car is in an undesirable condition, the emotional attachment to the car surpasses material demands, leading car owners to spend exorbitant amounts to maintain their car and avoiding selling despite it being the right time to do so. As hard as it may be, try to prioritise rational motives over more emotional reasons when deciding to sell or keep your old car.

 

DRIVING AN OLD CAR TO SAVE MONEY:

To know if you are indeed saving money, calculate the costs of maintaining and repairing your old car versus the monthly repayments and other known costs of owning a brand new car, how do they compare? If you decide to keep your old car, will repair costs amount to less than half of the car’s market value? And how much extra runtime will those repairs add to your car? Only once you have answered these questions and determined that the cost of repairs is justified, should you consider keeping the car. Having said that, owning a new car does not automatically mean purchasing a brand new car, a second-hand car might not have the shine or that new car smell, but it is an affordable way to give yourself an upgrade if letting go of your old car is the better option.

 

 

UNAWARE OF ALTERNATIVE OPTIONS:

Have you considered how much driving you actually do? If your job and lifestyle don’t require you to commute long distances, own a certain car to reflect status and credibility, or most of your driving is reserved for the weekend, you might want to consider alternative modes of transportation. With increasing road tax, parking rates and toll, you can consider moving around by public transportation. With the addition of more LRT stops and the new MRT line, you can now travel further and to more places. For added convenience and comfort, you can supplement your commute with ride-sharing apps like UBER and GRAB.

 

KEEPING THE CAR IN HOPES TO SELL IT AS A CLASSIC: 

Technically, any car that isn’t currently in a showroom is considered a classic, and that might inspire you to keep your old car in hopes it can be sold for a high price in future. However, unless your old car meets the requirements to be considered a vintage collector’s item, it would need to run in tip-top condition. To achieve this, the car will require extra care and maintenance, not to mention, as parts begin to age their replacement costs start to build up as well. If you think driving the car less will keep maintenance costs down, think again! Instead, you need to drive the car more often to keep the parts working smoothly and prevent rusting.

 

FEAR THE HASSLE OF SELLING A CAR: 

If you’re keeping your car because the thought of fixing it up, getting the papers in order, looking for a buyer and negotiating a desirable price sounds like too much hassle, not to mention the risks; we are here to reassure you that this does not have to be the case. Consider selling your car online, for instance, a playout like MUV will take care of everything beginning with the expert assessment of the car, listing and bidding can all be done on the platform. If you are ready to sell your car, visit MUV to get started – Enjoy a hassle, risk and stress-free selling experience with zero hidden costs today.

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