Americans hold onto their vehicles for an average of 12.5 years. One reason people don’t swap cars often is the high national average monthly cost of a car loan—$729.
Considering how much it costs to buy a car these days, many motorists figure that it makes more sense to keep their current vehicles longer rather than drown in debt, which can amount to tens of thousands of dollars.
You’ll Have to Replace Yours at Some Point
Even the most reliable vehicle will eventually morph into a hoopty, beater, or whatever term you use to describe a past-its-prime ride.
The vehicle’s overall quality, attention to maintenance and repairs, and skill level in performing upkeep all factor into how long your car lasts.
But as yours gets past its prime, look for these 15 problems that warrant scrapping your ride and buying another.
Frequent Costly Repairs
Did you know the average cost to own and operate a new car last year was $12,182? Depending on the make and model of your vehicle, your actual expenses might be average, below, or above average. While some repairs are unavoidable, others are required if your vehicle is past its prime.
If things keep breaking and costing you a small fortune, you must eventually stop throwing away good money.
Expensive Maintenance Costs
Bankrate says the average car loan for new and used cars is $40,927 and $26,248, respectively. That can eat up a significant amount of your monthly income. But if you realize that your monthly maintenance costs rival your monthly car loan payment, it may spell trouble.
It might be time to head back to the car dealership and see if they’ll take it back and let you get behind the wheel of something you can afford.
High Mileage
According to Autolist, modern vehicle engines that are well maintained can get between 150,000 to 200,000 miles without encountering severe issues.
The make and model of your vehicle will give you an idea of how long your engine should last. You don’t want to end up with a car with a tired engine that costs an arm and a leg to fix. That’s especially true if the rest of the vehicle is already worse for wear and causing you issues.
Safety Concerns
If you’re safety-minded and realize your old car lacks some must-have safety tech, it might be time to trade it in for something newer. The National Highway Traffic Safety Administration says motorists in vehicles 18 years old or older are 71% more likely to die in a severe accident than motorists in vehicles three years old or newer.
When you drive a newer car, you get safety features like airbags, crash avoidance technology, and better build quality that absorbs impacts more efficiently. This could be all the reason you need to swap your old vehicle for something newer.
Noisy Engine
Are you experiencing engine problems? If your old car needs a new engine or repair, consider getting a newer car instead. One source says the average cost to replace an engine is between $6,287 and $12,878. Another source adds that a new engine could cost as much as $15,000, while a used motor can cost between $2,500 and $7,500.
It may or may not be worthwhile to work on the engine if your car has other costly issues that need to be addressed.
Transmission Troubles
RepairPal.com says the average cost to replace a transmission is between $5,584 and $5,789. It adds that this cost doesn’t factor in fees, taxes, and car market dynamics in your region.
Depending on the overall condition of your car, replacing the transmission with a new or rebuilt one might make sense. However, if a failing transmission is on the long list of problems with your vehicle, cutting your losses and getting another car instead might be the best option.
Rust Accumulation
Rustproofing annually prevents rust formation or slows down the spread of rust if it’s already taken root. It’s unfortunate when great-running cars are taken off the road because rust has caused irreparable damage that renders the vehicles unsafe.
If rust threatens the structural integrity of your vehicle, scrap it and get another rather than jeopardize your safety.
Leaks
If your vehicle leaks engine oil, transmission fluid, or coolant, it could be a sign of failing components or aging seals. It may or may not be worth your while to fix the problem. Get a mechanic’s opinion.
Mechanic Says So
Find a mechanic you trust. A good one will tell you whether your aging car is a keeper or a clunker. Getting an honest appraisal from a mechanic you can depend on can help. If they tell you it’s time to kiss the old clunker goodbye, you should probably swap your car for another.
Excessive Exhaust Smoke
Smoke coming out of your exhaust isn’t necessarily something to worry about. It’s when it’s excessive that you should take notice. White, black, or blue smoke can be telltale signs your engine is worn out and might require extensive repairs or replacement.
If a car repair shop verifies that your engine needs work, you’ll have to decide whether it’s worth spending several thousand dollars on your old vehicle.
Outdated Technology
While a lack of technology isn’t a deal-breaker for many motorists, some would love an in-dash GPS unit, backup camera, and other popular technology. If you don’t want aftermarket add-ons that look out of place, it might be time to get rid of your vehicle and find another.
Out of Warranty
According to Kelley Blue Book, the average auto warranty is 36 months or 36,000 miles—whichever comes first. But what should you do if the warranty has expired and repair bills start to get fast and furious—beyond your ability to keep up? It might be time to scrap that vehicle and find something that won’t cost an arm and a leg in repairs.
Difficulty Finding Replacement Parts
If tracking down parts is a pain, it’s definitely time to unload your old vehicle. If you have trouble getting OEM or aftermarket parts, it could mean long waits before you can fix your car. Can you afford long waits or the higher prices that parts scarcity could warrant?
Limited Space
Have your needs changed? If so, a vehicle with sufficient space years ago might lack the space you need now. While buying a second car might work, you may wish to swap the one you have for one with sufficient space if you don’t want more than one vehicle.
Cracked or Damaged Frame
This one’s non-negotiable. If your vehicle has a cracked or damaged frame, it’s time to cut your losses and move on. Otherwise, you’ll be rolling the dice. You shouldn’t gamble when life and death hang in the balance. And that’s no hyperbole, either.
It’s Time to Scrap Your Old Vehicle if You Experience Any of These Scenarios
If you experience any of these situations, you may need to bid your old car adieu. You don’t want to continue spending money on a band-aid solution rather than a long-term fix.
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