When should I change my car?

Leon_Girl

Does anyone know when is the optimum time to change cars? Is it best to keep it for say, 3 years or will it pay me to keep it for a bit longer, say 5 years? (The car was brand new when I bought it.) I always used to keep my cars for around 5 years before changing, but wonder whether I would pay less in the long run if I change after 3 years. Does anyone know whether there are any calculators out there that would help me work it out. I apologise if it's a daft question but I can't seem to get my head round it! Thanks!

TuftyMatt

In general most cars drop around 60% over 3 years and reduce more slowly from then on.

Therefore the longer you keep a new car and save up for the next one the better.

I buy a 2 to 3 year old car and then keep it for around 5 years so as to get the best value from it. During that time I save cash each month the fund the next one. Why bother being on a site like this if you are going to chuck away all the hard money saving on a brand new car?

pinkfluffybabe

Remember to be nice to all moneysavers.

There is nothing wrong with buying a new car if you can afford it. We don't know the OPs situation so lets not be judgemental.

I am not sure there is an optimum time for changing, I suppose it is when the car is starting to need major work and cost you money e.g. new clutch, timing belt etc, this varies from car to car.

The parkers.co.uk forums are very helpful for car advice.

tomstickland

Cars last for years with the correct maintenance. It makes most financial sense to hold onto the car until maintenance becomes an issue. I expect a petrol engine to do 200K before it's even getting close to retirement age.

goldspanners

the industry says that at 3 years this is the best time to chage your car,no mots to worry about or pay for,maybe no tyres to change,no exhaust to replace.but if you trade it in you will get a good market value for the car.

i know a mate of mine changes his car every year,getting a new car and keeping the same monthly payments,it isnt too bad an idea.

but its really up to you,if you are happy with the car and it doesnt need constant repair then keep it.

i bought a new car 4 years ago,never thought i would and didnt intend to,but a family member worked for ford and still qualified me for a huge £2000 discount!,after haggling with the salesman and then telling him i also had a discount saved me £3000,so this meant no instant depresiation on my focus! (which i still have)

in short i paid for a new car what i was going to pay for 2nd hand.

Andy_L

goldspanners wrote: »

the industry says that at 3 years this is the best time to chage your car,no mots to worry about or pay for,maybe no tyres to change,no exhaust to replace.but if you trade it in you will get a good market value for the car.

They hardly have an unbiased viewpoint though

Garnet_Gem

If you plan to keep it for at least 7 years, I think a new car is the best buy if you can afford it. It's when you change it often that the money gets wasted. I bought a new car and ran it for 10 years during which time I saved for the next one. I don't know anything technical about them so a new car was the best option for me in case I bought a secondhand one that needed major repairs.