Maybe someday when frugality takes over, beat-up 1988 Honda Accords will trump fresh-off-the-lot Porsches as four-wheeled sex symbols. Blogger Well-Heeled can envision such a future, hyping the money-saving virtues of hoopties.
Here are a couple of her reasons old cars can save you money:
2. Cheaper insurance. Old Cars are cheaper to insure (and you might not need comprehensive or collision insurance for an old car). Added up over the course of 5 years, you can save hundreds or thousands of dollars on insurance if you drive an Old Car instead of a New Car.
3. Less worry of damages. A bump on an 1997 Toyota Camry adds character (or so I’d like to believe), a scratch on a 2009 BMW 335i is a glaring blemish. I have little scratches on my car that I don’t worry about fixing. I don’t want my car to be scratched, of course, but if it happens it won’t break my heart. If I were driving a brand-new car, however, that would be a different story.
How long do you keep your vehicles before jettisoning them. And do you buy new or used?
Old Cars: Unsung Heroes of Personal Finance [Well-Heeled Blog]