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Old Cars: Unsung Heroes of Personal Finance

New Cars are shiny, gleaming, loaded with the latest technology and features. New cars get the big commercials on TV, where they swerve confidently in snow storms, zoom down idyllic country lanes, and maybe even dance a little to the sound of a state-of-the-art in-car sound system near a trendy night club.

brand new car Old Cars: Unsung Heroes of Personal Finance

Definitely a New Car

old car Old Cars: Unsung Heroes of Personal Finance

Definitely an Old Car

Old Cars get none of that attention. Old cars are relegated to radio spots and newspaper ads. Old Cars have dents and dings, faded seats and cassette players.

But as a proud owner of a (what most people would consider to be) very old car, I have to say, it’s time to show some love to the Old Car. I drive a mid-1990s Honda with – get this – 223,000+ miles on it. And yes, it only has a cassette player.

But despite because of a car’s advanced age and mileage, here are all four reasons why Old Cars are the unsung heroes of personal finance. If you love Old Cars, Old Cars will love you (and your wallet) back:

1. An Old Car is most likely to paid off. Which means… no car payment, which means… more money in your pocket. Of course, repairs can cost higher than a new car’s, but in many cases the math still works out in the Old Car’s favor. Even with periodic repairs to the tune of $1,000-$1,500 a year, my Old Car is still cheaper than a New Car would be.

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.

4. At this point, it’s become something of a “let’s see how many miles I can put on this car” game. I had one mechanic tell me he has a Honda that topped 400,000 miles. While I don’t know if my car can get that far, I’m hopeful that my car have a few more years in it.

Do you drive an Old Car? – Tell us if you love it or hate it in the comments. What would you consider an Old Car (how many years / miles)?

Image source: (1) carrentals.co.uk, (2) dragtimes.com

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  • Payroll Services - my Ford car is 11 years old, with 165,000 miles on and still goes without much trouble ReplyCancel

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  • Used Cars - That old Accord brings back some memories ReplyCancel

  • imhsar - I drive a 1994 Acura Integra with 272,000+ miles on it. The clutch recently tanked after the longest time and I got the flywheel, clutch disc and pressure plate replaced. Car still runs super smooth and it works great. It gets to where I need to go and I'm happy with it.
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  • imhsar - I drive a 1994 Acura Integra with 272,000+ miles on it. The clutch recently tanked after the longest time and I got the flywheel, clutch disc and pressure plate replaced. Car still runs super smooth and it works great. It gets to where I need to go and I'm happy with it.
    http://www.oldcarsinc.com
    ReplyCancel

  • Old Cars - Old is gold, is the known proverb which states the effectiveness of old things and same goes with vehicles. Old cars can prove to be of greater use especially if purchased from proper seller who takes in to account every factor which is essential in the process of renovation of car. ReplyCancel

  • New Car | Well Heeled Blog - [...] think about it (and have thought about it before), but really, I am crossing my fingers that my oldie but goodie Honda will continue traipsing over 60 miles of the concrete jungle a day until it’s time for [...]ReplyCancel

  • Rayson Smith - Old cars are recommended to those who are learning or buying their first car. Its the best way to learn how to keep a car and maintain it. ReplyCancel

  • Martilyo - As you saw in my pf blog, http://www.angrymillionaire.com I drive a 1998 Honda Civic with 195,500 miles. Nothing drives like a car that is paid off! Thanks for stopping by my blog, I see that I have a lot to read on yours!

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    http://www.angrymillionaire.com https://twitter.com/#!/angrymillionair
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  • 250,000 Miles on Car | Well Heeled Blog - [...] what I wrote in ode to old cars post back in 2009: 1. An Old Car is most likely to paid off. Which means… no car payment, which [...]ReplyCancel

  • owen - I used to hate when I would pull up to a stop and my brakes would sequel (the breaks are fine, the clip is broken). Eventually I realized that is has some benefits since I donot have to honk at predestrians cause they can hear my brakes, lol.ReplyCancel

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