Owning an older car that encounters mechanical issues can be stressful. It's tempting to browse dealer listings for your next vehicle once your current vehicle starts experiencing technical issues or shows signs of age.
I test new cars for a living and regularly analyze value propositions both for car buyers and for myself as an auto enthusiast. In most cases, fixing up your old car is a wiser decision than leasing or financing a new vehicle. Here's why I'm riding with my old car until it has little to no resale value.
Most Americans can't afford unexpected car repairs, says survey
At this moment, my 2018 Honda Civic needs new front and rear brakes and rotors. These parts along with labor costs can easily cost me $500 to $850 without factoring in any unforeseen additional costs. Tacking on an oil change can bring
my total repair and maintenance expenses to between $620 and $970 conservatively.
If I brought my vehicle to an authorized Honda dealership for repairs, these costs could easily skyrocket to more than $1,000 just to get my depreciating vehicle back into safe, working condition. Roughly 66% of Americans "would not be able to afford an unexpected $500 car repair," according to a Midas consumer pulse survey.
Since even the most basic car maintenance procedures are unaffordable for many American drivers, it's easy to see why a car owner would trade in their vehicle or sell it to help finance a new model. But trading in or selling your used car could cost you dearly in the long run.
Why your old car may be worth holding onto
Tariffs and rising new car prices have wreaked havoc on the used car market in recent years. Online marketplaces and dealerships may not offer you much money for your used car, but it has become incredibly difficult to find affordable used models in 2026.
There are some affordable new car options on the market, but average monthly new car payments have reached $773, according to Edmunds. Between high new vehicle prices and high interest rates, consumers can end up paying thousands of dollars in interest on new car financing at the end of their loan terms.
If you own your old car or your monthly payments are below the current average, it could save you big bucks to handle basic repairs and maintenance procedures. It may be disheartening to pay for unexpected repairs in the short term, but minor repairs can save you from massive monthly new car payments in the long term.
When is it time to buy a new car?
As an expert new car reviewer who tests dozens of models every year, there are plenty of new vehicles I enjoy, but only a handful I would purchase brand-new. Depreciation can be a car buyer's best friend if they know how to find models that still have plenty of life left in them but are much cheaper used than new.
Exceptions to this car-buying methodology include models with strong resale value like the Toyota Tacoma or exceptionally affordable models like the Kia K4. Ultimately, I would not recommend purchasing a new vehicle unless your old car's repairs involve major mechanical components like the engine or transmission, or the vehicle is no longer safe to drive.
Taking care of your old car may not be exciting or fun, but the new car market can trap drivers with massive monthly payments on models that depreciate quickly.
Charles Singh is an Autos Connect Reporter for The Tennessean, part of the USA TODAY Network. Contact him at CSingh@Gannett.com.
This article originally appeared on USA TODAY: Why I would repair my old car instead of buying a new one
