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How do most people your age approach car ownership and financing options when they hit their late twenties and start building their adult financial lives?
The average price of a new car was over $48,000 in 2023, making it challenging for many to afford a new vehicle.
On the other hand, the average price for a used car was almost $27,000, making it a more affordable option for many.
According to a report by S&P Global Mobility, the combined average age of passenger cars and light trucks has reached a record high of 12.6 years.
The decision to repair an old car or buy a new one depends on the cost of repairs, the age of the vehicle, and personal preferences.
Maintaining an old car can be unpredictable, and owning a vehicle isn't cheap, making it essential to weigh the pros and cons of keeping a car for over a decade.
In some cases, it might be best to replace the old car with a new or used vehicle, especially when repairs exceed the car's value.
The average US vehicle age has hit a record high of 12.6 years in 2024, largely due to high prices of new cars.
New car customers now face an average interest rate of around 4.3%, making financing options more expensive.
Used vehicles sold for an average of $29,472 in the second quarter of 2023, a 46% increase over the same time in 2018.
A 2023 report by Edmunds highlights the oldest new cars on sale, with some vehicles staying on sale for over a decade.
For example, a 1990-91 Toyota Corolla, restored in a rally style look, can be an option for those who prefer vintage cars.
According to Car and Driver, the average price of a new car in spring 2023 was over $48,000, making it essential to consider financing options carefully.
An article from The Ascent highlights the pros and cons of keeping a car for over a decade, emphasizing the importance of weighing the costs and benefits.
When deciding whether to buy a new car or a used one, it's essential to consider the total cost of ownership, including fuel, maintenance, and insurance.
Some individuals might consider repairing their old car instead of buying a new one, depending on the cost of repairs, the age of the vehicle, and personal preferences.
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