A 12-year-old car can look downright heroic in the driveway. The loan disappeared years ago, depreciation barely matters anymore, and every month without a car payment feels like a tiny financial victory. But eventually, the old faithful can start sending increasingly expensive reminders that it has lived a full automotive life.
That creates a tricky question: When does keeping an aging car stop saving money? There is no magic birthday when a vehicle suddenly becomes a bad financial decision, because a well-maintained 12-year-old car with modest repair needs can make more financial sense than a newer vehicle. Consumer Reports notes that keeping a reliable vehicle for many years can reduce overall ownership costs, even as maintenance and repairs become more expensive.
