5 Reasons to Keep Your Old Car
When you buy a new car, it’s normal to want to get rid of your old one right away. Maybe you want the money you can make by trading it in for parts or selling it to someone else.
Maybe you’ve been watching “Tidying Up with Marie Kondo” over and over again and are thinking about getting rid of an old car that no longer brings you daily joy.
Whatever the case may be, before you sell, salvage, or otherwise dispose of your unused car, consider the potential benefits you can get from storing it.
The Most Important Reasons to Keep Your Old Car
1) It Can Be a Hobby
Even if you no longer drive your old car, it can still serve a very practical purpose if you turn it into a hobby, maintain it, and improve it over time. All you really need to get started is a basic understanding of regular maintenance techniques.
Of course, developing this kind of hobby also serves as a legitimate education that may come in handy if you have problems with your new car. There’s nothing wrong with being handy when it comes to cars. As the saying goes, practice makes perfect.
So if you decide to keep your old car as some kind of hobby project, you’ll actually gain some skills and knowledge that could come in handy someday.
2) Save it as a backup in case you need to get things done in a hurry.
If something were to happen to your new car, having something else on hand would be a great peace of mind (especially if you followed our first suggestion and maintained it regularly).
Otherwise, you might end up relying on unreliable forms of transportation that you would rather avoid, like city buses or expensive ride-sharing services. If the problem is long-term, you might have to rent a car, which can get expensive quickly.
3) It could be used as collateral for a financial loan
Surprisingly, your old car can become an important financial asset in a roundabout way. In particular, it could one day serve as collateral for a loan, which could be a lifesaver in the event of a financial emergency. In response to a reader question about borrowing against the value of your car, a
Bankrate article clarified that you do need to have equity in your car to use it as collateral. However, this isn’t as restrictive as you might think. You don’t necessarily have to own the full amount (though if you have an older car, you can still own it outright).
And depending on where you live, there are some interesting features about loans against cars. Interest rates-wise, title loans in New York can be a bit limiting, with higher interest rates and shorter repayment terms.
In contrast, title loans in Ohio allow you to keep your car and use it as collateral, making it a unique and generous structure you might not expect if you’re looking for the best deal. Whatever the details, renting a car for hire becomes even more attractive if you can rent one that you don’t depend on every day.
4) Discarding an old car impacts the environment
Let’s be frank, discarding an old car has a negative impact on the environment. But it’s still something to keep in mind. Especially nowadays, studies have shown that more people are environmentally conscious than ever before, and we believe this point is very beneficial for many people who are considering purchasing a new car.
5) It is cost-effective to maintain a car in your family
If you have children who drive or have another option to buy an old car, consider repairing it as much as possible and then getting rid of it.
This is a much more cost-effective option than buying a brand new car for a relative or friend, and it can be a great way to make good use of an old car that you have been holding on to.
