How Long Should You Keep Your Car?

How Long Should I Keep My Car - Joe Rizza Auto Group

People keep vehicles for different lengths of time depending on circumstances. Some people trade a vehicle in the minute they get bored, while some will drive them until they disintegrate around them. And while the financial implications of these strategies might be different, it’s hard to say exactly what is a definitively correct answer to the question. So we’ve put together this guide to highlight some of the factors to consider when deciding how long to hang onto your vehicle.



Cadillac CT5

What Is The Average Amount Of Time To Keep A Vehicle?

According to Kelley Blue Book*, the experts on this subject, the average amount of time that Americans keep their cars is 8 years. It’s also important to know that this factors in an average of 12,000 miles driven per year. This is important, because mileage can impact the longevity of a vehicle just as much as years, possibly more. Also important on the topic of miles is what type of miles they are. A vehicle with mostly highway mileage might fare better than one with a lot of city miles, even if the number itself is lower. But it’s important to remember that with the huge disparity in the length of time that people keep cars, the average only tells us so much.


Acura Integra

Leasing VS Buying

For a large percentage of people shopping for a new vehicle, this is a very relevant question. Both options have their advantages, and it really comes down to personal preference. For people who like to always have a new vehicle, whether it’s because they like having the latest technology, the latest styling, or just the secure feeling that comes with something brand new, leasing is an excellent choice. Payments are usually smaller over the same period as a financed vehicle, which is especially true for people who want to trade in their vehicle after just a couple of years. However, once you’ve paid off a vehicle you’ve bought, you won’t have any payments at all, and assuming that you plan on keeping it past the loan period, this is a huge advantage. Moreover, when you buy a vehicle, it’s yours. If you want to modify it, or exceed what would be the mileage caps that come with leases, that’s not a problem. This might not be an issue for most buyers, but it’s pretty important to those it does apply to.


Ford BlueCruise

Depreciation And Safety

Trading in your vehicle for a new one every few years comes with some pretty noticeable advantages when it comes to technology. Some of these are pretty obvious, such as the many advances in infotainment over just the last few years. But there are other changes that you might not even notice. Advances in fuel injection technology have made even conventional gasoline engines much more efficient in recent years, for example. But more importantly, advances in safety technology mean that newer vehicles tend to also be safer. Some of this comes from things like advances in headlight technology, but there are other factors as well, such as semi-autonomous crash mitigation systems or advanced crumple zone design. But the bigger safety issue is simply that things wear out, even well-designed and well-built parts can fail after a decade of use, and this is potentially a big safety issue.

Depreciation is another thing to consider, as every vehicle loses value over time. Your vehicle will lose roughly 15.5% of its value on average the minute you drive it off the dealership lot, and another roughly 18% by the end of the first year of ownership. So, while you can sell a vehicle that you’re still making payments on, if you sell it in the first few years, it’s likely that you will still owe more than you’ll be able to sell it for. If you have the means, absolutely go ahead and pick out a new vehicle every couple of years. But if you’re looking to maximize value while simultaneously avoiding potential safety risks, we would recommend that about 10 years is probably the longest you’re going to want to keep a vehicle.