Should I Trade in My Car or Keep It? The Benefits of Holding onto Your Vehicle

Wondering whether you should trade in your old car? Although a new vehicle with all the bells and whistles may be tempting, a trade-in could mean losing more than you gain. Here are five reasons to stick with the car you have.

You Won’t Get a Lot of Money

Trading your car in is always a better arrangement for the dealership than for you. Think about how much you’ve already invested in your car. The original purchase price, repairs, maintenance and cleaning add up over the years, and you don’t recoup any of it. All you get is what the dealer decides your car is worth.

After sending you home with a pricy new vehicle, the dealer will turn around and sell your trade-in for a significant profit. You can’t blame them – they have to make a profit to stay in business. But you lose out in the end, especially if the car you trade has a lot of good miles left in it.

Your Monthly Budget will Decrease

If you’re wondering when not to tr