Two primary strategies for vehicle ownership include keeping a car long-term until it ceases to function or trading it in every few years. Keeping a car can eliminate monthly payments and free up budget for other expenses. With good maintenance, cars can last over 15 years. Alternatively, trading in a vehicle while it has resale value, prior to major issues, can be beneficial. Both strategies can be effective if users manage budgets well and avoid excessive spending on cars.
With proper maintenance, a good car can last 15 years or longer. The upside of driving a car until it no longer runs is that at some point, you'll stop having a monthly car payment to make.
Driving a car until it dies allows you to stop having a monthly payment, freeing up money for other vehicle ownership costs or other savings goals.
Trading in a vehicle every few years means you can replace your car before it starts to have major issues and unload it at a time when it has decent resale value.
Whether to keep a car a long time or to trade it in regularly ultimately depends on budgeting and ensuring you are not overspending.
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