It may be difficult to determine whether it's financially better to hold on to your current vehicle or purchase a new one. But we have a vehicle depreciation calculator that can help with that decision.
Typically, you will find that it's better to keep a vehicle a little longer since cars can depreciate quickly within the first few years of ownership. Along with depreciation, you're typically paying more loan interest in the first few years of ownership as well. Sales tax and licensing fees are another consideration with new cars. All that adds up each time a different vehicle is purchased.
