Should I Keep My Truck Or Buy New?

Let’s cut to the chase right away. Almost always, the decision to repair and maintain a paid-for truck versus purchasing a new one, the financial rationale often strongly favors keeping and repairing the existing vehicle.

We can show you economic proof and some and real-world considerations that highlight the cost-effectiveness of keeping and maintaining your existing truck over replacing it.

Keep My Truck Or Buy New? Let’s take a look!

Depreciation Costs

One of the most significant financial considerations in this decision is the depreciation of a new vehicle. A new truck loses a substantial portion of its value within the first few years of ownership—often as much as 20% to 30% in the first year alone! That’s just money down the drain!

Keep my old truck or buy new? In this case keeping your old truck makes a lot of sense!

In contrast, an older, paid-for truck has already undergone significant depreciation, which means its current value decreases at a slower rate. By maintaining and repairing this truck, you avoid the steep depreciation that comes with purchasing a new vehicle.

Repair Costs Versus New Vehicle Costs

While repair costs can sometimes be substantial, they are generally less frequent and less expensive than the ongoing payments required for a new vehicle, especially over time. The average monthly payment for a new truck can be quite high, not including the costs associated with higher insurance premiums and taxes.

Even significant repairs, such as engine overhauls or transmission replacements, may not equate to the total cost incurred from a year of new vehicle payments.

Insurance and Registration Fees

Older trucks often benefit from lower insurance premiums compared to new models due to their lower replacement value. Additionally, registration fees can also be lower for older vehicles in many jurisdictions. These ongoing savings contribute to the overall economic advantage of keeping and repairing an older truck.

Keep my old truck or buy new? Save a lot of money on taxes and insurance with your old truck!

Environmental and Resource Considerations

From an environmental perspective, maintaining and repairing an existing vehicle is often more sustainable than purchasing a new one. The production of a new vehicle has a significant environmental impact, consuming materials like steel, plastic, and rubber, and generating considerable emissions. By keeping an older truck, you maximize the use of the resources already expended in its production and reduce the demand for new materials.

Reliability and Familiarity

There is an intrinsic value in the familiarity and reliability of an existing truck whose history and quirks are well known to its owner. You understand its maintenance schedule, its capabilities, and its limitations. With regular maintenance, many trucks can continue to operate reliably well beyond what many might consider their prime years.

Cost of Upgrades Compared to Total Vehicle Value

The cost of updating a few key components can be considerably less than purchasing a new truck. For example, upgrading your truck’s suspension, brakes, transmission or even engine replacement can enhance its reliability and extend its life at a fraction of the cost of a new vehicle purchase.

Keep My Truck Of Buy New? The decision is in!

While each situation should be evaluated on a case-by-case basis considering the specific condition and repair needs of the truck, the general economic argument favors keeping and repairing a paid-for truck.

This approach avoids the large financial burden of depreciation, reduces the expenses associated with higher insurance and registration fees for new vehicles, leverages the known reliability of an existing vehicle, and contributes to environmental sustainability.

Keep my truck or buy new? We think it’s not even close!

We strongly believe, for the vast majority of truck owners, the best choice is to maintain and repair your current vehicle rather than investing in a new one.