From the development of the Model T to the Space Age designs of the electric vehicles developed by Tesla and Rivian, Americans have an age-old love affair with the cars that transport them around the country. This love affair is exemplified by community car shows put on by big and small towns and even the newer trend of ‘street closures’ that has been popping up in cities across the country.
The emotional attachments to our vehicles often extend far past seeing them as mere tools to get us from here to there. Many of us have such a fondness for our cars that we give them names and even continue to use them well past the date that it’s no longer economically feasible.
This is especially true for our first cars – no matter how old and junky those beaters were, we often have a hard time letting go of them when the time finally comes. Many want to continue this tradition and provide this experience for our children (or younger relatives). Providing an older car that is likely on its last legs gives them both an easy method of transportation and teaches them how to take care of their possessions as they transition into adulthood…
Or does it?
Keeping an aging car to pass down can be a blessing or a curse for the beneficiary, depending on the circumstances. To help you make the decision, let’s go into the pros and cons of keeping that old beater vs. selling it.
(Pro) It Costs Less On The Front End
If you’re passing down the car to your children or a relative, odds are it will cost you next to nothing. Title transfers costs will usually run about $15, after which you’ll have no extra monthly payments or expenses if you already paid the car loan off while it was in your possession.
If you are really trying to teach the car’s recipient about responsibility and are making them pay for the vehicle, this gives the added benefit of skipping the arduous task of securing a bank loan for the car. The recipient is in no danger of defaulting and will not need to feel the squeeze of interest payments month to month.
Pro – It Can Help Teach Basic & Lifesaving Automobile Maintenance And Repair Skills
Drive along any interstate in the country and you’re bound to see at least one older car stuck on the side of the road, often accompanied by a flustered driver who is unsure of what to do. This situation may not be that bad if you’re near a major population center and the sun is out. If the sun has set and you’re miles away from civilization, things can start resembling the plot of a horror movie very quickly.
Basic car maintenance and repairs are becoming something of a lost art form, as lower and lower numbers of millennials and Gen Z have no confidence in their ability to maintain their vehicles. A primary benefit of owning an older vehicle is that things tend to break down quicker and more often, leading to the new owner of the vehicle to be able to identify problems as they arise and even get advice from others on how to prevent them before they happen.
Depending on the make and model, older cars’ parts are usually dirt cheap compared to their more contemporary counterparts. This gives new owners room to experiment and make mistakes while learning to perform maintenance and repairs without the pressure of a costly part replacement hanging over their heads.
Pro – Lower Insurance Cost
One surprise expense many parents or guardians run into after giving their wards their first car is the flabbergasting cost of insuring their vehicle. Age is a major factor when it comes to determining insurance costs, not just for the new driver but for the car as well.
As cars age, they lose their value, which means the price of a potential payout lessens for the insurance company. This leads to lower premiums, which can help offset the costs of adding your teenager to your insurance policy.
Con – Higher Costs Overall
Since the 1990s, laws and regulations have been pushing car companies to push the limit on automobile reliability and efficiency. The adoption of hybrid technology is just one example of the advancements that have pushed the average MPG limit for passenger cars from under 25 miles in the 1990s to well over 35 by 2020. As cars age and the costs of fuel spike like they did in 2021/2022, the cost of ownership can quickly outgrow the new owner’s ability to pay.
The efficiency isn’t the only problem – the constant visits to the mechanic thanks to things like cascading failures and the general degradation of parts can start racking up bills for you or the car’s new owner. Older cars are also significantly more likely to be unable to meet emissions standards without costly part replacements or modifications, leading to major work being required for registration that may very well outstrip the value of the vehicle.
Con – Safety (Not) Guaranteed
Safety features have been another primary focus for car developers over the past two decades. Cars manufactured in 2022 often have multiple airbags, electronic stability control, and highly engineered crumple zones that would allow occupants to survive crashes that would have guaranteed fatalities in previous decades.
Newer cars also have a number of technological features that prevent smaller and less deadly, yet still costly accidents like fender benders and side swipes. Backup cameras, blind spot detectors, and even driver assistance systems help new and inexperienced drivers keep themselves and their cars safe while driving.
Con – Ol’ (Un)Reliable
While it can be a great learning experience for new drivers, the lack of reliability from your vehicle can be infinitely frustrating. Weeks of being totally dependent on other people for transportation because your car is in the shop AGAIN is never fun, but that might be the least of your worries if a major mechanical failure happens while you are operating the vehicle.
While many of us still hold fond memories of our barely functioning first cars, in this day and age, it may not be right for your teenager’s situation. If, after careful consideration, you decide to sell your old beater rather than gift it, don’t bother looking for a buyer – get in contact with Peddle.
As the preeminent junk car buyer in New York, Peddle will give you an on-the-spot payment for your older car and even come pick it up for you if the car is not in driving condition. You can find out how much you can expect to get for your car today by taking roughly 5 minutes to answer a few questions about the vehicle. Learn more about it here.