As retirement approaches, many people take stock of their financial needs — including whether or not their car will last the next chapter of life. One soon-to-retire driver, posting to Reddit, asked a simple but important question: Should I replace my 2016 Buick LaCrosse with 138,000 miles before retirement to avoid costly repairs later?
With retirement just over a month away, the driver explained they’ll be living on a defined benefit pension and deferred compensation, with Social Security kicking in at 62. They weren’t looking for anything brand new — just a one- to two-year-old used car with low mileage.
Here’s what fellow retirees, financial experts, and auto professionals say about making this kind of decision.
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Why Some Retirees Say: Keep the Car
In response to the Reddit post, the majority of commenters offered the same advice: keep driving the Buick until it no longer makes financial sense to repair it. One user suggested, “Drive your current car till it dies a death that costs more than it’s worth. Then look for another used low mileage car.”
Others shared their own strategies. One retiree said they bought a new RAV4 for cash about a year after retiring and passed down their older Honda to their son. They emphasized the peace of mind that comes from owning a reliable vehicle with minimal maintenance costs — and no monthly payments.
Financial Experts: Avoid Large Purchases on a Fixed Income
Buying a car during retirement can strain limited budgets. “Most retired workers are just barely getting by on SS and some savings, maybe even an IRA, and 401(K),” Chris Pyle, a JustAnswer auto expert, told GoBankingRates.
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The cost of new cars — plus insurance, maintenance, and interest if financing is involved — can quickly become burdensome. Even used cars are expensive in today’s market. “It’s a bad time to buy cars anyway, and new cars are often quite expensive even in good times,” Scott Lieberman, founder of Touchdown Money, told GoBankingRates. “The cost usually isn’t worth it.”
Alternatives and Strategies
If your current car is running well, some commenters suggest creating a “car fund” — setting aside money monthly toward a future vehicle purchase. This way, you’re prepared if a major repair becomes unavoidable, and you may be able to pay cash when the time comes.
Others point out that retirees often need fewer vehicles, and alternative transportation like ride-shares or public transit can be more economical — and eco-friendly. “If you’re retired, there’s a good chance that you won’t need an additional vehicle during your golden years,” Lieberman said.
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What’s the Best Move?
Ultimately, the Reddit poster decided to keep the Buick for now, noting it’s in “great shape.” That mirrors the consensus from both the online community and financial experts: unless a new car is a necessity — and you can afford it without putting stress on your retirement income — it’s often wiser to hold onto your current vehicle.
It’s not just about money. It’s about peace of mind — and ensuring that your golden years aren’t weighed down by unexpected expenses.
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This article ‘Should I Replace The Car Before I Retire?’ Soon-To-Retire Driver Debates Trading In 2016 Buick To Avoid Repairs On A Fixed Income originally appeared on Benzinga.com
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