Keep Your Paid-off Car for 1 More Year

carSome people go shopping for a new car as soon as they pay off their current car. They trade in the old car and start the whole process over, keeping them in a vicious cycle of making car payments.

But, what if you kept your car for a year after it was paid off instead of taking on monthly payments for a brand new one? According to a recent analysis from Credit.com, you could save over $5,700 with just this one move, since the average car payment is $483.

Want a $5,700 raise this year? Keep your current car and save $5,700—or take on a new $500 monthly payment for a new car and stay poor. The choice is yours.

Related article: Get a Deal on a Buying a Car

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