Should you change your car every three years?

If you have bought a car that is brand new or nearly new then you may be tempted to change it after 3 years. Many people chose to change their car when it gets to three years old as this is when many manufacturers’ warranties run out and also when your car will be due its first MOT. This means you may need to start spending money on it, so often it makes sense to trade it in and start again with a new one.

If your car has finance on it you can often trade it in at a garage and they will add the existing finance on to the new car, but you cannot privately sell it until the finance has been paid off in full. When trading in a car at a garage you often get less than you would if you sold it privately, so it may even be worth taking out a loan to pay off the car allowing you to sell it privately rather than part exchange it.