If that’s the case, you might be itching to ditch your old car and get a new one, especially with maintenance and repair costs outpacing inflation over the past year. But there are times when it makes more sense to retire your old car and buy a new one — sometimes for strictly financial reasons and sometimes for what aligns with your personal preferences. Then, see how long it would take for those new car payments to exceed the cost of a repair and other ownership costs of your old car. In that case, you might save money by selling your old car and buying a lower-priced compact car. Consult Experts To Make Your DecisionUltimately, however, there’s no universal answer as to when to retire your old car.