Are there formulas or rules when keeping a vehicle is no longer financially beneficial? I understand the below needs to be considered:
- Every time a purchase is made, sales tax will need to be paid. Keeping a vehicle longer reduces the number of sales tax transactions.
- A vehicle, especially new vehicles of certain models, depreciate quickly - exponential depreciation.
- The retail book value comes into play as well as the age of vehicle on whether a repair should be made; 10%, 20%, not certain.