Keep or Replace My Car Calculator
Compare your current vehicle with a replacement on the same future time horizon. The tool combines the current car's repair and running costs with the replacement's purchase, financing and expected running costs.
Compare the two paths
Keep current car
—Replace it
—How the comparison works
The tool compares future economic cost, not just monthly payments. Keeping the current car adds its annual running and repair costs and treats today's vehicle value as the asset you continue to hold. Replacing it adds the replacement purchase economics and its future resale value.
Keep pathway = Current annual costs × years.
Replace pathway = Purchase price + financing cost + down payment/transaction assumptions + future running costs − replacement ending value.
Why current market value matters
If you keep a car, you continue to own an asset that could otherwise be sold. That opportunity has economic value. The tool therefore lets the current car's value be considered rather than treating continued ownership as free.
Use the same horizon
Comparing five years of keeping with one year of replacement would not be meaningful. Use the same horizon and enter an ending replacement value for the replacement vehicle.
What this cannot capture
Convenience, reliability anxiety, safety technology, emotional value and downtime are not easily priced. Add a financial model to your practical judgment instead of letting the score make the decision automatically.
FAQs
Does keeping include today's car value?
The model uses it as the current retained asset reference rather than pretending the vehicle has no economic value.
Should major known repairs be included?
Yes. Increase the current repair reserve or include the expected repair amount in the year it is likely to occur.
Can the replacement vehicle be used?
Yes. Enter the relevant purchase cost, financing and expected future value for the replacement vehicle.