My minivan sucks. Here’s why you drive until it stops working:

When we found out we were having twins in 2014, we knew an upgrade to a minivan was inevitable. I was using an infant car seat at the time, and it is basically impossible to fit three bulky car seats in a row if two of them are for infants. So I knew I needed a car with three rows of seats and a minivan would be a good fit.

After doing some research I decided to finance my 2014 Honda Odyssey Touring. And while that car has served me well over the years, I’m getting sick of it at this point.

First of all, my car looks like it’s 10 years old. There are countless scratches and dents. And while you can pay for a detailing service, it’s not worth the financial outlay for a vehicle that old.

But aesthetics aside, one of the things that really annoys me about my minivan is that the sliding door keeps getting stuck. Imagine picking up your kids after school and running to various activities. You’re the only one who can’t leave your parking space because the door won’t close. This has always been my life.

But despite the frequent complaints about minivans, I intend to drive one for as long as possible. Here’s why:

I don’t want to rent now or anytime soon.

These days, getting a loan can be expensive, whether it’s a home equity loan or a loan used to buy a car. And the reason comes down to the slew of interest rate hikes the Federal Reserve is introducing in 2022 and 2023 to combat inflation.

The Federal Reserve is expected to begin cutting interest rates this year. But even so, the cost of renting a car (or any other purpose) is only moderately cheap.

Taken together, borrowing costs are expected to rise for quite some time. My minivan stops running and I forced If you want to take out a loan at an unfavorable interest rate, do so. But if you have a car that actually works, you can’t take on any kind of debt.

I paid a lot for my car and I want to get the most value out of it.

Kelley Blue Book (KBB) sets the original MSRP for the 2014 Honda Odyssey Touring at $42,760. To be honest, I don’t remember exactly how much I paid for my car. But while that number sounds like it’s somewhere in the ballpark, my minivan has become the most expensive car I’ve ever owned. That’s why I want to drive that car as long as possible.

Some assets you own, such as your home, have the potential to gain value over time. On the other hand, cars are known to lose value the moment you drive them off the lot.

The current average used price for my minivan is $13,677, KBB says. Due to the aforementioned dented state of my car, I’m probably seeing a lot less of it.

Either way, the amount of money I can get for my car is nowhere near what I need to purchase a new vehicle that my family can accommodate. And it doesn’t matter whether I sell my minivan now or a few years from now. Either way, it will be nowhere near its original value. So, it seems to me that it would be better to drive as long as possible and put off buying a new car, which can easily be expensive.

Some people aim to upgrade their cars every few years. And if you can afford to do so, do it. But while I certainly don’t like my minivan, I think it makes sense for our family’s finances to hang on to it until it stops working.

Plus, I’m the type of person who has a hard time getting into a savings account, which is what I need to do to put a down payment on a car. So I think it would be better mentally if I put it off.

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