Trevor Laffan: I really don’t need a new car... but I can easily be led astray!

This is the time of year when many of you will be thinking about changing the car, and good luck to you if you are.

For some, it might be out of necessity. The old banger outside the door is on its last legs and maybe the wife is ashamed to be seen in it. Time to invest.

For others, it’s their thing. They prefer to have a new car and that’s how they like to spend their money. They change every couple of years and while it might not be the most economical way to purchase a car, they couldn’t care less.

In many cases, these people stick to the same make and possibly even the same dealer.

I used to be a bit like that, but I have changed in recent years.

I currently drive a 181 Mazda CX5 that has only 50,000 on the clock. It’s immaculate inside and drives like a dream.

It’s also high off the ground, making it easy for me to get in and out of places, and if I stuck a 261 number plate on it, you would easily think it’s a new car.

Its current value is probably in or around €18,000, and a new model would cost me around €50,000, so I would have to fork out something like €30,000 to change.

As I’m retired and spend half the year out of the country, that new car would spend most of its time sitting in the driveway depreciating, which doesn’t make much sense.

So, as they say on Dragons Den, I’m out.

I do love the smell and feel of a new car though and there’s something invigorating about heading down the road in a brand-new set of wheels. The absolute newness of everything... even writing about it is giving me an urge to go and have a look at the latest model. Just a look.

But that would be fatal. If my new strategy is to have any chance of success, I must avoid car dealerships. I have to treat car showrooms in the same way an alcoholic would regard a pub. Too much of a temptation, and I’m aware of my weakness.

I’ve been down that road before and it usually goes like this.

The current car is in the garage being serviced and to pass the time, you stroll around the showroom. Beautiful, pristine cars sitting there with the doors open begging you to have a look inside. You cautiously take a peek and it’s very inviting.

You just want to sit in for a second to see what it feels like. You’ve taken the bait.

The smell, the comfort, and the beauty of this machine makes your heart race a little. You’re on dangerous ground now, time to leave, but it’s too late. Here comes the salesman.

He tells you to take it for a test drive. No, not a chance. You have no intention of buying; you’re just having a look.

But he’s persistent. “No problem at all, but why don’t you just take it around the block and see what it feels like?”

You’re too weak to refuse and, just like that, you’re in fourth gear on the dual carriageway and it feels great. You’re hooked.

Back in the showroom, the numbers are crunched but the price doesn’t suit the pocket, so that’s that. Last chance to walk away now... but no; hang on a sec’. There’s a bit more room for manoeuvre.

A little bit more is offered for your own car , a better discount on the new one, and maybe a sweetener. He’ll throw in a tow hitch or a sat nav, and before you know it, the deal is done.

Now it’s time to go home and face the music.

So, no more of that for me.

For the last four or five years, I’m putting up around 5,000 kilometres a year, so it really makes no sense for me to be buying a new car when the one I have is more than adequate for my needs.

But for those of you thinking about changing, GoodCar.com has some information on how mileage and age can affect resale value that may be of interest.

Typically, a car starts losing value once it is driven off the car lot. This is called depreciation, and it remains one of the major factors that determine when to sell or trade in your car.

How much your vehicle has depreciated over time affects its resale value.

New cars typically lose around 20% to 30% of their value in the first year and about 50% to 60% after five years of use.

Understanding the following key depreciation milestones can help you decide the best time to sell or trade in your car before its resale value drops significantly:

Three Years - At three years, most vehicles bought as brand new enter the used car market, and their resale values drop.

However, you can still make a strong return on your car if you sell or trade it in around this milestone, especially if it is in good condition and has low mileage.

Five Years - Most vehicles start requiring frequent maintenance around this five-year milestone. Consequently, the sale or trade-in value is likely to drop due to increasing maintenance costs.

This milestone might be a good time to sell or trade in your car if you wish to avoid frequent repair expenses.

Six to Nine Years (or 100,000 miles) - This milestone usually marks a sharp drop in vehicles’ resale values, both in trade-in offers and private sales.

Even though they can still run well if properly maintained, six figures on the odometer are a major turn-off for many buyers who consider such vehicles higher-risk purchases.

Good advice for any of you looking to make a purchase.