Every year, my wife and I discuss our old cars. We look at our savings, we look at how much a new car costs and the yearly expenses to keep the old car. Every time I look at this data, I always draw the same conclusion. In the long run, I am better off keeping the old car. Whether you decide to keep an old car or buy a new car, you must understand that a car is going to be a money pit. It will need gas, it will need repairs, it will even need to be washed and there is no way to avoid these extra costs.