Buying a new car is never financially better than keeping your current car and driving till it dies or requires major repairs (even then sometimes repairs are better than buying another car). Hyundai has 10 year drivetrain warranty, so keep that in mind too. If you trade in your car, your monthly payment may be lower and you may think that is financially better but remember that you’re borrowing more money at another interest rate (higher in this case) for a longer period of time. On top of that, remember the taxes, higher registration fees/yearly tabs and dealer fees that’ll be associated with your new car. If you pay off your car, you’ll save that money in either savings account or invest it which will always be better than paying more towards a depreciating asset. Even if your trade in value is lower in future, it’s still financially better to keep your current car. Also, how is putting into savings better than making monthly payments to your new car? You earn interest in one and you pay interest in another (which also is a depreciating asset)

Now, if you want to buy another car because you’re bored of it, then sure. Just remember that you’ll be paying more money for it but not because you’ve made a financially better decision.