There are people who like buying a brand-new vehicle every few years despite their old one still operating well. Some would love to avoid buying a new car as much as possible and would stick with theirs as long as they can. But how will you know when is the right time to get a new one?
Nowadays it’s quite easy to convince yourself about buying a new car. This is especially true with the numerous financing offered by agencies and no-down-payment deals from dealers. For some, buying a new car happens once they’ve undergone a certain number of repairs on their old vehicle.
But are all these really valid reasons to purchase a new car? Here are some factors to consider helping you decide.
Your Car Repair Bills are Starting to Hurt
Repair costs for any vehicle are bound to happen, even for the latest models. But cars will require repairs more frequently the older they become and will be more costly too. It can be hard to decide when it’s time to purchase a new car since there are so many factors to consider.
Perhaps adopting a rule of thumb would be a good choice. For instance, let us say that you predict a new car will require a $600 payment each month. Twelve months of that would be $7,200. You can then use this to gauge whether you’re paying more on repairs each year or maybe getting a new car is better.
If you’re paying for your repair bills lower than that amount, you might decide that it’s probably best to keep your old car for now. On the other hand, if you’re paying more for repairs than what you would pay if you bought a new vehicle, then it’s probably time to switch up.
Your Car Goes Through So Much Down Time
The second factor is related to the one mentioned above but it is also quite different. It’s also possible that the cost of your repairs isn’t too much but that your car simply has more downtime than it did before. You might be one of those guys who has their car spending more time in the auto shop than with them. This can force many to depend on rentals, or hiring drivers or even commuting.
It might be possible to spend just $800 to maintain your car for the whole year which is more affordable than having to pay the monthly of most new vehicles. But if this amount is equivalent to eight to ten breakdowns in a year that has forced you to go without a car for weeks or months, then perhaps it’s no longer worth keeping it.
Cost may be an essential factor in determining whether you need to get a new car or not but reliability is important too. You’re not benefiting much if you are saving on cost from your car repairs in exchange for losing access on it regularly.
You’re Looking for Updated Car Equipment
Car reliability has grown significantly over the past years. Although it isn’t the norm here, there are some Australians who choose to drive their car for ten years or even more. But because of the technological improvements, the older models may simply lack the kind of equipment you need or want.
A good example are safety features. Older cars may not have airbags, cameras, antilock brakes or forward collision warning abilities. These may be a few reasons why getting a new car would be worth it. This is especially true for those who have children riding their cars all the time.
Besides safety, the technological capabilities of your car may also be something you want to upgrade. There are so many systems you can have such as built-in Bluetooth phone capabilities, USB ports for plugging in and built-in navigation to name a few. These things can be quite important of they can help you in your line of work.
Your Old Car Doesn’t Fit Your Lifestyle Anymore
This is another major reason why people would want to swap out their old car. For those that had a change in their lifestyle, your current car may no longer serve its purpose. Maybe you have a subcompact that is quite fuel-efficient, but you just got married last year and are now expecting a baby. This can be a strong indication that it’s time to switch.
Having a change in your job could also mean requiring a brand new car. Perhaps your old car is great for daily commuting but you’re now self-employed and a vehicle that has more space is what you need.
There’s also the situation where you moved from the suburbs to a rural area where a pickup truck or an SUV would be more practical. It might be that you relocated to the city and a compact car can help you park in tight spaces.
A wide range of lifestyle changes can affect your decision on whether you should keep your old car or not. So it’s best to analyze all of these things to know what’s right for you.
You Can Afford to Buy One
Many people face these car scenarios that were mentioned above, but some of them simply don’t have the funds to do so. All of us have to live within our capabilities, so whatever situation you’re currently in, you can only make a change if you have the money to do so.
One of the best reasons to buy a new car is if you can afford to get one comfortably. You don’t have to watch out for the monthly payment but also for the insurance and the following maintenance bills after.
If you’re capable of handling all of these and some of the unexpected, then perhaps buying a new car is the right choice for you.
The decision of whether or not you should buy a new car is definitely a major event in one’s life. That is why you need to consider all of the things mentioned above before you proceed.
How are you going to decide when it’s finally time to buy a brand new car?