Purchasing a New Car
How Do I Know When it’s Time for a New Car?
You’ve been taking care of your car for years. You love it. But after the last accident, you aren’t sure how much more repair you’re willing to put into it. However, buying a new car is a huge financial commitment. Here are a few things to consider when making the decision to buy a new vehicle.
Newer cars are safer. They have the latest technology to keep you and your ride out of harm’s way. If your car is more than five years old, take some time to compare the safety features to a newer vehicle. Features like automatic emergency braking, backup cameras, and blind spot monitoring are almost standard safety features now. If you have a large gap in the safety of your car and anything newer, it’s probably time to upgrade.
If you’re constantly at a repair shop, you may feel like your car is costing you more than it’s worth. However, the cost of a new vehicle can be extremely burdensome. Not only would your monthly payment go up, but you’ll pay more in insurance and registration fees. Another huge factor in cost is gas money. If your current vehicle is a gas guzzler, you’ll likely save money on fuel by choosing something more efficient.
Peace of Mind
Sometimes, it’s worth purchasing a new car just for some peace of mind. Having the constant worry of an old car breaking down is not worth holding onto it. Repairing an old problem won’t guarantee a new problem won’t arise.
You may just be tired of a reoccurring problem. An annoying sound coming from the engine, a broken radio, worn upholstery, or other problems can just be flat out annoying. Purchasing a new vehicle can give you the peace of mind that it won’t be in the shop constantly and those little annoyances will be gone.
If you’ve had your vehicle for a long time, you may have a sentimental attachment to it. Saying goodbye to your ride can feel like you’re abandoning an old friend. While this isn’t necessarily a “make or break” moment when deciding to buy new, it may have a little bit of influence. Sentimental value makes your ride more valuable to you than it would to anyone else.
While multiple factors need to be considered before making a decision, here are a few instances we’d recommend buying new.
- Your car frequently makes you late to work or causes you to break down in potentially dangerous locations.
- You have a major repair that will cost more than half the value of your car.
- You already want a new vehicle and your repair shop has informed you of costly work that needs to be done. (Be sure to be transparent about what needs to be down when you go to sell.)
- You have a teen driver and the car has needed frequent repairs. You don’t want your teen dealing with constant car issues.