Many of us understand that it is quite easy to be attached to an old car, especially after it has delivered many years of loyal service. Not to mention the perks of driving an old car such as cheaper car insurance and owning your own vehicle. Unfortunately, you cannot ignore the wear and tear that comes along with time and you will eventually find yourself pouring money into an ageing machine. If you are at the crossroads, trying to decide whether to trade in your car for a new one, you should consider the following:
If you are at the crossroads, trying to decide whether to trade in your car for a new one, you should consider the following:
When is the right time to buy a new car?
When good old Maggie breaks down and the repairs are way more costly than they have ever been, it might be time to trade in the old gal for a new vehicle. It is pretty simple to say that once the costs of repairs are higher than the value of the vehicles or a year’s worth of payments, you should buy a new car. The only problem is not every situation is that simple and sometimes it takes a little more math to decide whether to buy a new car.
A new car is an intimidating concept. There is the down payment, new monthly payments not to mention the more expensive insurance. If you think about it, you may be wasting a lot of money on repairs for an old car that may have been enough for a down payment and even a couple of monthly payments for a new car. And the best part is you do not have to worry about breakdowns any time in the near future.
Cars today are designed to give more mileage and you can drive for about 150,000 miles before you need any serious repairs on your vehicle. Depending on your driving habits, this can take you quite a while. Repairing one problem on your old car, does not guarantee that you will not need another repair tomorrow or next week. With new cars, you do not have to worry about serious repairs for at least three years. Imagine what you can do with all the money you save from the repairs you used to do on your old car.
Old cars need constant attention. Every rattling sound is a concern and it can be quite embarrassing to have to bang the A/C before you can get the air moving in the car. All the back and forth to the repair shop is not only time wasting but can also be frustrating. The older the model of the vehicle, the harder it is to get spare parts affordably.
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