Top 5 Signs That It’s Time to Buy a New Car
Reason #1 – Repair Costs Exceed the Vehicle’s Value
While deciding if it’s the right time to upgrade to a new (or new to you) vehicle, sometimes the decision is made for you! One of the most common reasons that individuals choose to purchase a new vehicle is the fact that they’ve encountered a costly repair bill that exceeds the value of the current car. For example, let’s say that your current vehicle is well over 10 years old, has over 100,000 miles on the odometer, and has started to suffer from mechanical issues. Following a visit to a repair shop, a driver finds themselves facing an engine rebuild, transmission service, and a replacement radiator. What is the total cost of the repair bill? $5,000. What is the current value of their vehicle as it sits? $4,200. In this case, it makes no financial sense to sink that much money into an older vehicle when you’ve already been budgeting for a new one. There’s not too much to think about in this instance!
Reason #2 – Major Safety Concerns / Problems
Another perfectly understandable reason to consider upgrading your vehicle involves major potential safety issues with your existing car. Safety is a universally important aspect of driving. No matter if you have decades of experience or if you’re just hitting the road for the first time as a teen driver – staying safe and prepared for the unexpected is essential. Older vehicles can often suffer from reduced safety from worn-out components, existing damage from a previous accident, or antiquated technology. If your current vehicle has malfunctioning airbags, damaged or broken headlights, defective driver-assist technologies like stability control or blind spot alerts, or basic items like a cracked windshield – it’s time to start looking for a new car! Don’t jeopardize the safety of both you and your loved ones by driving a safety hazard.
Reason #3 – Gas Prices are Adding Up
Nobody enjoys spending their hard-earned money and valuable time at the gas station. After all, wouldn’t you rather spend that money on something you enjoy or on a newer vehicle with the latest features and technology? If you drive an older vehicle, it’s likely that it lacks modern fuel-saving technologies such as auto stop-start, cylinder deactivation, or low rolling-resistance tires. While you might not notice at first, gas-guzzling vehicles can cost you hundreds or thousands of dollars per year. Think of how much money you could save by driving a vehicle that gets 5, 10, 15, or even 20 MPG better fuel economy than your existing car! When you factor in the fuel savings you’ll enjoy by upgrading to a newer model, purchasing your next car won’t seem so daunting.
Reason #4 – Skyrocketing Insurance Costs
There’s no denying that older vehicles are more expensive to insure than newer models. The primary reason for this difference in cost is the fact that newer vehicles come equipped with advanced safety features that can help prevent accidents and reduce injury in the event of a collision – two important factors considered by insurance companies. Additionally, older vehicles are often more expensive to repair due to the fact that replacement parts are no longer available or require lengthy delays. Even if you have a perfect driving record, you might be shocked to learn how much money you could save on a per-month basis by simply upgrading to a newer and safer vehicle. You can always ask your existing insurance provider for a quote prior to starting your search for your next vehicle and compare prices.
Reason #5 – Frequent/Unexpected Repairs and Breakdowns
Although it’s certainly related to reason #1, the frequency or the unexpected nature of vehicle repairs and breakdowns can take a toll on the enjoyment of driving. Finding yourself stranded on the side of the road when you have an important meeting or appointment is frustrating, inconvenient, and embarrassing. Even if the fixes are minor and inexpensive, you might find yourself working about your daily commute to work or crossing your fingers each time you turn the key in the ignition. Upgrading to a newer and more reliable vehicle is great peace of mind that will solve your transportation needs for many years to come. Better still, new vehicles and certified pre-owned models include robust warranty coverage along with roadside assistance that can provide help in the unlikely event that there is an issue with your vehicle.