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Is your car in the workshop more often than it is in your driveway? Do you feel like your investment is turning into a huge expense? You may be tired of constantly pouring money into an aging machine. Buying a new car would be great, but is it really a smart decision?
It may be hard to have clear-cut answers to all these questions. Since a car is no small investment, it is recommended that you make a well-informed decision. This decision cannot be made without doing the math. You need to weigh the pros and cons of both your options. Look no further than yourself for help to make this decision. Consider these factors before making your decision:
1. Cost of Repairs
Car maintenance and repair costs are inevitable, especially when you have been using the car for a while. Small repairs and regular maintenance shouldn’t stress you out because they’re to be done at regular intervals and are not very expensive. However, it is the big repairs that make you wonder if the car is really worth spending on. Costly repairs such as failed transmission or a seized engine will probably cost you more than a new vehicle. Here’s what you should consider when evaluating the cost of repairs –the cost of the repair itself, the type of repair, the frequency of repairs and the worth of the vehicle.
The first circumstance under which buying a new car would be a great decision is if the repairs are worth more than the vehicle itself. This is literally a no-brainer. You should obviously consider replacement options if your repair cost is exceeding the value of your vehicle. To purchase a new car at a reasonable rate, you can refer to used car dealers in Naperville.
Secondly, you should consider the 50 percent rule. This rule states that if a repair is more than half of the vehicle’s market value, you should start searching for other car options. It doesn’t make sense to spend so much on a repair, knowing that the chances of another costly repair are right around the corner.
2. Consider Future Repairs
Are you sure the big repair you just spent on will be your last one for a while? Has your mechanic warned you about future repairs? You should definitely consider the suggestions, especially if this repair seems like the initiation of a ton of new issues.
3. Increased Safety and Reliability
Have you been reaching late to work every day because of your car? Are you sure your car is safe enough to drive around? Two factors that you need to strongly take into account are safety and reliability. The safety of the passenger and your personal safety both rely on the condition of your car. If you worry about driving people around in your car, you should consider shifting to a new one. Secondly, having an unreliable car that gets you late for work every day may even cost you your job. If you’re fretting about your car every morning, it’s high time to consider other options.
4. Fuel Efficiency
Fuel is an everyday expense for people. Commuters can spend hundreds of dollars a month on fuel. Do you feel like your fuel expense is increasing even though your commute and the fuel price is the same? That’s because your vehicle is getting older. The older your car gets, the more fuel it requires. While there are other options to increase your fuel-efficiency, they might not be very feasible. Therefore, you should consider getting a newer, more fuel-efficient car if you can.
5. Consider Your Budget
All of this will eventually boil down to one thing – your budget. Do you have enough resources to buy a new car or pay its monthly installments? Do you have enough resources to get your car repaired? If you’re having a difficult time just paying for costly repairs, think about how you’ll be able to fit a car payment in your monthly expenses? Sometimes even new cars may have unexpected repair costs. Just note down the monthly installment plus the estimated cost of repair for your new car and decide whether getting it is a good option or not.
6. How Much Is Your Peace Of Mind Worth?
So, there is no guarantee that a new vehicle won’t break down or have any issues. However, the odds are that the new or newer vehicle won’t have the same repair costs as your current worn out vehicle. You should definitely evaluate the benefits that come with buying a new car. For instance, you may receive a warrant that’ll cover the early repair costs. All you’ll need to worry about is the regular maintenance of the car. However, the newer car will be more fuel-efficient, reliable and dependable. Therefore, this dependability and reliability you’ll get from purchasing a new car will be very mentally and emotionally relaxing, considering your previous car breaks down quite often. You can always lookout for new cars for sale in Naperville if you are on a budget.
Considering you have a good and reliable mechanic whose repairs can add years of life to your old car, your current ride will be just as reliable as a new vehicle. Plus, since the vehicle is already your own, you won’t have to worry about the monthly payments.
Since you know your car better than anyone, you’re the best judge to make this decision. Weigh your options before you make any decision. However, if you’re still wondering what to do, look for a second or third opinion from someone like a reliable mechanic.
Jenn was working in automotive sales when she discovered a passion for writing about various automotive topics. She loves her new Toyota Camry and spending weekends getting away with her two dogs, where she gets inspired to write even more amazing blogs!