Looking forward to change your car? You need to spend a lot of money on this venture. However, sometimes it becomes very necessary to dump the old car. Here are some things to consider in order to determine if it is the right time to change your car:
Let your trusted mechanic to take a close look at the car for spotting looming issues. He should also give you advice on how serious the entire thing is. If forecasts climb or repair estimates are more, decide on a new car.
Older cars including those maintained in excellent condition tend to wear out. So these pose risks of breakdown while driving. The latest cars are equipped with standard safety equipment such as better handling, advanced airbags, brakes, side airbags, electronic stability control, rearview cameras, etc. Some of the other safety features include drowsiness alert, blind spot monitoring, forward collision alert, lane departure warning systems, automatic parking, etc. So a new car is certainly the best option.
Gas and Mileage
If the present car eats up a lot of gas and mileage suffers, you need to replace the car. This problem cannot be fixed. Old cars are less fuel-efficient because they lack fresh engines and engineering advancement. The capacity will continue to go down.
How much is your Car Worth
Prior to making the decision, pay for repairs on the old car. You should take ample time to find out its worth. Speak to an expert to determine the retail or trade-in value of cars similar to yours. You can also use the “50-percent rule.” In case, repairs cost 50% of your car’s worth, replace it.
The Cost of New Car
You need to have a good idea of the next car you wish to purchase. Apart from having a good idea about the cost of new cars, figure out the way you would be pay for it. Calculate the down payment, the rest of the amount you wish to finance and insurance. It would be a good idea to calculate if the monthly payment for the next 3-4 years is more or less than the expected yearly expenditure in repairs for the present car. Consider replacing the car if annual repair bills go more than 10% of the price of the new car you wish to buy.
First do your homework well. You need to calculate the actual difference in the costs of annual insurance costs for the old car as compared to the brand-new one. If your old car is not worth that much, it is better to drop the idea of buying a new one. It’s also important to understand that luxury or sports cars would cost more to insure as compared to regular family sedans. To know more, read about car specifications in Hindi online.
Incentives and Rebates
Many times, zero percent or low financing may seem to be a good deal. In case, you wish to lease or get attractive incentives by automakers, it is time to dump your repair-prone car and buy a new one.
Changes in Lifestyle
These changes may dictate that it is time to replace your current car. For instance, change in size of family, longer/ shorter commutes to work, change of the child’s school, change of home, lack of space etc. call for change of car. A requirement for hauling items will also need a new car.
You’ve Had Enough
Have you had enough of your old car? Sometimes, you just don’t feel like continuing with what you have. It may be because you genuinely need a new one, got a promotion, need to travel a lot, or get one that’s appropriate for your new business. If you think your finances allow you to invest and a new one has been occupying your mind, go for the new car.