Sooner or later, the decision must be made whether to repair or replace your car. Here are four ways to help make the choice a little easier.
You’ll know it’s time for a new car when the repairs start to add up to more than the old car is actually worth. The key point to keep in mind here is that older cars tend to require bigger and more costly repairs. The more the repair estimates climb, the closer you may be to deciding on a new car. See what your car is valued at.
Consider the risks of having a breakdown while driving. New cars today come with many safety features, like advanced airbags, side airbags, better handling and brakes, electronic stability control, and rearview cameras. Since your old car likely doesn’t have these safety features, when it starts to show its age, maybe it’s time to look at a new car as a replacement.
3. Fuel Efficiency
The older your car is, the less fuel-efficient it’s going to be. That’s because it doesn’t have the engineering advances of newer engines. If you put a lot of mileage on your car, you can balance upfront cost of a new car with the long-term savings of a more efficient engine. New electric cars, methane-powered, and even diesel-engine cars could save you thousands of dollars in energy expenses in just a few years.
4. Lifestyle Changes
There are many lifestyle changes that could influence you to buy a new car. If your family size has increased or your commute has changed, you might want a vehicle better suited to your driving habits.
Ready to see how much you can afford? Get pre-approved for your next auto loan today!