If you’re wondering whether to get a new car, this guide is here to help. Should you put more money into repairing or upgrading your current vehicle or shop for a new – or used – set of wheels? The best way to decide is to take a look at the following guidelines on whether it’s time for a new car.
Repairs Cost More Than the Car Is Worth
If your car needs repairs that cost more than you could get for selling it then it’s time to get a new car. For example, if a mechanic just told you that your car needs $2,300 of repairs and you know you wouldn’t get more than $1,700 if you put it up for sale then it’s time to find a new ride.
Sometimes we can have a nostalgic connection to a car or even just really enjoy driving it, but the truth is that it’s important to know when to throw in the towel. When your car becomes a sinkhole that eats up your money and has one problem after another it is often time to take an objective look at what’s happening and find a new vehicle.¹
You’re Concerned About Safety
Safety is the most important thing to consider with any car. If you’ve got a car that’s so old that it starts to feel like a safety hazard, it’s time to move on. Many old cars are lacking air bags, anti-lock brakes, and many other modern safety features. In addition, when a car gets too old there may be a greater risk of a malfunction which could impose unwanted risks. So, if you’re concerned about safety on your old car or simply want to switch to a car with all of the modern safety features, it’s definitely time for an upgrade.²
Your Odometer is Massively High
Some cars are workhorses that never give up and there’s no telling how high your odometer could get without major issues. But the truth is that if your car is starting to have problems and your odometer is over 100,000 miles then it’s time to find a new ride. In general, after 100,000 miles is when most cars also start having a lot of problems so it can be a good time to seek out a new set of wheels.³
The Car Is Falling Apart Inside
If the inside of your car looks like a ramshackle disaster with peeling upholstery and frayed seats then it can also be time to think about a new ride. Even unsightly stains, discoloration and old cracked seating can be the signs of a vehicle whose time has come and gone. Even though the engine may be doing fine, it can sometimes be better to go for a new car instead of sticking with one that’s worn out and falling apart inside.⁴
Your Life Situation Has Shifted
Another good reason to buy a new car is if your life situation has shifted. The sports car that used to be perfect might not be as good once you have three kids and want something safer and more spacious like an SUV or minivan. Life situations can change and so does the kind of car you need. This is perfectly normal and even if there’s nothing wrong with your current car it just might not fit your new life situation.²
You Want Better Technology
New technology is revolutionizing the driving experience every day, from crash avoidance technology to in-car entertainment, parking and navigation technology. If you’re feeling like you want to upgrade and move forward into the new wave of car technology it can be a great time to do so.¹