The best time to buy a new vehicle is really a personal choice. Whether it’s that your loan’s paid off, your service contract has ended, or that repair costs are too high, only you can decide when it’s time to trade your vehicle in for an upgrade. But there are also some sure signs that it might be the right time to spend money on a new vehicle. If you aren’t sure whether to spend money on that repair job, replace the car, or fix an engine, read on.
Repair and Other Costs
Even with comprehensive car insurance, the costs of owning a vehicle add up. Especially when your vehicle is out of warranty or your deductible is high, the cost of maintaining an older vehicle can quickly become a problem. If your warranty is up and your vehicle won’t pass inspection, it may be time to consider trading in your car. While spending the money on a new vehicle can be hard, it’s a good idea to weigh the pros and cons of hanging on too long to a car that’s falling apart.
Some people get pretty sentimental about their cars. Maybe you have memories of the person you loved or the time you drove it cross country to see a friend. If you aren’t sure you can be objective about whether or not to sell your car, take it to a trusted repair facility. A licensed mechanic will be able to look at the wear and parts and tell you if they think it’s worth scrapping or fixing up.
Maybe you work from the road, consider yourself an RVer, and your vehicle is your home. You could be a digital nomad working from public land and are worried about taking your van to the mechanic. This reason alone might be a good one to put those repair jobs off. Most people know that working at home while your home is being worked on can be rough. But it’s even more difficult when your home is a vehicle. For you, maybe it’d be more convenient to look into the best RV extended warranty coverage instead of turning in your keys for an upgrade. Spending the money for a new home on wheels could be downright too expensive, too.
Part of your decision on whether or not to spend the money on a new car or vehicle might come down to the kind of car you’ll need to maintain your lifestyle. If you are someone who lives in a motorhome and can’t trade your current ride in for something affordable, the replacement cost for a new vehicle might make your decision for you.
At the same time, you’ll know when to trade your keys in for a shinier set when the cost of what you could buy is cheaper than the repair costs ahead. Either way, before you make any big changes, you’ll want to look into your insurance and warranty coverages and add them to the costs you consider. Any reputable company will be happy to talk to you and offer quotes.
Mileage and Wear
Mechanical failure, breakdowns, ongoing costly repairs, trouble making it to your workplace on time, and more could all be reasons keeping your car could spell disaster. If your car is falling apart to the point of distraction, it’s time to call a dealership and see what you could replace it with. While some are reluctant to trust a salesperson, no one says you have to buy the first vehicle you test drive.
The best time to spend money on a new car is before you get to this point, but life isn’t always ideal. If you’ve had to have your car towed and need something you can trust on the open road, remind yourself of the perks of a newer vehicle. Full coverage warranty protection plans, peace of mind, a cheaper travel budget due to better gas mileage, and more could all be things that make spending the money on an upgrade attractive.
Take as much time as you think you need talking to salespeople and in dealerships asking questions about the fine print. It’s an important thing that, in the end, you feel good about your decision. And before making the final call and filling out the paperwork, be sure to call your auto insurance company to see what the price of comprehensive car insurance on your new vehicle will be.
By the end of the day, and with some research and determination, it might just be worth spending money on a new vehicle.