As a car owner, you’ll have to invest in maintenance and upkeep of your vehicle over the years. The longer you have it, the more money you’ll put into it. As more time goes by and more money goes into the same aging and depreciating vehicle, you may find yourself wondering: “When does it make sense to buy a new car?”
Many car owners spend months, even years, questioning whether it’s best to spend more on repairs on the same car or finally invest in a new car. They may continually check the Bluebook value and equate the cost of a particular repair against it, which will likely never measure up — keeping the car owner driving, maintaining and repairing the same vehicle for years and years — although it doesn’t even come close to the total amount spent on keeping that vehicle running versus purchasing a new vehicle. Many used car owners are unknowingly hemorrhaging money by “frugally” keeping their older cars going for years past their prime.
You may wonder where you are on the spectrum of pre-owned car owners. Are you still getting value out of your car or is it worth it to buy a new car? When it comes to finances, reliability, longevity, and comfort, there are several factors to consider when buying a newer car.
The first one is fairly obvious: Can you afford to purchase a new used car? Is it practical to make the investment right now? Sit down and do the math. Consider your gas mileage, your recent repairs, your forecasted repairs, your vehicle’s bluebook price and alternative vehicles you can afford on the market right now. Once you’ve considered all the variables, make the right choice for you.
Another variable to consider: How much longer do you predict your car will last before any additional expensive repairs will be needed, such as new brakes or tire replacements? Consider how many miles are on your car, how many miles you drive on average per year and any other factors that are important to you.
Most importantly: Once you’ve considered all of the factors above, would car payments on a new pre-owned car cost you more or less than maintaining your older, current used car? This is the real question to answer. Many pre-owned car owners continue to shell out money repairing their old used cars because they don’t believe they would qualify for the financing they need to buy a newer used car, which would ultimately save them money.
DeBoer’s Auto Sales and Service hand selects the top pre-owned vehicles in the Hamburg area and offers them at competitively low prices. We’re here to make your car dreams a reality.
