The Cost Crossroads – Is Repairing an Old Vehicle More Cost Effective Than Buying New

It is the age-old question, when is the best time to give up on a trusted car after one too many repairs and buy a shiny, new car? After building up a relationship with your old vehicle, it can often be difficult to say goodbye to your trusted steed but sometimes it’s the sensible decision.

The average lifespan of a well-maintained car can last over 200,000 miles or more than ten years. Perhaps your budget is limited and you’re not sure you can afford a new car. Finance a new car from Latitude Finance when the old car must be retired.

Let’s take a look at some of the reasons for repairing versus retiring your vehicle.

Normal Maintenance vs. Expensive Repairs

For the first several years of your car’s life, normal maintenance and upkeep are to be expected and completely normal. These services are on a regular schedule and can be planned. When the car starts to break down unexpectedly and leave you in the lurch, and repairs start to add up, then you know you’re in trouble.

For example, having an older car may mean dealing with a dying battery that requires mobile car battery service while you’re on the road. Once your car starts to take up more money, stress, and time, that is when you should consider buying your next car.

Many normal repairs include new tires and alloy wheel refurbishment from wear and tear generally caused by a combination of ingrained disc brake dust, road grime, salt and chipped rims. Fortunately, there are a lot of reasonably priced garages out there, and you can get quotes from multiple places before committing to anything.

Efficiency

The older your car, the less efficient it will become. Paying more for petrol over time will become more expensive. It will become more difficult the older the car is to obtain a Certificate of Roadworthiness if you do decide to sell before upgrading.

Car Value

Think about your car’s current value. Once you start to pay more for repairs than the car is worth, it is definitely time to consider a new car. A new car loses its value immediately after taking it off the lot by about 11%, but this high depreciation rate does level off over time. When purchasing a new car, you will attain the best value from it by keeping it for more than five years. Those first three years of ownership are when the value declines the fastest. By owning the car more than five years, you will be sure to have made the most of your money.

Your Current Budget

Factor the costs of repairs versus a monthly car payment. Are the repairs more than a few months of a car payment? How long will these repairs keep the car on the road? Can you afford a regular car payment or need your current vehicle to stay on the road a little longer? These are all questions to consider but each person may come to their own decision on which they prefer, to keep their car a little longer or splurge on a new car.

Stress Levels

Is your car starting to cause you significant stress? Are you spending too much time at your local garage? Do you rely on your car for important appointments and work? Then it is definitely time to peruse the classifieds and search the internet for your next vehicle.

Change in Situation

Perhaps you have a new addition to the family and want a safer, more family-friendly vehicle, or you’re moving and require a different kind of vehicle for your new location. A large SUV doesn’t work well navigating city streets, just as a compact car does not have the best power for a very hilly area or pick up for highway merging. Trade in or sell your car while you can still get a little something to put towards a new car. A new car has the latest safety features that are excellent for travelling with children.

Make the Right Call

No matter which you decide, eventually you will need to think about upgrading to a new (or at least newer) car. For those who don’t know much about car repair and don’t like tinkering with an engine, it’s best not to wait too long or you won’t get much for the old car except scrap money.

Consider all the options and do your research, there are so many innovative and energy-efficient models available for you to upgrade to and make your driving safer and more enjoyable.

Shift Frequency © 2018 – The Cost Crossroads – Is Repairing an
Old Vehicle More Cost Effective Than Buying New

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