Is it more costly to maintain your old vehicle or purchase a new one?

If you’re on the fence on whether you should look into buying a new car or continue to pay dollar after dollar to have your current car maintained, here are a few tips that may help you make that decision. Either choice can be costly, that’s why it’s important to weigh the two options and do whichever choice that would work best in your favor.

 

There’s a lot that goes into buying a new car, between providing a decent down payment, and being sure to have your monthly payments in order. Maintaining a car with proper auto repair can be less costly, depending on what your car needs, but not always worth the hassle. If you’re thinking to buy a new car would be the way to go for you, here are a few things about purchasing a new, or new to you, vehicle, that you might want to consider. If you feel unsure about buying a brand new car, buying a used car isn’t always a bad thing.

 

Some dealerships will have some cars on their used car lot that have hardly even been out on the road, that the previous owner changed their mind on shortly after purchasing the car. Your current car, depending on the shape that it’s in, might be worth some money at the dealership. You can put that money towards buying a newer car. Some cars will even come with a warranty attached. Kia, for example. They provide a 10 year, 100,000-mile warranty. Which is still intact if you buy a used Kia and the previous owner hadn’t reached either of those points. Buying a new car whether it’s brand new or just new to you, is a smart option if you find a car that suits your needs and fits within your budget. Most dealerships will certify that the used car you are buying has had any necessary repairs, has been inspected, and is safe to drive. If the car you choose comes with a warranty you will be covered if a part fails on you soon after buying it.

 

The dealership will fix the issue at no cost. In doing this, your car would be paying for itself, versus holding onto the car you currently have and continually paying to have it repaired. If you feel that hanging on to your current car and paying for maintenance would be a smart move, here are some things to consider. If your car just needs a few, minor repairs, such as simply replacing a part or two, it might not be a bad idea to hang on to that car for a bit longer. Now, if your car is close to, or over, a decade old, and you’ve had to pay for the same repair multiple times, or different issues continue to pop up, no matter how much money you fork over to a mechanic to fix things, you might want to consider upgrading to a newer vehicle. By paying to have your current car fixed, over and over, you are spending money that could, in turn, be used for buying yourself a newer car, less prone to breaking down. All in all, choosing whether to buy a newer car or continue to maintenance your current car is at the owner’s discretion. The judgment call should be based on the simple fact, of if you feel that your current car is worth putting the money into, or if that money could be put better use to you in paying for a more reliable vehicle.