When should you replace your car?
Owning a vehicle can sometimes be more than just a car; it can be a special bond full of first-time memories and experiences, which in time make it difficult to part from. However, as we all know, all good things must come to an end.
As we stated before we know how close you can be to your vehicle, but there comes a time when every car breaks down. Spending dollars on its maintenance and repairs will not be enough to save it from racking up more expenses. It may be best to replace your vehicle before you get stranded in the middle of nowhere or on a busy highway in the middle of the night.
We understand that buying a car is not a small financial decision, so not planning wisely can significantly disrupt one’s financial stability. However, when a vehicle is too old, you can end up spending hundreds of dollars over maintenance & repairs, which could be used as a down payment for another car instead. By not replacing an old worn down vehicle, you can be creating more problems for yourself.
Signs that you Need to Replace Your Car
Not sure if its time to replace your car or not? Well, here are the signs that indicate that it is time to replace your old car companion with a new one!
Safety and Reliability
One of the essential factors that determine the time to replace your car is safety and reliability. Regular maintenance is a great way to keep a check on these two factors. After a vehicle has reached a certain mileage, even routine maintenance on the car can still have its faults. Causing constant back and forth to the auto shops, which becomes very hectic. It may be bearable at first, but you will soon begin to lose your patience. When it becomes impossible to improve the car’s safety, it is almost certain that its time to replace it.
As a vehicle gets older you can experience many of these problems associated with high mileage vehicles.
- Automatic transmission repairs
- Low batteries
- Worn out brake pads
- Worn our tires
- Fuel pump failure
- Water pump failure
- Timing belt failure
Money Spent on Maintenance
As obvious as it sounds, when you begin to spend more than usual on your vehicle’s maintenance, it is a clear indication that it has reached its age. How to know if you are spending more than required on your vehicle’s maintenance? Well, there is a rule of thumb that helps in determining whether you are paying in excess on the maintenance or not.
First Rule of Thumb: Maintenance Cost Vs. Car’s Value
The first rule is when the maintenance cost is equal to the half of the car’s value at present, it is time you need to look for a replacement car. It is best to keep the vehicle and continue with the maintenance if you are sure that the car will run smoothly after the annual maintenance. Discuss the condition of your car with the auto-mechanic before making your decision. If the expert informs you that the car will need work after a few months of the repairing, it is best to use the money for the down payment instead.
Second Rule of Thumb: Maintenance Costs Vs. Potential Car Payment
The second rule of thumb for determining where one stands with the maintenance costs revolves around the monthly car payment. Depending on your credit a brand-new car, the monthly payment is around $523, while for a used car, the monthly payment is $378. Sometimes if a car needs some major repairing, the one-time maintenance cost may go as high as $3000. As compared to such maintenance costs, it is better to purchase a car and pay its monthly installments. It is best to discuss the condition of your car with your mechanic. Ask for their expert opinion on whether to get the vehicle repaired or replace it with a newer one.
Another reason why you would want to replace your car is when your lifestyle changes. Say you have started a family, and you now need a vehicle with more space. Therefore, when you think about starting a family, the chances are that you will have to sell your beloved car for a roomy one. Other lifestyle changes include changes in your traveling trends in life, or your kids just moved out, or you located to a place where deep snow! All these lifestyle changes require replacing your older car with a new one.
The Right Time
A piece of advice for all the car owners out there is to replace your car before the circumstances force you to. Do not wait till the day you get stranded on the road without any access to any help. As soon as you begin to observe the signs, it is best to take the necessary steps earlier. When the symptoms are apparent, and you have some time before the car completely breaks down, you can thoroughly research the market and get ready your finances well in time.
You can always search vehicles by the monthly payment you desire at 500 Below Cars.
It is okay if you dearly love your car, but you need to understand that by keeping the car for longer than usual will just put you in the loss. The money you invest in the maintenance car is equal to the down payment of a new car. Instead of spending on your old car, it is a smart move to replace it with a newer model!