When is it time to buy a new car?

How do you decide it’s time to get rid of that old hoopty and get a new, or should I say different, car?  In the past, I decided to get rid of an older, high mileage car when the local service station called me up and told me they would fix it if I insisted, but they didn’t feel it was worth the effort or financial outlay any longer.  Sometimes, it may be due to wanting something a bit bigger (a growing family) or more ‘upscale’, but I’m talking about how you decide is it worth it to repair the car or truck yet again?

I’ve had some mechanics tell me a set amount of repairs per year, as in xxx dollars, which has grown larger over the years.  The latest, a couple years ago, was $1,000 or more in repairs per year meant it was time to change to a newer, or at least mechanically better, car.  Not saying this is the best way, but that’s what he thought.

Here are some factors involved in making that decision to trade in your car or truck:

  • Your old car is literally falling apart
  • The size of your family is changing
  • You run across that car you always wanted and can finally afford it – but maybe you do this without getting rid of your old one
  • The price of gas is causing you to look at a more efficient vehicle
  • The government offers kickbacks, such as the clunker program
  • A change in job status or salary
  • You moved from Florida to Alaska, or vice versa
  • Resale and trade in values have increased

Just remember to buy a vehicle you can afford.  By the way, UKFCU auto loan rates are ridiculously low.

The Army Times had an interesting article on deciding when to trade in a vehicle.

Comments are closed.