It can be a tough decision when trying to figure out whether the smart move is to keep your old car and invest in having repairs done or whether it is time to invest in a new car. When you see all the latest technology that comes out every year, and especially what’s new in keeping you and your family safe, it can be hard to remain happy with what is already in your garage. One of the first things to consider is the impact either decision will have on your finances.
Keep in mind that buying new isn’t always going to be what will cost you the most. Sometimes repairs are so extensive that it’s just not worth putting the money into fixing your vehicle. Something else, though, that can have a direct impact on the financial side of your decision is to compare how much you are spending on gas in your current vehicle vs. what you will spend on the new car you’re out test driving. You might be shocked to find that the money you spend on gas every month could be the same you would spend on the monthly payment for a more fuel-efficient vehicle.
Be sure to check out your change in insurance costs as well as your annual renewal fees. Depending on factors such as the age of your vehicle, where you live, statistics on break-ins and outright auto theft of your particular make and model, you might just be surprised that there’s not much of a difference between what you’re paying to ensure your 20-yr-old vehicle vs. the new one you want to purchase. This is the kind of research you’ll be happy you did BEFORE you pull your shiny new auto into your garage. You can be either pleasantly surprised or completely freaked out!
Other points to consider is that keeping your old vehicle can give you time to save for a solid down payment on the new one, possibly allow you to pay off other debt, and how it might affect your retirement. Take a moment to also imagine the impact of your car going to a landfill and the natural resources required to build your new vehicle. If living green means a lot to you, then this can be a strong point in your decision making process.
It’s a great idea to have your vehicle inspected when making such a tough decision about the future of your bank account as well as a vehicle you plan to have for years to come, whether it’s brand new, new to you, or the one you already have. Let the highly trained technicians at Larry’s Independent Service in Mission Viejo give you the information you need to make an informed decision.Schedule your appointment today or visit us at25721 Taladro Circle Unit A, Mission Viejo, CA 92691.