Television and radio are FULL of advertisements trying to convince you that you neeeed to buy a new car, and TODAY ! But is it really worth it ?
Maintenance is a normal part of life……whether we are talking about your home, business, yard or vehicle, there are certain expenses that you must endure to maintain peak performance of your material object. Often times, individuals forego the expense of scheduled maintenance and only “catch up” on the minimum when the car or truck gives them trouble or breaks down. That is why we recommend regular maintenance to our customers – change your oil, transmission fluid, brakes, fuel filters, etc. Whatever the case, the expense of maintenance is worth it.
For those that refuse to get on the regular maintenance bandwagon, those repair bills WILL come due to neglecting the vehicle for an extended period of time. That is when many individuals toy around with the idea of selling a vehicle. However, there are several points to consider when you debate keeping or selling your vehicle:
- YOU know the history of your vehicle & you know if it’s dependable
- You DON’T know the history of a used vehicle you are thinking about purchasing – did they change the oil regularly, is the Check Engine Light temporarily off for something crazy and expensive, is big maintenance due soon (timing belt, suspension, etc) ?
Example: We have a customer that was recently involved in an auto accident – not her fault. She was suddenly faced with having to go car shopping. She got a “great deal” on a used vehicle and has unfortunately spent $2200 in the last month repairing that great deal. She learned a very valuable lesson in the meantime.
- Vehicle taxes and insurance are less $ on an older car vs a new car
- Your car is likely already paid off. You can take that money and put towards investments or other bills
Only you know your budget and whether a car payment is “do-able.” If you are spending more to repair your vehicle than you’d put into a monthly car payment, it might be worthwhile to at least run the numbers on a new vehicle. BUT, keeping your older vehicle may save you more money in the end !