Your car is your lifeline to the world. It gets you to work, to friends, to family – it is essential for your everyday life. But a vehicle doesn’t last forever, even the best-made car in the world will eventually need to be replaced. So how do you know when it’s time to throw in the towel and start looking for a new car?
Yearly Repair Bills
If you’re putting money into your old car, it doesn’t necessarily mean that you need to buy a new car. Add up the amount of money you spend in a year keeping your old car running, and compare that to what it would cost you for a new vehicle over the same amount of time. If your vehicle is over five years old, you may have a lot of regular repair bills, however if your car is paid off completely, you don’t have a monthly payment or higher insurance rates (if you owe on a car, most insurance companies require you to purchase the maximum amount of coverage). Your car’s value isn’t just about what the books say it’s worth, it’s value is directly related to its ability to provide you with reliable transportation.
At the end of the day, what matters most is that your car can get you where you need to go without breaking down or putting you in danger. The amount of money you put into it means nothing if you’re consistently late because your car breaks down on the highway every other morning. If your current vehicle can’t get you to work on time on a regular basis, it’s time for a new car.
If you’re unsure about the quality of your current car, ask your trusted mechanic their opinion. They will be able to tell you if it is worth it to put some time, effort and money into your vehicle or if it’s time for a new car.