Is it Time to Upgrade Your Ride?
If you’ve owned your car for a while, you may have the itch to upgrade. Even if you don’t need to get a new vehicle, you might still want to trade your vehicle in on something new – or at least new to you. According to AutoTrader, the average person keeps a new car for six years, with the average life of a vehicle being 11 years.
Before you commit, there are some things to consider. It’s better to plan ahead and weigh your options before jumping in on something spontaneously – especially when it comes to a significant purchase like a vehicle.
Reasons to Consider Upgrading
- Maintenance costs are adding up. If your current car, truck, or SUV is beginning to rack up costly repairs, it may be time to trade up. If your vehicle is paid off, then the cost of maintenance may not outweigh a new car payment. However, it’s important to be aware of how much money you’re spending on an aging vehicle and decide when that money is better spent on something that is more reliable.
- Your needs have changed. Maybe you bought a smaller vehicle and now need something larger to accommodate your growing family…or you bought a gas-guzzler and now have a long commute to work. If you can make life a little easier or save money in gas, an upgrade may be right for you.
- Your income has increased significantly. If your budget was tight when you made your last car purchase, you might have compromised on something more affordable. Now there’s room in your budget for a new or larger payment! Just be careful not to overextend yourself financially.
- Do your research. The first thing you need to do is check your credit report and see where you stand. Are you in a good position to get a low-interest rate and the amount of money you want to borrow?
- Consider your payment. Is your car paid off? If so, can you afford an additional payment each month? If you’re still making payments, that can be a huge factor in this decision. Will the trade-in value pay off what you owe, or will you still be paying for a car you no longer own?
- Think about the future. Is your purchase practical? Will it get you through the next stage(s) of life? If you’re starting a family, then a sports car might not be the best choice. If you are commuting or traveling a lot, a large vehicle will end up costing you more in gas.
- Weigh your options. Do you want to buy new or used? How long do you plan to keep your next vehicle? Consider brand reliability, warranty options, and even trade-in offers on your current vehicle. It’s better to take your time and come out with the best deal.
When you’re ready, give us a call, and we can talk you through your options. We can even help you get preapproved, so you know how much you have to spend before you begin shopping.