When you’re a parent, there are lots of demands on your time and your money. You’re busy looking after the kids, working and doing household chores, which leaves little time for anything else. That’s why when your car starts to give you problems, you have to think about whether you trade it up for a new one, or try to fix it. If you have a good mechanic, you could stretch the life of your vehicle for a couple more years – however, there comes a time when you need to think about whether paying to repair your car is going to cost more than the price of a new one.
How Easy Is it to Repair?
If you have one of the more popular cars, the chances are that you’ll be able to find a lot of spare parts. That’s good for you because it means your car can be repaired for a long time to come. If, however, you own a foreign car or one that isn’t that popular, you’ll find getting parts a lot more difficult. It will make things more expensive as well as you’ll probably need to import them. The other issue is if there is a mechanic who has the tools and the knowledge to repair it for you. If this is how things are getting for you, it may be time to trade your current car in.
How Much More Will a New Car Cost You?
Although your old car is costing more in repairs, some things will be cheaper than having a new car. For Example, your insurance may well be cheaper for the vehicle you have now than it will be for a new car, especially if you get a more powerful car. If you have an old car which is easy to work on, it will save you money and the mechanic time when it needs to be repaired. Some new cars need specialist diagnostics before they can be fixed, which can become expensive, especially if you have to take it to the main dealer.
Can You Afford a New Car?
Your old car might be costing you more on a regular basis – however, buying a new car will cost a lot all at once. You can, of course, get a loan on your car, and you can refinance a car loan on your old vehicle. That way, you can fund your new car and sell or give the old one to a friend or family member who needs one. Older cars are also a good first choice for your children who might be learning to drive, so keeping it for them is also an option.
What Trips Do You Make in Your Car?
Part of wanting a new car could be that you need something reliable. If you do a lot of traveling for work, then you don’t want to be worrying about breaking down somewhere. You may be the type of family who also likes taking family trips in your car – this is also a good reason to want something a little more reliable. However, if you rarely use your car, or you only make short trips to work each day, then it may be that you can wait a little while before taking the plunge and buying a new one.
Is There a Pressing Need to Get Something Else?
If you’re starting your family, or it’s increasing in size, there may be a good reason to want a new car. If the car you currently have is getting too small to fit you, your children and all your luggage, then this is a good reason to want to trade it in. Or, maybe your children have grown up, and you now need to transport your grandchildren to and from school. It can sometimes be a good decision even if your old car is still in good working order.
Choosing the Right Car for You
If you’ve decided to trade in your old car and get something new, then you need to think about what you want. The car needs to meet all the requirements for you and your family. For example, if you’re doing a lot of traveling then buying a car with a small engine might place a high strain on it.
Choosing whether to trade in your old car isn’t as easy as it might seem, though you need to think carefully about the pros and cons of keeping it any longer.