A new vehicle is always a great new pleasure! Everyone you know will be envious! But in most cases you’re stuck with a large monthly payment for years to come. Insurance will cost you more with a new car and that does not include all the taxes and depreciation that you will incur.
As Consumer Reports states, “buying a new car might be a lousy financial move".
So, how do you decide? Here’s a few things to consider:
- Overall condition of your current vehicle
- Annual maintenance and repair cost
- Reliability of the vehicle
- Safety of the current versus the new vehicle
- Fuel economy of the current versus the new vehicle
- Is the current vehicle less than 10 years old and in good condition? If yes, it’s probably worth keeping a few more years (the average age of vehicles on the road today is almost 12 years old).
- Is your annual maintenance and repair costs less than a new car monthly payment? If yes, it’s a good idea to keep your current vehicle.
- Upgrading to a hybrid or electric vehicle can help make fuel economy less of a deciding factor.
We understand that is a lot to consider when deciding on investing in your current vehicle or purchasing a new vehicle. The car care experts at Charles Automotive & Tire are always here to help with deciding and answering any questions you may have.
Sincerely, Gary Mendelson and the team at Charles Automotive & Tire