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