Should You Fix Your Car Or Buy A New One?
It’s happened again: Your car, which you’ve owned for nearly a decade, is in the shop again. This time it’s a starter. Last time it was the brakes. The time before that the engine light popped on and wouldn’t turn off. You’re beginning to think of the mechanic’s shop as your second home. It leaves you facing the big question: Should your fix your car or buy a new one?
Unfortunately, there’s no easy answer to this question. Making this decision requires that you take a close look at your own financial situation and how you use your car.
There are plenty of reasons to avoid buying a new car. Auto payments aren’t cheap. In today’s difficult economy, one in which most people aren’t sure that they’ll still have a job in the next month, taking on a large monthly expense is a risky move. And there’s no guarantee that your new car won’t come with problems of its own.
On the other hand, buying a new car sometimes makes sense. If your current car is becoming unreliable – you never know when it’s going to start or when something else is going to go wrong – it might be time to enjoy the peace of mind that comes with driving a more reliable new car. Today’s new cars usually boast better fuel efficiency. This means you’ll be spending less time, and money, at the gas station.
New cars are safer, too. Older cars, including yours, might not include the wide array of safety features that manufacturers today build into their newer models.
It’s important, too, to look at the current economy when deciding whether you should fix your car or buy a new one. In bad economic times, car dealers often offer deep discounts or other incentives. It might cost you less to buy a new car today.
Take a look, too, at how you use your car. Do you need a car for short trips, such as to the train station or the local grocery store? Or do you need to commute 45 minutes every morning to get to your job? If you don’t use your car much, you can probably get away with an older model, even if it is in the shop occasionally. If you need a car every day, though, it’s probably better to trade up to a new car.
Of course, the most important factor is your own financial situation. Buying a new car may make sense for you. But if you can’t afford the new-car payments, you’ll have to make do with your older vehicle.