It’s recommended that you keep your car as long as possible for financial benefits but how do you know when it’s time to get a new car? There are a few key signs which can help to make your decision a little easier.
Having a car too long can be costly and also dangerous if your car is running into faults. Signs that you need to invest in a new car can range from financial commitments to strange noises. Refused Car Finance, a bad credit car finance specialist in the UK breaks down the main reason why you should get a new car and when you can identify that it’s time to trade your old car in.
1. Repairs cost more than your car
Breakdowns are expected with older vehicles, but regular breakdowns and costly repairs make your car not worth owning. When repair costs mount up and regular repairs cost more than your car, its nit longer a god financial decision.
As a general rule for a good, roadworthy car you should only expect a breakdown twice a year. Anything more than this can mean your car isn’t worth running anymore. Breakdowns can also be dangerous, especially for yourself, your family and other drivers on the road.
2. Your car finance is due
If you’re a fan of car finance, you’ll know that car finance terms can range from 1-5 years. You may need a new car due to your car finance agreement coming to an end.
This can be financially beneficial as you may be offered a better rate if your credit score has improved. Alternatively, if you want to save money on your car finance deal and your car is running at a good pace you could consider refinancing a car loan to get a better deal.
3. Your car no longer suits your needs
For many people, their car needs, and suitability grows as their family grows, their salary grows, or they simply just get older. A small runabout is great for your first car but as your lifestyle changes you may be looking for something bigger. Alternatively, you could have a salary increase and want to treat yourself to something a little flashier before you settled down in a few years.
4. Fuel consumption
The older your car, the less fuel efficient it will be. With the rise of electric and hybrid vehicles and the decline of diesel, is it time you joined the green revolution? Looking for a newer car with better fuel efficiency can save you money in the long run. Excessive fuel consumption can also be an indicator of a problem such as a hole or a leak.
5. Your cars performance is affected by weather
You may drive differently is adverse weather such as driving in the snow, rain, heavy wind or a hot summers day. However, the weather should not affect your cars performance or reliability. If your car won’t start on a winters day or your car overheats in the hot weather, its definitely a sign that you need a new car.
6. Your mileage is too high
Once your cars mileage reaches over 100,000, it will usually start to go downhill very soon. Many cars also start to experience more than just general wear and tear after you hit the six-figure mark.
Some drivers run their cars well over 100,000 miles but you can start to see bigger signs that it’s time to get a new car after this mark. Often cars beyond this age will require more frequent transmission repairs and perform less reliably than newer cars.