7 Signs That It Is Time To Buy A New Car

 7 Signs That It Is Time To Buy A New CarDeciding if you need to buy a new car is not something you can take on lightly. The investment and the equity that you have to make to take home a new car is considerable. If you start to factor in payments for the house and other bills and utilities that come in every month, car payments start to look like a very prohibitive cost.

However, today’s society sees a vehicle more than just a piece to show off your wealth. Though there is a market for that, the majority of people buying a new car do so because they need it. It can either be for a business they recently set up and they need to be mobile. For others, their needs have changed such as demands from a bigger family.

The challenge now is whether to hold onto their existing vehicles to save money and be frugal about expenses or is it time to buy a new car. This is a balancing act which can lead to only two scenarios. One is that you are able to save money and get the car running for a few more months and years.

On the other hand, it can also introduce a whole new level of financial stress which can push you into a tight spot. This is just one of the reasons why you need to carefully weigh your decision. Here are a few things to consider and look at if you are at a bend whether to hold on your old ride or buy new wheels.

Questionable safety

At its simplest, a car is meant to bring you from point A to point B as safely as possible. If your car is having difficulty providing that to you and your family, it might be a cause for concern. This is not even about getting the latest advancement in safety technology. It’s about the basics from seat belts to brake pads and even windshield wipers.

The presence of rust is also a cause for concern and should be a factor whether it is time to buy a new car.This is because the structural integrity of your vehicle comes into play when rust is visible. You might only see part of it but it might affect other parts and components of your car that you cannot see. When you already have doubts about the safety of your vehicle, this is a clear sign that you need to start looking for a new one.

Repairs are starting to rack up

There is no question that car maintenance will always include repairs, especially for older models. This is to be expected but you have to properly weigh that amount against your budget and how it would be to just get a new vehicle. You need to carefully look at how much you are spending in repairs and see if that is better off spent paying for a new car.

CNBC shares that average monthly payments for a new car in 2016 were over $500. This means that if repair cost for your existing car is hovering close to that level, it might be a good idea to consider buying a new car. The cost might almost be the same but you get to enjoy stress-free driving without worrying if your car will break down in the middle of the road.

Costs racking up in other ways

More than the repairs, your old car might be draining your finances through other means. For one, you need to look at the pump cost and see how much you are spending for gas. Newer car models are more fuel efficient compared to gas guzzlers in the past. You might also not see it but everytime your car won’t start in the morning or you break down on the road, you get to the office or to your meeting late. This affects the bottomline and threatens either job security or customer feedback.

This is one clear indication that it is time to buy a new car. It is a trade off between performing better at work or getting fired because of habitual tardiness and coming in late. If you are running a business, potential customers might have a hard time trusting you if you cannot even come to a meeting on time.

A change in lifestyle

One of the most constant things in life is change and that means your lifestyle can be affected whenever change comes along. From being a college student, you could suddenly be holding down your first job after graduation. From being a manager, you could be promoted to senior management levels at work. You might even be expecting your first child in a few months

All these changes would ripple down to almost all part of your life including your vehicle needs. You might need a new one for work to be able to show up on time, a new one for numerous meetings outside the office, or even a bigger van to keep your child safely tucked in at the back. All these are clear signs that changes in lifestyle would affect your decision in getting a new car.

Failing emission tests

One clear sign that you need to buy a new car is when your existing one is so old that it has problems passing emissions tests. You might find the need to add in newer technology on your old car just to help it pass the test. It might be high time to consider a new vehicle than trying everything you can just to make your old one drive cleaner.

Parts are quite hard to get by

The older a car gets, the harder it is to look for parts. If anything breaks down, you might have to ask specialty shops to fabricate the design. This is quite costly if you simply want your car to drive safely. If you are a car collector then this is to be expected especially if you are restoring vintage automobiles.

If you are simply trying to get your car to move from one point to the other and the parts needed to do that is already not in the mainstream market, it is time to change your car. The longer you wait, the harder it would be to find a replacement. If you are concerned about the time you will lose looking for the part, there is also a good chance that they would not come cheap

Your budget can accommodate the expense

One thing that you need to consider when contemplating if you are going to buy a new vehicle is of your household budget can carry the additional expense. You need to sit down and determine if you have enough coming in on your income to pay for a new car. Keep in mind that you would need to take out some cost items for your existing car such as repairs but retain some as well such as insurance and gas expense.

There are a lot of signs you can look into which can help you determine if it is time to buy a new car or not. As you weigh the cost of the down payment and monthly car amortization of a new car versus repairs for the current one, you need to factor in a lot more components. More than the financial cost, you need to consider other areas of your life from your work to social needs including that of your family.