Are you thinking it might be time for a new car? Before you start your search, consider these telltale signs that say it’s time to let go of your trusty old car.
#1: When the check engine light won’t go off
You’ve taken your car to the garage three times in the past year and a half to have the light turned off. First you had the spark plugs and wires replaced, and then you paid a whopping $1500 to replace the catalytic converter. If the check engine light keeps coming back after you have addressed the main causes, it might be time to rid yourself of this nuisance and trade in the car while it still has value.
#2: When your car doesn’t fit your life
Maybe the two-door coupe you’ve had since college isn’t roomy enough for you and your three kids, or you didn’t use the giant bed in your F150 like you thought you would. If your car doesn’t fit your lifestyle anymore, it might be time to upgrade to a vehicle that does.
#3: When the cost of repairs outweigh the car’s value
Sure, you don’t have a loan payment anymore, but you’re dropping $200 here and there every other month to have some other issue fixed. Get to know the current value of your car and determine whether or not those repair and maintenance costs outweigh the car’s value.
#4: When your car isn’t as fuel-efficient as it used to be
The older cars get, the less fuel-efficient they become. If your car is still less fuel-efficient than it used to be after you’ve taken all the recommended steps, you should consider buying a new one. The money you spend on wasted gas can add up big time in the long run.
#5: When your car is downright dangerous
Your car frequently stalls in stop-and-go traffic or the engine smokes when you exceed a certain speed on the highway. Yes, you can have these issues fixed, but the older your car is, the more likely it is that those problems will come back. Your safety is more than worth looking into a new vehicle.
#6: When your car is totaled
Well, this one is somewhat obvious, but it’s nonetheless true. If you’re expecting a payment from the insurance company, wait until you receive that payment before shopping for a new car so you can start your search with a budget in mind.
#7: When you just want a new car
Enough said. Remember, a car is an investment, so when you buy a new car, look for one that you can see yourself in for several years.
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