When it comes to your car, you want it in tip-top shape for safety reasons. However, as cars age and obtain more miles, they also depreciate, and you might end up spending more and more money on maintenance and repairs as the years carry on. So, when should you consider trading in your current car for one that is new or pre-owned?
If you think you might be on track for an auto upgrade, here are a few signs that the time is right:
Your car has become a money pit.
If you find that your car is practically at home at your local auto repair shop, you might need to consider trading it in. Don’t let it become a sunk cost – if you’re going out of your budget to keep your car in shape, there’s no use in continuing to throw money at the problem.
Your car has reliability issues.
Whether it’s a dead battery when you’re about to head to work, or any other number of car concerns, an unreliable car can cost you dearly in the long run. If regular trips to your auto repair shop are interfering with your schedule, you might want to look into a change.
Your lifestyle has changed.
Any number of lifestyle changes can spark the need for a car upgrade. For instance, if you’ve moved to an area that gets a lot of snow, you might want to consider trading in your compact car for a truck or SUV. Also, if you’re looking to expand your family size, switching to a larger car with more safety features could be a good choice.
You want a car with better gas mileage.
While many drivers are opting for electric and hybrid vehicles, they aren’t for everyone or every lifestyle. Fuel prices can be unpredictable to the layperson, so finding a car that gets more miles to the gallon can help you save money, especially if you’re a commuter.
If you’re interested in buying a new or pre-owned car, your financial team at Polam can help you get started with our car loans, and we’ve made it easy to apply online. Visit our website to get started!