Should You Really Buy That New Car?
When the national average monthly car payment stands at $479, you know that in all probability, a lion’s share of your earnings would be spent in monthly payments if you decide to go for a new car. Avoiding car loans is not a feasible solution since car prices have gone over the odds. Therefore, you should buy a car after careful consideration of your earnings, your commitments, and liabilities. Should you really buy that new car? Here are a few things to consider:
Doubts About The Safety Of Your Vehicle
High-end features are surely attractive, but the safety of the car (and yours, of course) is altogether a different aspect. If you are not very sure whether or not your car is fit for the road, you should do a comprehensive safety check of your vehicle with the help of a professional. If your car has mobility problems, this might lead up to an accident or a breakdown. If your car doesn’t have the basic safety features — like seat belts, traction control, etc. — this means you are always off-the-guard while on road.
In case you are driving an outmoded vehicle, and you are apprehensive about its safety, you should get in touch with a mechanic or even a car safety inspector. If you choose to upgrade or repair the safety features of your car, the cost incurred can be lower than the cost of a new one.
Would A Major Overhaul Do The Trick?
Occasionally, your car might need a few repairs here and there, and the cost of this occasional maintenance and repairs would be lower than a new car purchase. If the cost of maintenance and repair gets well over $479, then buying a new vehicle is recommended. When you shell out your money for repair and maintenance, always retain the bills and invoices. These bills and invoices would be helpful in estimating the total cost of repair over a certain period of time.
Have You Taken Fuel Cost Into Consideration?
If your workplace is quite far off from your home, the fuel expenses will surely bite into other expenses already defined in your monthly budget. The fuel budget becomes somewhat uncontrollable at times, especially when the gas prices fluctuate. In other instances, if your car fails to start and accelerate while you are all set to go to work, a lot of time and energy will eventually go wasted, and you might lose your work hours, too. Be aware of the extra expenses that come with a faulty car, and if your old vehicle is not fuel-efficient, it might be better for you to get a new one. Tip: go for a green vehicle if you really want to save on fuel cost, and you care about the environment, too.
Does Your Current Vehicle Still Fit Your Lifestyle?
One constant thing in life is change. With the passage of time, peoples’ preferences change due to a variety of factors. Generally, you purchase a vehicle according to your needs and desire. Welcoming parenthood, leading a retired life, being a businessman or a banker are various landmark moments in life when you might want to buy a new car which suits your financial condition, your status, and your desires. It’s quite natural if you always tend to go for better alternatives, and you can definitely exchange your old car with something that suits you, your family, and your lifestyle. Just make sure to weigh in and consider the necessity of purchasing a new car — do you need an upgrade or can you improvise your old car to fit any lifestyle changes?
When was the last time you bought a new car? Do you drive a used car or is it brand new? Generally speaking, people are caught in the middle as to whether to exchange their vehicles or go for a new one. It’s always advisable to analyze your needs and not go for a purchase until and unless it’s absolutely essential. If the maintenance and repair cost is nominal and way below the price of a new car, then going for a new purchase might not be a good decision. Moreover, there will be car loans to repay which might eventually dry up your finances. Therefore, always think about the possible alternatives to buying a new car as purchasing a new car is always a big investment.
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