So, you are pondering the possibility of getting a new, better car. Often there can be the debate of repairing your existing car against buying another car. This is often a tricky conundrum.

Below are some considerations to help you with your decision!

How Much Does it Cost to Repair Your Current Car?

Optimally, your annual car repair bills should not exceed the amount you pay annually on car loan repayments. If you have had your car for over ten years, the chances are that your repair costs are also steadily increasing.

If you are finding that you need more and more repairs throughout the years, that is the first sign that you should start considering upgrading your car.

You can refer to your car repair bills in the past 12 months for a good grasp of how much you have spent on your car so far.

How Much Can You Afford for a New Car?

Finding the balance between your car repair costs and new car payments can be tricky. Thankfully, car loans are an option for you when your repair costs are getting painstakingly high and you do not have the finances to buy a new car outright.

Even in cases where your repair bills are getting you into debt, there are still options for you to purchase a car. Despite past debt, you may be eligible for a bad credit car loan on your next purchase.

Just find the right loan solutions to get you started.

How Reliable is Your Current Car?

If your current vehicle is no longer safe or reliable, then it might be time to get a new car. If you find yourself frequently being late for meetings due to car issues, then your vehicle is no longer reliable.

Most newer car models these days come with advanced safety features. These features give you further peace of mind when travelling, especially when compared to car models from over a decade ago.

There is something reassuring in the fact that your car is reliable, will start first go and get you, without incident, to your destination.

How Much Value Will Your New Car Lose?

Car values depreciate quickly in the first few years that you own them. Your car can lose more than half its value within the first four years!

As such, you should budget for a new car that you can maintain and repair for the next five years at the very least. Keep maintenance costs, road taxes and potential repair bills in mind when you decide on the next car that you want to get.

Finding a reliable car is more important than having a flashy car that you cannot afford to run.

How Much Savings will You Gain with a New Car?

Most older car models run on a less fuel-efficient model. Compare the mpg (miles per gallon) of your current vehicle with a new one to see how much you can save.

If you find that a newer car model will be much more fuel-efficient than your current car model, you should consider getting a new one. The case will be even stronger if the new car is also eco-friendly and affordable.

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