Is it better to keep your vehicle, or buy a new one?
When you get close to 100,000 miles on your vehicle, you may start asking yourself if it’s time to buy something new. Is it better to keep and maintain your current vehicle or is having a new vehicle the way to go?
When to buy new
Have your life circumstances changed since buying your current vehicle? Perhaps your two-door coupe isn’t the right fit for your growing family. Or, maybe it’s time to let go of your larger vehicle in favor of something a little more economical now that everyone in your household can drive.
Often, when a vehicle starts creeping up into higher-mileage territory, you might start considering buying something new. The cost associated with bigger fixes, like a water pump and timing belt, can make you start to wonder if newer is better. Is it true, though?
When to keep your current vehicle
If your current vehicle serves your current needs and is overall in good mechanical health, it may be more economical to keep it even if there are some occasional bigger maintenance costs.
We often forget to add in all the payment-free months in our accounting, and that can skew our perception. If the vehicle is paid off and is running well, then your cost of ownership is only the cost of insurance, gas and maintenance. If you add up all your expenses in a year, and divide that by 12 months, you may see that your estimated monthly cost is relatively low. Especially if you compare that to the monthly cost of a new car payment, plus insurance, gas and regular maintenance.
Is it better to buy new or keep your current vehicle?
Ultimately the decision to keep your current vehicle or buy a new one can only be decided by you, and your budget. When you factor in interest, the current cost of vehicles, and the un-advertised taxes and titling, a new vehicle isn’t an inexpensive prospect. If you’re uncertain about the wisdom of keeping your current vehicle running, bring it to ArborMotion, your specialists for European auto repair in Ann Arbor! We can do a full annual-inspection and give you an overall health report.
