When Is the Right Time to Purchase a New Car?

Some people want a new car every few years, but others would prefer if they never had to purchase a car. It can be easy to talk yourself into getting a new car, especially if there are no down payment offers and low interest rate auto loans.

However, attractive financing options may not be a good enough reason to get a new car. There are some factors that should be analyzed first.

Repair Bills

Repair bills are going to happen no matter what. As a car ages, it requires more expensive and frequent repairs. Everyone will have their own standard of when repair bills become too much.

You may decide that once you spend the money on repairs, the car gets a new lease on life and you want to keep it for a while longer to avoid new auto loans.

Your Car Experiences Too Much Down Time

It may not be that repair bills are too expensive but that your car is just breaking down frequently and spending too much time in the shop. Cost is important to consider but so is reliability.

The Car Doesn’t Fit Your Lifestyle

This is a big reason why someone chooses to replace his or her car. For example, if you had a subcompact car but now have kids, you may need a larger vehicle. A change in occupation may also require a new car. If you have a long commute, you may want to choose a more fuel-efficient model.

You Need Updated Equipment

The reliability of cars has improved in the past years. For example, if you have young children then you may care a lot more about updated safety features.

You Can Afford the Auto Loan Payments

Even if your situation means you need a new car, you need to have the financial resources in order to afford it. It’s not just the monthly payment you need to consider but also the higher cost of car insurance depending on the model you choose.