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Weighing The Decision To Trade In Your Used Car

by admin on Mar.10, 2009, under Cars

Weighing The Decision To Trade In Your Used Car

Auto parts are designed to last a lot longer than they used to. In the old days, it was common for a 10-year old vehicle to experience constant problems, requiring time, money, and patience. These days, the parts under the hood are more advanced and durable. With regular oil changes and minor maintenance, you might be able to drive 100,000 miles before noticing any problems.

That said, car parts fail over time. Transmissions slip, engines stall, and alternators fail. Spark plugs can go bad and your radiator might overheat with increasing frequency. The older your vehicle gets, the higher likelihood such problems will occur. At some point, you need to decide whether it’s smarter to get rid of your current ride and buy a new one. Below, we’ll explore the pros and cons of purchasing a new vehicle versus repairing your old one.

Advantages To Buying New

The biggest advantage to purchasing a new model is peace of mind. If you’re currently driving a vehicle that has 200,000 miles on it, you know what it’s like to worry about breaking down. A new model eliminates that concern. Another benefit is convenience. Not only will the ride be more comfortable (usually), but frequent trips to the local mechanic will no longer be necessary.

Safety is another factor to consider. New models have more advanced protective features. For example, electronic stability control and lane-change warning systems can have an enormous impact on the safety of you and your passengers.

Reasons To Keep And Repair Your Car

The main reason to keep your current car is that it’s less expensive to do so. Even though it doesn’t seem that way when you’re paying $2,000 for a rebuilt transmission, the long-term savings are significant. Keep in mind that the interest you’ll pay on a 5-year auto loan adds up to several thousands of dollars. Plus, the depreciation on a new car during the first 3 years guarantees a massive loss in value. Lastly, the burden of monthly payments has a lasting effect on your budget.

Looking Down The Road

There will come a time when the only viable option is to get rid of your current vehicle. You’ll find yourself visiting your mechanic every couple of weeks for another repair job. First, the engine; then, a blown head gasket; then, the timing belt. Eventually, it becomes more expensive to repair your jalopy than it would be to buy another car.

While purchasing a new vehicle has obvious advantages, don’t dismiss the idea of buying a used car. There are millions of owners who have carefully maintained their vehicles over time and are willing to accept a reasonable offer. If budget is an issue, buying used can be a fantastic way to find a bargain.