A car for a good owner is like a thing close to his heart, he communicates with it as with an animated creature, listens to its caprices, and thanks for a job well done. But time makes its own adjustments. On the one hand, miles of roads wear out even the most well-groomed car, on the other, the priorities of the car owner change.
Sooner or later, you have to make a decision whether to repair the car and keep using it further or sell your old car for cash and buy another. Image and mood are one thing, but if a job or family requires a certain level of professionalism, changing a car becomes more than just another whim. In this article, we have gathered six weighty reasons to sell your old car right now.
1. When the cost of repair or maintenance approaches the price of the car
You will realize that it is time to get rid of the car and buy a new one when the maintenance and repair costs increase significantly. They can grow to the point that repairs and regular maintenance will cost you more than buying a similar but newer car. The key point to keep in mind is that older cars tend to require larger and more expensive repairs. It is wiser to change the car when the resale value is higher than the depreciation amount.
Within five years, most cars lose about 50 percent of their value. Luxury cars tend to have the highest depreciation in the early years of ownership, but hold resale value well due to limited availability. For more popular models, the depreciation curve jumps smoother and slower, but there are many such offers on the market, and the resale value doesn’t depend on beauty/rarity/prestige, but only on the condition of the car.
2. Look at the upcoming post-warranty spending
Consider how much a major overhaul will extend the life of your car and whether it is worth paying for. You will spend a lot of money, treating vital components, and drive a few more hundred miles, but what happens next? Ask a trusted mechanic to examine your car, identify impending problems, and explain how serious they are. The worse the predictions and the shorter the warranty, the sooner you will be choosing a new car.
Before making your final decision, consider whether you can save money on regular maintenance, consumables, and repairs. Perhaps you pay too much for an oil change or a tire pressure check. You can try to do it yourself or find a cheaper place. Try to find out about the reputation of the auto mechanics you work with. Maybe you are just being cheated and outright robbed.
3. Security is important
All cars, even the most well-groomed ones, tend to wear out so the potential risks of breakage while driving must be considered as well. Today new car models are equipped with a host of standard safety equipment like improved airbags, improved handling and brakes, electronic stability control, rear-view cameras, and a lot of other tools. Additional active safety technologies include blind spot and lane departure warning systems, collision warnings, and driver monitoring for drowsiness or loss of consciousness with automatic pull-off and stop. Since your old car is unlikely to have similar safety features, it might be time to look at a new one as a replacement? Don’t discount your peace of mind.
4. High gasoline consumption
It is important to understand that the older the car, the less fuel-efficient it is. It lacks the technical innovations of new engines, is probably nearing the end of its service life, and will require more and more expensive repairs like the replacement of the power unit, transmission, and other valuable parts. Even if there is no serious damage or wear out in your old car, you can simply cut your gasoline costs by moving to a more economical small car or hybrid. Additionally, less fuel consumption is also better for the environment.
5. Lifestyle changes can tell you it’s time to get a new car
Has your family size increased or decreased? Is the road to work/school becoming longer or shorter? Are there other activities that require more space or capacity? Maybe there is a need to haul equipment or tow a trailer, but the old car doesn’t cope with the task? Then it is better to move to the next vehicle, which is more consistent with your new habits, tastes, and needs. When the financial picture makes sense and a good deal comes up, take it.
6. When you are sick and tired of your old car
There are many reasons for people to give up their old car. Someone meticulously calculates the benefits/costs, while others try to keep up with successful friends on brand new fashionable cars. But most of us are guided by inner feelings and feel the need to get into a new car only because the old one has ceased to please. Perhaps we got a high position and want to inform the world about it by acquiring something more status. Or they have changed internally, having ceased to feel nostalgic for the days gone by and feel an attachment to old things.
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