Car prices are on the rise. Inflation and supply chain issues catalyzed a 39% jump in used car prices. In the US, the average used car now costs $29,011.
If your car is old, you’re probably wondering when to buy a new car. The market continues to inflate, but your car has also increased in value.
You’ve probably heard it said that you should buy a new car every two or three years. But is that necessary? How do you know when it’s time to get a new car?
Whether you view it as a cherished ride or a melon, now may be the right time to switch. We’ll share some factors to consider before buying a new car.
Assess Your Budget
A new car often means a new loan. Few people buy a car only with cash, and it’s important to consider if you can afford it.
Inflation has increased the cost of living. You may find yourself in a tight position to buy a car. We have a solution for people feeling penny-pinched.
You can sell your car to someone who buys junk cars. Some companies will buy your car regardless of its condition.
You can use those proceeds to buy a new vehicle. Viewing your old car as a down payment for your new vehicle gives you more room in the budget.
Repair or Buy a New Car?
Keeping your old car means more repairs. The engine will need some tweaks to stay operational. Getting repairs and upgrades is normal, but these costs add up.
For some people, repairing an old car costs more than buying a new car. Repairs won’t even fix the problem in the long term. Some cars need frequent repairs to stay operational.
Old car parts are soaring in value. Supply chain issues suggest this trend will continue.
Buying a new car also comes with a higher price, but you’re not subject to next year’s inflation. Prolonging your purchase leads to more inflation, and car repairs aren’t getting cheaper.
Risk Factor
Cars get worn down as you drive more miles. Your car may suddenly lose power or stop working normally.
You can’t schedule these life-threatening circumstances. Your car should shut down while pulling out of the driveway. It can also shut down on a highway.
No driver should take that chance. Repairs can help, but it’s like putting a band-aid on a gaping hole. They only present a temporary solution to a core problem.
When you upgrade your car, you cut down on risk. New vehicles have more durability and can provide a better experience.
When to Buy a New Car
Now that you’ve read about when to buy a new car, you may wonder if it’s the right decision.
Rising car prices have many people wondering when to buy a new car. Upgrading your car is a significant decision that involves money and letting go.
Some people don’t want to let go of an old car. They want to do everything possible to make it work. However, letting go can introduce new opportunities. A new car can also make you feel safer.
Want to learn more about buying a new car? Continue reading this blog for additional insights and resources.
