Most cars have a lifespan of 11 or 12 years, especially with good maintenance. Nonetheless, most people replace their vehicles after about six years. With prices what they are now, many people are deciding to wait. At some point, however, it is more cost efficient to get a different vehicle, after you take repairs and fuel efficiency into account. How do you know when that is true for your car?
Know the Market. Find out the market value. Take a look at Kelly Blue Book for your starting point. Then look at some cars being sold online or at used car lots. You could also take it in and have it appraised, although that may start a firestorm of unsolicited offers from dealers anxious to buy it from you whether you want to sell or not. You may be surprised at how much your older vehicle is worth; one of our customers had his dealer call him and offer to buy back his two year old car at the price he originally paid for it.
Know Your Expenses. Make a record of how much you have spent on repairs during the past year. Subtract any expenditures that are not age related, or if the maintenance (like an oil change) would have had to be done on any age vehicle.
Divide the figure by 12, and you’ll see your monthly cost for your current vehicle. Compare that with the monthly payment on a new ride.
Know Your Repairs. What major repairs have already been done? If you’ve had a new transmission installed or have already replaced the timing belt, you may have all the big expenses behind you.
Know Your Model. Research your car model. Find Facebook groups or internet forums that are specific to your car’s make and model. If you find that your make and model is prone to needing a new transmission earlier rather than later, it may be time to replace your vehicl
Know Your Mechanic. At Norris Automotive, we’re happy to give you advice on your vehicle. We’ll give you our honest, educated opinion.
With the prices of new – and used – cars soaring, many people are putting off replacing their vehicles. If you need help deciding on what’s best for you, ask us. We’d love to help!