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Buy A New Car Versus Repair The Old

All that’s new, over time, becomes old and you will finally need to replace it. This rule applies to cars, as well, even if you find it hard to accept that. Each one of us has a dilemma when it comes to deciding between our “old good friend” and a new one that might be really appealing.

The so called “car-buying” universe knows two different types of people: those who want a new car in order to improve their lives and those who drive their car till it “dies”.  I will try to solve the “buy a new car versus repair the old one” dilemma by making some points regarding both situations.

If you love your car and you just can’t give it up you can start making some investments for upgrading it and keeping it on the road for more time. Many people start feeling that their car is no longer fit for their life, because of its age or because it becomes too small for their family. Either way, money might be a reason for not being able to yet renounce at it. If that’s your case the answer is rent a car for those moments when your needs can’t be ignored anymore. That way you will be able to drive anywhere you want without having to think about maintenance, insurance or license tags. The price might prove to be good enough, going up to $180 a weekend. That’s cheaper than a car payment!

If you’re not so sure it’s wise to buy a new car, you should do the math and see where the cost of repairs will get you. If you can pay for the repairs of the car twice a year that means you can’t afford to pay the rate on new car every month. Nonetheless, you should put aside, every month, around $50 for car repairs. That’s a golden rule! And if the Gods love you, you might not need it after all. That’s how they turn into money saved for a new car.

The type of part that needs replacing it’s another factor that affects your decision. The cheap ones don’t scare us so much, but when it comes to buying an engine you might start freaking out and start asking yourself if it’s worth keeping your old car on the road.

Buy A New Car Versus Repair The Old

If you decide a new car it’s the best solution, the first thing you should do is to put some money aside for at least three months before making that life changing decision. The money saved will help you with the first car payments. Once you do that all it’s left to do it’s to make three phone calls. The first call is for the bank. That way you will find out what kind of rates they can offer you taking into consideration your credit history. The second phone is to your insurer to find out details about the insurance for the model car you want. The last phone call goes to your local DMV that will inform you about the costs of license and registration.

Buy A New Car Versus Repair The Old

It’s tough to make a decision when it comes to choosing between keeping your old car and buying a new one. But being realistic about your financial possibilities and the condition of your car is a good way to start solving the dilemma of “buying a new car versus repairing the old one”.

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