As drivers, there comes that inevitable time in which we are faced with a dilemma: Repair our current car or purchase a new one?
It is at this point in history, coming out of a recession, when we are starting to see more and more used cars on the road. These drivers have the right idea; all evidence points toward going with a used car, repairing and maintaining it as you go along. The Car Care Council (CCC) and Engine Repower Council (ERC) both highly recommend repairing over buying new.
There is a general rule of thumb stating it is better to fix/repair your current car if it is less than ten years old, or has less than 150,000 miles on it.
Why? New cars can be very expensive, while older cars are mostly or fully paid off. An argument against sticking with one’s old car is that repairs are expensive. But the fact is even pricier repairs come out to be about the amount of a year’s worth of payments on a new car. Plus, the cost of auto repair has significantly decreased over the past several years, and some shops even offer financing options. Finally, let’s not forget one of the most attractive reasons to choose a used car over a new car: cheaper car insurance.
Some people’s current car is in dire need of replacement. If this sounds like you and your car is in bad shape, it is best to replace it with a newer, but used car. There are several reasons to go this route. Even routine maintenance costs are much higher for new cars as opposed to older cars. Another thing to keep in mind is that today, automobiles are designed to last much longer than in the past, on average 200,000 miles. This means that even if you are purchasing a newer used car, even though it is used you will still get great usage for thousands of miles. Finally, when purchasing a newer used car, it is best to get needed financing through your bank, not the car dealership, because you will incur lower interest rates.
Having a well-maintained used car and a little extra money in your pocket is a great feeling, and a choice that will continue to grow in popularity.