8 Signs It’s Time to Buy a New Car

We all know those people who have owned their car for hundreds of thousands of miles. Cars can sometimes start to feel like family – it may be hard to let go and decide to invest in a new one. Sometimes, mechanical issues can be fixed, extending the lifespan of even the oldest vehicles. However, at some point, it just stops making sense to continue throwing money at an aging car that won’t benefit all that much from added maintenance. Here are the main signs that it may be time to buy a new car. 

You are due for a costly repair 

If you find that your car is in need of a very costly repair, it may be time to trade it in for a new one. Verify what the current value of your car is. If the repair cost is more, it’s definitely time to look for a new car based on economic reasoning alone. Let’s say that your car is worth $2000, but you need engine maintenance that is going to cost you $2500. At this point, it makes a lot more sense to simply invest in a new vehicle. Even if your car value has depreciated a lot, trading it in for a new model can significantly help with financing options. Value your trade today to see what your current vehicle may be worth.

Your car frequently breaks down

Occasional maintenance work is expected with every vehicle. However, if you are finding that your car is breaking down on a regular basis, it may be time to look at a new vehicle. Even minor inexpensive repairs can add up over time if they keep happening. You may not even realize how much you’ve been spending on constant repairs. If you find that you’ve had several repairs within the last one to two years, you might want to consider purchasing a new car. 

Your vehicle cannot pass emissions tests

In recent years, emissions standards for vehicles have become more strict due to increasing pollution levels. If your car is fairly old, you may find it harder and harder to pass these more stringent emissions tests. Most newer vehicles have more advanced clean technology to ensure that they meet current emissions standards. In order to meet new standards, older vehicles can choose to have special technology installed, which can be costly. If your car model is old enough, it may not even be allowed to take an emissions standards test. If this is the case, it may be time to look into buying a new car. While it may be hard to let go of an old car to which you’ve grown attached, it may become unreasonably expensive to upgrade your exhaust system to meet changing emissions standards. 

Your odometer has passed 100,000 miles

For many makes and models, car performance starts to drastically decline once you hit 100,000 miles on the odometer. At this point, you may find that your car is having more and more mechanical issues, causing you to constantly dish out more cash for repairs. In general, you may also find that your car starts performing less efficiently. Once you hit that six figure mark, it may be time to invest in a new vehicle.

You are spending way more than you should on gas

As car technology has advanced, vehicles have gotten incredibly more fuel efficient. If you’re driving an older model, you’re likely spending a lot more time at the gas pump than your friends. On top of being less efficient to begin with, older cars also have more wear, meaning that components like fuel pumps and hoses may have started to break down. This further decreases the fuel economy of the vehicle. While you may not have a monthly car loan to pay off, you are likely spending a lot more on gas each month than you should. It obviously depends on your commute, but as a rule of thumb, if you find yourself at the gas station more than twice a week, it may be time to upgrade your ride. 

Your car insurance rates keep increasing 

If you have an older vehicle, you’ve probably noticed that your car insurance is very expensive. It makes sense – older cars do not have the safety features included in newer models. Ultimately, this makes your car more susceptible to theft and damage in the case of an accident. In order to protect against these liabilities, insurance companies will raise rates for older vehicles. Regardless of your driving record, you may notice the insurance premium on your car gradually increasing if you own an older model. Eventually, it may not make sense anymore to pay for these steepening monthly rates. At this point, it may become more economical to buy a new vehicle. 

You feel unsafe in your car

Today’s new cars have a whole slew of fancy safety features to keep you safe on the road. Older models unfortunately are not equipped with this advanced technology – things like side airbags, rear view cameras, blind spot detection, and collision avoidance. Of course, some of these features are not necessary, but they certainly don’t hurt. 

Apart from lack in modern safety features, older vehicles will likely have some components that have started to break down and deteriorate. As time goes on, they will become less and less safe to continue driving. If your friends and family mention that they feel unsafe driving in your car, it may be time to start shopping for a new one. 

Your friends and family always offer to drive

If your friends and family always offer to drive, they may be subtly hinting that they are uncomfortable riding in your vehicle. Whether due to safety concerns or embarrassment over the appearance of your car, they may prefer to drive their own rather than hitch a ride with you. They may be hesitant to tell you directly that it’s time to get a new car. 

If any of these points apply to you, it’s probably time to consider purchasing a new vehicle. While it may be hard to say goodbye to a trusty old car, in the long run you’ll likely be better off – saving yourself time, money, and worry.