It\u2019s hard to let go of a car you\u2019ve had for\nyears. Sadly, no matter how reliable your car is now, it will eventually have\nto be replaced. But if the thought of new car payments terrify you, chances are\nthat you plan on driving your car until it\u2019s on its very last leg. <\/p>\n\n\n\n
That\u2019s certainly a smart financial choice, but\ncommitting yourself to an old car also makes it even more difficult to\nrecognize when it\u2019s time to upgrade<\/a>. If you aren\u2019t sure\nwhether it\u2019s time to hang in the towel and start searching for a new vehicle,\nhere are some telltale signs that it\u2019s time to upgrade your car:<\/p>\n\n\n\n It seems like just yesterday you were driving your brand new car out of the lot. Now, suddenly, you\u2019re taking it in for repairs more often than you can count. The average car<\/a> lasts for about 150,000 miles, but that rule doesn\u2019t fit for everyone.<\/p>\n\n\n\n If your maintenance costs are beginning to add\nup to more than half of your vehicle\u2019s current value, then it\u2019s time to\nconsider upgrading. Let\u2019s say your car is worth $5,000 and your latest repairs\nare going to cost $2,600. <\/p>\n\n\n\n While $2,600 may seem like a drop in the\nbucket compared to the cost of a new car, that theory only works if you know\nfor certain that you won\u2019t need any additional repairs. Chances are, these\naren\u2019t the last repairs you\u2019ll need. Over time, these costs can snowball, so\nget ahead of the bill and start searching for a well-priced new car before it\u2019s\ntoo late.<\/p>\n\n\n\n Is your car paid off in full, or do you have a monthly payment? These are questions you must ask yourself before an upgrade<\/a>. The average used car payment is about $361, so you\u2019d ideally like to stay at or below that target.<\/p>\n\n\n\n This is where your decision gets tricky.\nBefore upgrading your car, map out exactly how much you\u2019d spend a year on car\npayments alone versus how much you spend on maintenance now. Let\u2019s say your\ncurrent car eats up $3,000 on maintenance costs a year. When you break it down,\nyou\u2019re still spending roughly $1,000 a year less than you would on an updated\ncar.<\/p>\n\n\n\n But how long will that last? Once a car starts\nrequiring regular large maintenance repairs, you could be gambling with your\ncar\u2019s life span. If it begins breaking down on a regular basis, you set\nyourself up for missed work, lengthy appointments, a lower trade-in value, etc.\n<\/p>\n\n\n\nMaintenance costs<\/h3>\n\n\n\n
Car payment<\/h3>\n\n\n\n
Car goals<\/h3>\n\n\n\n