Time to Repair What You Have or Buy a New Car?
It happens to everyone, eventually. You hop in your vehicle for the morning commute, turn the key and the dreaded “check engine” light comes on. Or maybe your vehicle already broke down and you’re staring at a choice – a costly repair or purchasing a new vehicle.
Consider the points when making this important financial choice:
- Typically, it’s almost always cheaper to repair a vehicle than to buy a new one. Even a costly repair bill (such as engine or transmission issues) can cost up to $5,000 (or more).
- If you have a vehicle that’s already paid for, adding a new car payment to your monthly family budget could be impactful. The average monthly payment for a new vehicle is around $650 with the average monthly payment on used vehicles close to $550.
- If your vehicle has aged, broken down, or become unreliable to the point where it is a safety issue, it’s probably a good time to consider a new vehicle. A newer vehicle, while also safer, will also likely have newer/updated safety features and equipment.
- There’s something to be said for that new car warranty, especially if you’ve had several years of out-of-pocket expenses on repairs for an older vehicle. This can save you considerable time and worry/headaches.
We know this can be a challenging decision and are here to help. If buying is your decision, you can learn more and even apply quickly for a vehicle loan online. Happy (safe) driving!