Whether you have a sensible sedan, a standard minivan, or a versatile SUV, you place a lot of trust in your family car. However, no matter how reliable your vehicle is, you’ll have to replace it with a new model eventually. How do know when it’s the right time to upgrade? Here are some of the top signs it’s a good time to buy a new family car.
1. You’re Paying Expensive Repair Costs
No matter how well you look after your vehicle, time, wear and tear, and age eventually take their toll. When you find yourself having to make minor repairs often or taking your car into the shop several times a year for substantial and expensive fixes, it may be time to consider moving on.
Keeping a car past its prime can cost a lot of money in terms of repair costs. Older cars are generally less efficient as well, so you could be overspending on gas. Mileage is another important factor to consider. Some makes and models can be reliable past 200,000 miles, whereas others become unstable before this milestone. Do some research on your car to determine how likely it is that you’ll run into constant problems if you continue driving it.
2. Your Family Is Growing
Your compact car may have worked fine when you had your first child, but squeezing multiple car seats in the back can be a challenge. If your family is growing in number, or simply growing up, chances are you have more car seats, luggage, backpacks, and sports gear you need to fit in your vehicle. If you’re constantly trying to maneuver things around to make riding in your car comfortable, it may be time to consider an upgrade.
If you choose to upgrade your family car, you can look forward to several benefits beyond just having more space. Newer cars generally have more features, and models designed for families (such as minivans) may have numerous helpful additions. You may find that having a new car with more cupholders, configurable seats, automatic doors, and entertainment systems makes your time driving with the family exponentially more comfortable.
3. You’re Moving to a Different Location
If you are moving to a place with a drastically different climate, it could be wise to buy a new family car. For example, if you’re moving to a sunny coastal climate, you may want to trade in your four-wheel-drive for something smaller and more efficient. Alternately, if you’re moving to a mountain state, it’s probably a good idea to consider switching your convertible out for a reliable and maneuverable SUV.
4. You’re Financially Ready
One of the most challenging parts of upgrading your family car is the financial burden. Whether you buy new or used, chances are taking home a new vehicle will require paying a hefty chunk of cash or signing a big loan. Either way, your personal financial status plays a large part in deciding when it’s time to buy a new car.
However, you can look at it the other way as well. If you are in a good financial spot with excellent credit and a comfortable safety net in the bank, you may want to think about investing in a new car. Buying at a time when you can afford a large down payment and qualify for a favorable loan can make more financial sense than waiting until repairs force you to buy a new car quickly. If you wait, you may not be in such sound financial waters as you are now.
Being able to afford a new car or qualify for a good loan also gives you the flexibility to choose the best option for your family. Maybe you want to move to an electric car to save money on gas and help the environment. Perhaps you want to get an SUV to make it easier and safer to spend weekends camping in the mountains. When you have the time and resources to do all the research and choose the best model for your family, it can take a lot of stress out of the whole process.
Deciding when to upgrade your family car can require a lot of thought. However, there are some standard signs that can indicate it’s time to start considering a new vehicle. Mounting repair costs can make it financially more affordable to get a new car. You may also want to consider upgrading when you’re in a good financial spot with the assets to either pay cash or secure a favorable loan.