Getting around in an old clunker is never a fun thing to do. With every turn you feel the screws and springs holding your seats together. However, you look at your current situation and wonder if you should purchase a new vehicle.
Wouldn’t it be nice to have a 2021 Ford Bronco in Miami sitting in your driveway? I know it would for me. But is it the right time to buy?
Are you putting more money into your current car than it is worth?
The first question you need to ask yourself is how much are you putting into your current vehicle? No, this is not a rhetorical question. You need to ask yourself this question and answer it honestly.
Are you putting so much money into your car that if you got rid of it you could buy something newer? Are you servicing the car regularly and replacing parts when they break? If so, then no matter how old your vehicle is, you are probably putting more into the car than it is worth.
If your vehicle is a newer model, and parts are not expensive, then the cost of upkeep may be less than what the vehicle is worth. Then you would need to ask yourself “Is this car reliable?” If so, ride it until the wheels fall off!
Do you have a teen that is about to drive?
Another thing to look at is the others in your family who are driving or will start to drive soon. If you are looking at another driver in the house, then consider giving them your old vehicle and upgrading to something new.
Look at your future. Do you see more money coming your way? Are you going to have a special event or milestone? Will purchasing a new vehicle make your future a brighter one?