There comes a time in every car owner’s life when it’s time to say goodbye. Maybe you're itching to upgrade to a new car, or you’re swamped with maintenance costs, or perhaps your car is no longer suitable for your lifestyle.
There are many factors to consider to decide whether it is time to upgrade and replace your car. So we’ve made a list of them below to help you determine if now is the best time for you to upgrade your car.
1. Safety and technology
Safety and technology in cars have come a long way in the past decade. From airbags and reverse cameras to features like user interactivity, blind spot monitoring, traffic alerts, lane departure warnings, driver fatigue monitoring, auto emergency braking, adaptive cruise control - this list goes on.
It’s important not to overlook safety features, and although they are now standard from the manufacturer on many entry-level cars, they are also worth seeking out on used cars models. These features that help keep you safe, may make upgrading well worth the investment.
2. Lifestyle changes
There are many lifestyle changes that we face, perhaps it’s getting a new job, expanding your family, or even moving to the city. As your lifestyle changes, your car might need to change to accommodate this. Perhaps your small 3 door hatch makes it difficult to put a child seat in and you may find it more convenient upgrading to a family SUV.
If your car no longer suits your lifestyle, and you find it is becoming more inconvenient it may be time to consider upgrading.
3. Repair bills
As time goes on and the km’s on your odometer continue to rise so may the repair and maintenance costs. Therefore it is important to consider the cost of the vehicle vs the maintenance and repairs costs. The cost of maintaining the average vehicle without any problems is around $1000 per year, covering any minor repairs/replacements such as servicing, tyres and bulbs.
This goes without saying some years the costs of repairs and replacements may be higher, and others this may be lower, but this is a good indicative benchmark for how much you should be spending. If you see this cost fluctuating, this may be a sign that it is time to start looking for something that is a little bit easier on your finances.
Most Australian’s purchase a car through financing. If this is the case for you, and you’re coming to the end of your loan term it may be worth considering an upgrade.
Thinking of upgrading your car today? Talk to one of CarClarity's car loans specialists or get a quote to find the best car rate available for your financial situation.