Posted on 9/26/2013
If you have not been investing in the care of your vehicle, there will come a time when you bring it in for service and learn it will cost some money to do the required work. At that point, we often hear the question "Should I spend the money to fix this car or should I just go buy a new one?" Our answer? That depends! If you’re tired of your current car and can afford to buy a new one, maybe that would be best. But if you are thinking about buying a new car because of the cost to fix your current one, here are some points to consider: 1. Buying a new car will increase your real costs of vehicle ownership significantly. 2. Your new vehicle will depreciate (lose its value) from the time you drive it off the lot, most dramatically within the first 3 – 5 years. 3. Both your vehicle insurance and registration costs will be much higher. 4. If you need to take out a loan to purchase your new vehicle, take into account the interest you ... read more