Even with meticulous care and upkeep, most cars will eventually outlive their usefulness, and it will be necessary to obtain an upgraded model. But since they are a big investment, often requiring a car loan, people can start to second-guess whether a newer vehicle is absolutely necessary. Below are a few signs that waiting no longer serves a purpose.
How to Tell It’s Time to Trade in Your Vehicle
1. Frequent Repairs
If you're taking your car into the shop for more frequent repairs, buying a newer model makes smart economic sense. The more money you invest in an older car that is failing, the less money you'll have to put toward a new vehicle purchase. In general, a car should have no more than two major repair issues each year.
2. Safety Concerns
You should feel confident that the essentials—brakes, lights, transmission, etc.—are going to work when you need them—especially if you travel on busy roads or have a long commute. This is not only for your own safety but that of your passengers and fellow drivers. Newer cars also come with additional safety features—such as collision alerts and back-up cameras—to lower your risk even further.
3. Reduced Fuel Efficiency
Older cars are not as fuel efficient as newer ones. Even models that were considered efficient at the time of manufacture will start to become less so as the years go on. Take note of how often you have to fill the tank and if there is an uptick in how much you're spending at each visit to the gas station. If there is, the money a newer car will help you save at the pump can offset the costs of your car loan.
In need of a car loan? Need to be Pre-Approved? Trust the professionals at Estacado Federal Credit Union. For more than 66 years, they have been serving the Lea County, NM, region, offering a range of financial services, including checking and savings accounts and personal loans. Estacado also serves Yoakum, Gaines and Cochran counties in Texas. Have questions about their latest specials? Call (575) 393-1596. Begin an application for a car loan online. Visit us at www.estacadofcu.com/loan-rates.html to see our current rates and terms.