The current automotive market is a bit off balance. New cars are struggling to be completed and delivered due to shortages in parts and other materials. The same shortages have caused delays in repairs on vehicles while also increasing the costs of repairs. Leaving people wondering: “is replacing your vehicle the best decision?” Let’s answer that question down below.
Getting a New Vehicle – Yay or Nay?
Up until recent years, most Americans get newer vehicles every few years. This trend has slowly started to change with more people keeping their cars for longer and buying used versus buying new vehicles. This has become the case for a number of reasons.
- Inflation
As it stands today, the market is suffering from issues surrounding inflation. The cost of a new vehicle is at an all-time high. This is true for used cars as well but it is still cheaper to buy a used car or repair the current vehicle you have at your disposal.
- New Vehicle Costs & Waiting Time
Purchasing a new vehicle is a costly endeavor that many cannot afford right now. Plus making a commitment to a payment plan that can run up o 70 months might be just too daunting for people that do not have the job security once enjoyed by the American population. On top of all of that, the waiting times for new vehicles have become rather long as factories have had to slow down production due to the shortages mentioned. The decline in demand for new cars has also contributed to the rise in prices. At this stage, it would seem that holding onto your current vehicle would be the best bet until the market has simmered down.
- Eco-friendly
The push toward a more eco-friendly living environment for all is also a major factor in the decision to keep vehicles for longer. Rather than changing vehicles frequently and filling up scrap yards with perfectly good vehicles, more people have opted to fix the vehicle they currently have. Other options include retrofitting vehicles for better emissions standards as well.
On the other hand, there are still good reasons to sell your vehicle. It can be a difficult decision to make. Especially if there are emotional reasons for keeping the car or wanting to get rid of the car. Some advantages to selling your car and getting a newer model.
- The Vehicle cannot be Repaired
If you find yourself in a situation where the car is old and simply cannot be repaired anymore, then buying something else and letting go of that one is probably the best decision. Driving around in a car that cannot be fixed can lead to potentially dangerous situations.
- You Have Two Vehicles
Perhaps you have two vehicles but typically only use one vehicle. The costs of having two vehicles can be rather high, especially if you are not using one that often. This could be a good reason to consider selling the vehicle less used and cut down on car ownership costs.
Final Thoughts
The bottom line is that you need to evaluate the situation and make a decision based on your requirements. Selling and buying a new car might be in your interest if you need the new car. However, buckling down and saving on costs might be even better. Particularly if your car has been paid off already. Repairing the vehicle will still be less expensive than buying a new one.
If you are going to keep your car, you will want to make sure that the car is covered for all possible issues that may come up during the course of ownership. Car insurance will take care of you in the event of an accident, fire, or theft while an extended car warranty will provide coverage for mechanical parts and labor should a mechanical breakdown occur. Such as those found on the Chaiz website. You can compare plans from providers all over the US. Keeping you from unexpected bills that may be out of the range of your savings. It is all about being prepared.