You’ve been driving the same car around for a while now. It’s been a reliable car, taking you to and from work and more road trips than you can count. However, you’ve noticed recently that breakdowns and repairs are happening more and more frequently. The real question is, do you continue to fix this car or is it time to invest in a new vehicle. Here are two questions to ask yourself:
HOW OFTEN IS A REPAIR TAKING PLACE?
When you first get a new vehicle, the only time you find yourself taking it in is for the occasional oil change and easy fix. Once an automobile hits 25,000 miles, you may find that changing. As a car gets older, it needs a little more TLC. If it gets to the point where your vehicle is spending more time at the shop then on the road, it's probably time to look at some other options.
HOW MUCH DO REPAIRS COST ON AVERAGE?
If you’re at the point where repairs are starting to outweigh the actual car payment, it may be time to look into purchasing a new one. If the vehicle is paid off, are you paying more per year on average than you would pay for another car? Take a look at your budget and see what makes the most sense for you. Is it easier to get a new car and have consistent, monthly payments or having an emergency savings to pay for the cost of repair?
If you are interested in purchasing a new vehicle, Cyprus Credit Union offers competitive rates and flexible repayment terms for both new and used vehicles. We offer quick approval with funds available the same day in most cases. For more information, check out our website or call (801) 260-7600.