At some point in time every car owner faces the decision of whether to keep or upgrade their trusty vehicle. We’ve been in the auto industry for a while now and many customers have come our way to sell their old cars.
In this blog post, we explore the reasons why it could be a good idea to upgrade your car and also reasons it might not be the best idea. Whatever decision you end up making it’s important that do your research, so read below for our team’s advice.
Pros of upgrading your car
Cons of upgrading your car
Car Safety
Safety technology has improved a lot in recent years, with modern cars boasting a number of advanced safety features. These include blind-spot monitoring, automatic emergency braking and speed limit notifications. Nowerdays trickle-down technology means that even entry-level vehicles now come equipped with features previously found in luxury models. With ANCAP safety rating systems being updated every 3 years an older car rated 5 stars will not be as safe as a new car with a 5 star rating.
New And Improved Tech Features
With car technology constantly improving, especially in terms of entertainment and connectivity. When once upon a time a radio was the most tech you could expect from a car, nowadays you’ll find large high-resolution touch screens, Apple CarPlay, Android Auto, heads up displays and 5G connectivity. If having the latest and best tech appeals to you then upgrading could have some serious benefits.
Lifestyle Changes And Practical Needs
Life can look a lot different form when you first purchased your car and thus upgrading can mean having a car that better suits your current needs. Maybe you’re looking to a start a family and need a SUV to take the kids to school. An SUV could also allow adventure seekers to take their cars off-road without a single worry.
Others may be looking to downsize from SUV’s to something more practical to save on running costs and make parking easier.
Repair Costs Vs Buying New
While regular maintenance can prolong your car’s lifespan, there comes a point when repair costs blow out and buying a new car is actually cheaper in the long term. Major repairs such as engine replacements or transmission repairs can be very costly, often running into the thousands of dollars. If the cost of repairs exceeds the value of the car then it’s often better to sell it and upgrade.
Beyond the initial repairs, maintaining an aging vehicle can add up over time, further adding to your financial burden.
Depreciation Of New And Old Cars
When it comes to deciding if you should sell your car, depreciation comes into play in a number of ways. The longer you hold onto your old car the more value it will lose over time, however after the 5 year mark this does slow down. So if you’re looking to sell then now could be the best time.
This also applies if you do decide to purchase a new car. Once you the leave the dealership could immediate lose 10-15% of it’s value right away and the same amount over the next few years. Make sure you factor in depreciation in your financial calculations before upgrading to a new car.
Fuel Efficiency and Cost Savings
Rising fuel costs and environmental concerns are another reason you may want to upgrade to a newer more fuel-efficient vehicle. This can mean buying a more fuel efficient petrol car or even going further and upgrading to a hybrid or electric car. While hybrid and electric vehicles offer long-term savings on fuel expenses, this tends to be outweighed by the higher upfront costs.
However if environmental impact is a concern then switching to a new more fuel efficient or electric car is a no-brainer.
Deciding whether to upgrade your car involves considering a variety of factors as well as your personal circumstances. However if you’ve decided to upgrade your car and need to sell your old car we are your trusted partners.
With over a decade of car buying experience, Cash For Car Buyer ensures fair market offer for vehicles in any condition. Experience top cash offers, free car removal and instant payment. With us you won’t have to wait around for an offer to come to you as we make plenty of competitive cash deals for used cars every day.
Call us today at 0487 000 600 or fill out our online form to get some more cash to put towards your new upgraded car!
Are older cars more expensive to maintain than newer cars?
The answer to this, depends on various factors such as make, model, condition of the car. An older car that is nearing the end of it’s lifespan can indeed cost more to maintain as expensive components begin fail. Where as an older car that’s still in good running condition can actually be cheaper to maintain due to having older technology and less electronics, making for easier repairs and maintenance than a new car.
What are some of the common problems with older cars I should look out for?
Common issues with older cars often include worn-out components such as brakes, batteries, tires, and suspension parts which require regular maintenance. Other problems may involve worn interiors and oil leaks. Additionally electrical features such as power windows may start to fail.
Are there ‘early warning signs’ that indicate serious mechanical issues?
Signs such as loss of power, unusual noises, increased exhaust smoke indicate potential mechanical issues. Ignoring these warning signs risks more serious mechanical and safety issues if not fixed quickly.
