When is it time to buy a new car? Is it when you need to start fixing things? Is it when you can afford a new vehicle? This is a dilemma I am currently facing. Is it smart to keep your old vehicles knowing you will have problems with them but the chance of having a problem out ways the new monthly payment you will have to take on.
I have 2 cars a Dodge Durango and Chrysler Concorde both about ten years old. Both of my vehicles have over 140,000 miles on them and have needed repairs over the last 3 years. Is it time for me to bite the bullet and trade at least one in or should I hold off. If I had to trade one in it would be the Concorde it has about 20,000 less miles on it and already has major repairs done to it. Three years ago it needed a new engine, then more recently a new timing chain both pretty expensive fixes. The engine cost well over $2000 and the timing chain around $1200 but the automobile has been paid off for 5 years. How I see it I made out, $3300 over 5 years breaks down to $660 per year or $55 per month. It’s a lot better than a $350 per month payment.
Our Durango is also paid off but has more miles on it The only real problems it has had has been around the air condition unit and a mishap by my children. My kids jammed coins into the CD player causing the radio to short out. The total to repair both was $1300. The reason we would keep the Durango is because it is more useful to us.
So my dilemma again is, is it the best time to trade it in? My wife and I have been considering it for a while now. I have a few reservations about getting a new vehicle. The first of course is taking on a new large payment. We would like to purchase another SUV when the time is right. We do a lot of outdoor activities, canoing, camping, snowboarding ect., so we need something to lug our gear, kids and clothes. With our Durango also older we know over the next few years we will also need to replace that automobile. So to us it just makes sense to get the SUV first as a more reliable vehicle we can feel safe in on longer trips.
Reliability is our 2nd reason we are considering a new car. Since both of our vehicles are older there is a reliability fear that lingers over us on longer trips. This would be solved with a new automobile.
Another issue to look at would be our insurance rates. They would go up by at least $100 per month with a new automobile with full coverage. Even if I applied all the discount auto insurance techniques I know.
It may not be time to purchase right now with the holidays coming up and our finances kind of low but this is something we will need to look at within the next year. The reliability and safety factors out way the new cost we will have to endure. After the holidays we will be on a car hunt. Should we buy brand new or something with low miles a couple of years old. Hmme, This sounds like something to write about next.
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