Is It a Good Idea To Fix My Old Car or Buy a New One?

Did your car just break down? Or wait, you have been suffering from constant car troubles for a while now. And currently, you are in-between a crossroads whether to get a new car or still go ahead and pay the high repair bills to fix the old car as usual. Of course, this recurring situation is tiring. Now, think again – is it a wise decision to get a new car right now? Did I plan for that? Can my budget accommodate the high cost involved? 

Well, although there’s no clear answer to the above-mentioned questions. But listen, we might have a possible solution to your dilemma. 

We will present you with several possible options, describing their advantages and disadvantages. You will only have to evaluate each of them and understand whether it makes sense to buy used cars or save money for a new vehicle.

Case A: Buying A New Car

Yes, buying a new car is fun but are you ready for the high costs and expenses involved?  With the prevailing hike in prices of raw materials, the cost of new cars has increased significantly. Most times, the cost is higher than repairing an old car or buying a used car. Additionally, be prepared to pay serious amounts on taxes and insurance.  

On the other hand, what guarantee do you have that the car would still be in a good condition after six or seven months of usage? Note this, buying a new car is a depreciating investment that loses value over time. If an unprecedented situation occurs or maybe the car loses value, you’ll be in a difficult situation to resell. 

Case B: Fixing Your Old Car  

One of the unfortunate issues about old cars is that as you are trying to repair a particular issue, another one tends to recur later. Thus, causing a recurring situation. Now, no matter how good you take care of your car, you will always experience tear and wear. The rubber belt and hoses tend to dry out at some point. Periodically, the timing belt will need replacement. The same applies to pumps and brake pads.   

Also, constantly fixing your old car does not just come with financial stress but also emotional stress. Imagine, being stranded on the same issue you have fixed the previous week.

Case C: Buying A Used Car 

On the other hand, one interesting fact about buying used cars is that you won’t experience huge depreciation unlike in brand new cars. It’s also less expensive with more added advantages. Registration, tax, and insurance premiums are usually at a lower price. You can get premium features and spare parts at a cheaper price. Of course, there is no waiting period unlike when you buy a brand new car.

Based on the above facts, one can easily say, it’s less expensive and more profitable to buy a used car instead of fixing your old car or getting a brand new car. Now, before you talk about buying a used car, you need to be sure of its serviceability. And this is where we come in. 

How To Buy A Used Car 

There are many used cars available for purchase, but the question is, are they in excellent condition? This is why you need to do a vin lookup to determine the serviceability of these cars. Vin lookup is a feature provided by different services for checking used cars via license plate search.

When doing this check, things to look out for include: car accident history, service & registration history, repossession records, etc. Don’t ever buy unless you have checked these qualities off your list. With this information, you will be able to make the right choice and make a profitable purchase.

Author: Doug