Get My Budget
Lozi Mabunga
210 Articles Published
https://www.carmoola.co.uk/hubfs/marlouzel-headshot.webp
First published on: Jan 28, 2022

How to Know When You Should Buy Your Next Car

Are you becoming more and more frustrated with your current car because of its frequent breakdowns? Then maybe you can take that as a sign that it’s time to think about selling your old car and buying a new one. Let’s take a look at some of the other indicators that you need a new ride. 

Common Signs that You Need a New Car

How old is your car already? If you’ve been using it for a good number of years, you may have noticed that it’s having more and more problems. Maybe you’ve spent a significant amount of money on repairs already. 

Most of the time, you’ll get to save more money by investing in a new car rather than keep on fixing your old ride. Here are the questions to ask yourself, and if you answer yes to most of them, then it’s time to start shopping for a new car. 

Does Your Car Constantly Need Repairs?

Cars break down every now and then, that’s normal. Most of the time, the causes of a car breakdown include a flat battery, insufficient engine oil, or damaged clutch cables. These issues can be repaired by an auto mechanic easily. 

However, if you notice that you’ve been taking your car to the local garage for repairs every month, then a new car is the answer and not more repairs. Your savings could quickly be depleted when you need to pay for radiator or exhaust replacements. 

Not only are major repairs expensive, but they’re also time-consuming. You also won’t have peace of mind when you’re driving because you’re always worried about your car breaking down while you’re on your way to work. That would be so inconvenient and frustrating!

Assess if you’ve been spending a lot on repair work for your car. If you have, then consider using that money to buy a new ride instead. You may think that repairs are a lot cheaper than buying a new car but if you add it all up, especially if car troubles are frequent, you may find that the more practical decision is to make the purchase. 

Does Your Car Need Frequent Refuelling?

Cars with faulty fuel pumps need to be refuelled constantly, and their power and acceleration continue to decrease all the while. If you choose to get the fuel pump repaired, you need to be ready to spend at least £400 on it. 

Yes, that might be a lot cheaper than the price tag of a new car. However, newer car models are more fuel-efficient so you can actually save more money in the long run. Try to keep a record of how often you need to refuel so you can assess if it’s becoming too frequent even when you’re not going for long drives. 

Is Your Insurance Premium Increasing?

The older the vehicle, the more likely it is to break down. The car insurance provider will start to see that your car is a liability and consequently, this may lead to an increase in the premium you have to pay to keep the car insured. 

At this point, think about the money that goes into repairs, refuelling, and increased premium. It’s starting to become a significant amount of money, right? Imagine using that amount for the downpayment on your new car. Isn’t that more exciting to think about rather than constantly worrying about the state of your vehicle?

Has Your Car Reached 100,000 miles?

A car doesn’t even have to reach 100,000 miles before you replace it. Even at 75,000 miles, you’ll start to notice that it’s not performing well anymore and the breakdowns are becoming more frequent. Some of the common issues of an old car include coolant corrosion, problems with the spark plug, and issues with the combustion chamber. 

Do You Still Feel Safe Driving the Car?

Your safety should be the top priority, and an unreliable car that keeps on breaking down is no longer safe to drive. Do you often feel anxious while you’re on the road? This is not a good sign. Your driving experience should be pleasant and enjoyable. 

Also, older cars don’t have the safety features that today’s vehicles have such as rearview cameras, side airbags, electronic stability control, pre-collision technology, and blind-spot monitoring, and many other additional features. 

Assess how you honestly feel while you’re driving your current car. If you’re worried and anxious most of the time, it’s just not worth it trying to save money if you don’t have peace of mind. You deserve a reliable car in excellent condition. 

Takeaway

Did you answer yes to most of these questions? If you have, then you may want to start shopping for a new car. Maybe you’re worried about the large upfront cost of a new vehicle. This is where Carmoola comes in. 

Do you know that car financing is no longer what it used to be? When you think of applying for car finance, you might imagine a long and tedious process. Car finance is different with Carmoola because you’ll know the result of your application almost immediately. 

To start, just download Carmoola on your smartphone and follow the instructions on how to apply. Prepare your driver’s licence for verification. With Carmoola, you can also apply for car finance 24/7 so if you happen to decide in the middle of the night that you want a new car, go ahead and try Carmoola!

Recommended Articles

Which credit reference agencies do lenders use?

When applying for car finance, your credit score can make a significant difference to the APR you’re offered, your repayment...

What is negative equity car finance?

Anything with the word ‘negative’ in its name is understandably likely to ring alarm bells, but if you’re one of the many people...

How long does information stay on your credit report?

What does your credit report say about you? This ever-evolving bank of information gives lenders a unique insight into how you...