Should I Fix My Car or Buy a New One in 2023?

Should I Fix My Car or Buy a New One in 2023?

Posted on February 9, 2021

Fix used or new car entirely? When is the right time to say goodbye to your old car? That’s the question our Copetown auto loan team have been tackling this week.

If your car is getting old and is starting to cost more to run and repair, is it time to replace it? Let’s take a look at a few of the considerations that could help you make the right decision.

Age and safety

How old is the car? Is it still safe? Still roadworthy? Can it still handle Canadian winters confidently? Does it have any safety tech?

All these questions need to be answered whenever you’re thinking of keeping an older car, especially if it’s your daily driver. It needs to be safe and it needs to be able to cope with all conditions.

While it won’t have the latest safety technology, do the safety features it does have work?

Rust and condition

Live anywhere with a high moisture content in the air and rust becomes a problem. Newer cars use galvanized materials to help prevent rust but older cars don’t have that luxury. Plus, plenty of parts cannot be galvanized.

Does your car have rust? Is it more than just light surface rust? Do body panels crumble when you touch them?

Most parts can be replaced but costs can soon mount up. Be honest with yourself about the condition of your car and make a decision accordingly.

Running costs

Does your car guzzle gas? Does it run through tires and brakes faster than it should? Is something always wearing out or breaking down? Cars are designed to last a finite time and while they can exceed that, many parts will need to be replaced to keep it on the road.

Keep a record of what you spend on your car and when. Then you have the data to stop yourself making emotional decisions about your car.

Emotional attachment

Talking of emotional decisions, are you keeping the car because you genuinely think it’s worth it or because you’re attached to it? We form bonds with our cars like with no other machine. It can often cloud our judgement and force us to make illogical decisions.

You don’t have to scrap your old car or sell it. You could keep it as a weekend runabout or a spare. But are you keeping it because it makes financial sense or because it makes emotional sense?

Time for a change

Is it time for a change? Want something more modern? Want to enjoy new technology or safety features? Want something with higher safety scores or better reviews?

When you begin saying yes to those questions, it’s time to get a new car. When that time comes, our Copetown car loan team will be ready and willing to help. We can find a competitive car loan and even source your next new car.

Get in touch with the car loan experts at Northway Ford for great deals on auto finance in Copetown.

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