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Should I Fix My Car or Buy a New One? 5 Deciding Factors (2024)

Should I Fix My Car or Buy a New One? 5 Deciding Factors (2024)

Wondering whether you should fix your current car or buy a new one? When is the right time to say goodbye to your old car? 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.

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Important Factors to Consider

Car Age

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 fixing your car or buying a new one, 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 decide whether to fix your car or buy a new one 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 fixing up your current car or buying a new one.


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 judgment 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 Change

Want something more modern? Want to enjoy new technology or safety features? Want something with higher safety scores or better reviews?


That's it! Thanks for reading, hopefully this helps make your upcoming decision easier.


If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.

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    Categories: Car Loan, sell your car