When is it time to say goodbye?
Whether you drive an old Gremlin, an ancient Jeep or a modern sedan, your relationship with your ride is complicated. Obviously, you want to make your vehicle last as long as possible – who doesn't?
Buying a used car or a new car means having another car payment . You also lose that trusted friend on the road. However, the time will come when you must part with that beloved vehicle.
How do you know when it's time to bury that car? When is it time to let your car, truck or van go to that great auto junkyard in the sky?
You can always keep a vehicle on the road, no matter how decrepit it might be if you’re willing to spend the dough. Remember that the older your vehicle becomes, the more costly the repairs will be.
If you're your dropping parts faster than you can bolt new ones on, it's time for a change! The amount in your bank account – or not, as the case may be – is the key to knowing when it's time to move on.
Why keep dumping cash into your ride if you're paying as much as a new car payment in repair fees? Of course, if you are "mechanically inclined," or have an extended warranty that time might come later than it would for someone who is not so inclined.
The best way to measure the "worth" of your ride is to make a simple comparison. If your vehicle is worth less than the cost of repairs, it's time to wave bye-bye. You may have nostalgia and memories tied up in the chrome, steel and rubber, but it is time to move on.
You've got to bring yourself to part with it; you must force yourself to see that vehicle, not as a beloved, reliable machine, but as a money pit, sucking up your funds and your time!
Eventually, the time will come when it's more trouble to keep your vehicle on the road than it is to watch it rust away in the backyard. The key is to know the situation before that time arrives. If you wait too long, you can be in a world of hurt. Imagine being stuck with a $2,000 / $3,000 / $4,000 repair bill and no way to get another vehicle!
When it becomes apparent that Betsy just isn't cutting it any more, hobble into the local dealership, crank up the computer, or crack open the paper and start looking for a new ride. Does a new or used vehicle fit into your budget? Are there other items you can cut out to make it fit.
While it might feel like a betrayal, you should probably keep an eye out for potential new cars. Know what makes and models are available and how they can benefit you – your old ride won't hold it against you!
Keep your eyes open for deals within your area. Buying from Joe down the street might be more affordable than purchasing through a dealer, though the dealership will offer financing on that used car.
Another solution is to add an extended warranty to your trusted Betsy. Warranties are available that will protect you against major repair cost even if your vehicle has 100,000 miles or more on it now. Just be sure of the coverage level and the company that is backing it. Many of the less scrupulous companies out there are under insured (some are even uninsured). Read the contract before you buy!
The decision to buy a new car or used car (or add an extended warranty ) can be an excellent option. Ownership costs are offset by warranties and the vehicle is a bit more reliable than old Betsy was. Saving cash is important – especially today. That doesn't mean you have to suffer with a ride that breaks down more often than it runs right!
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