When is it time to upgrade your car?

If you’ve had your car a little while, then you may want to start thinking about getting a new one. Whether you simply can’t resist that just-out-of-the-showroom feeling or your car is giving up the ghost, there are plenty of reasons you might want to upgrade.  

If you’re not sure whether now is the right time to move on or whether to hold out a little longer, read on to find out how you can tell if it’s time to upgrade. 

When to change your car– from a practical perspective

  • It’s no longer fuel efficient 

Firstly, it’s important to think about upgrading your car in practical terms. Although you may love your beloved car, sometimes getting a new one is far more cost efficient. For example, with inflation hitting 7%, this means that as well as groceries going up in price, petrol prices are soaring too. If your current car is drinking petrol like no tomorrow (like many older cars do), it might be time to upgrade!

  • It’s costing a lot to repair 

If you’re paying a lot of money to get your car fixed on top of the usual expenses, it may be time to upgrade. As cars get older, they become more prone to breakdowns and problems. Although getting the odd thing fixed here and there is normally no big deal, if you’re constantly forking out for repairs on a car that isn’t worth it, you might be throwing money down the drain. 

Furthermore, as 19% of adults have less than £100 in savings, this can become a problem. By taking out a loan for a new car or getting a car on a finance deal, you’re more likely to be able to better manage the payments. 

When to change your car– on an aesthetic level

  • It no longer suits your needs 

If you’re now earning more money than before, you may want to look at getting a bigger or better car. Although there’s nothing wrong with driving around in a car with paint peeling off or a leaky window, if you can afford it, it might be time to change things up. 

Furthermore, if you’ve had children since purchasing your car, you may need something that’s a bit more child-friendly for a growing family. 

Alternatively, if you’ve recently upgraded your job, you may need something a bit smarter. If that’s the case then a newer, swankier car may be just the ticket. If you’re wanting to make a good impression, a used Mercedes Benz is a safe bet.

The bottom line…

Sometimes it’s difficult to know whether getting a new car is right for you. Although you may have been influenced by some clever marketing, if you’re starting to spend more money on repairs and petrol than the car is worth or it simply isn’t fit for purpose anymore, it might be time to trade in.