When is it time to buy a new vehicle? Is it when you need to start fixing things? Is it when you can afford a new vehicle? This is a dilemma I am currently facing. Is it worth keeping your old automobiles knowing you will have problems with them but the chance of having a problem out ways the new monthly payment you will have to take on.
I have 2 cars a Chrysler Concorde and a Dodge Durango both about ten years old. Both of my automobiles have over 140,000 miles on them and have needed to be fixed over the last three years. Is it time for me to bite the bullet and trade at least one in or should I hold off. If I had to part with one would be the Concorde it has about 20,000 less miles on it and already has major repairs done to it. Three years ago it needed a new engine, then more recently a new timing chain both pretty expensive fixes. The engine cost well over $2000 and the timing chain around $1200 but the automobile has been paid off for 5 years. How I see it I made out, $3300 over 5 years breaks down to $660 per year or $55 per month. It’s a lot better than a $350 per month payment.
Our Durango is also paid off but has more miles on it The only real problems it has had has been around the air condition unit and a mishap by my children. My kids jammed change into the CD player causing the radio to short circuit. The total to fix both was $1300. The reason we would keep the Durango is because it is more useful to us.
So my dilemma again is, is it a good time to consider purchasing a new vehicle? My wife and I have been deliberating over it for a while now. I have a few reservations about getting a new vehicle. The first of course is taking on a new large payment. We would like to purchase another SUV when the time is right. We do a lot of outdoor activities, canoing, camping, snowboarding ect., so we need something to lug our gear, kids and clothes. With our Durango also older we know over the next few years we will also need to replace that car. So to us it just makes sense to get the SUV first as a more reliable vehicle we can feel safe in on longer trips.
Reliability is our 2nd reason we are considering a new vehicle. Since both of our cars are older there is a reliability fear that looms over us on longer trips. This would be solved with a new car.
Another issue to look at would be our insurance rates. They would increase by at least $100 per month with a new automobile fully covered. Even if I applied all the discount auto insurance techniques I know.
It may not be time to purchase right now with the holidays coming up and our finances kind of low but this is something we will need to look at within the next year. The reliability and safety factors out way the new cost we will have to endure. After the holidays we will be on a car hunt. Should we buy brand new or something with low miles a couple of years old. Hmme, This sounds like something to write about next.
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