Buying a new vehicle

New Car

When is the right time to buy a new vehicle? (Photo Credits)

Buying a new vehicle will always be a milestone, especially for middle class individuals and young families. Whether it is their first or they are upgrading to a new one, it will always be best to carefully evaluate the decision before finally deciding when to buy, and what type of car to buy.

So what are the signs that it is time for a vehicle upgrade?

Finances, should of course be the first consideration when deciding to upgrade to a new car. WikiHow came up with a comprehensive guide on deciding when it is time to upgrade, and when is it time to buy a new car.

“Determine your budget. A lot of this depends on your own personal budget. Budgeting is simple. How much money do you bring in, and how much money do you spend per month?    Financial advisers say you should not spend more than 22 percent of your net pay on a new vehicle’s costs. If buying a new car is easy for you to afford, because your revenue exceeds expenses, it’s probably a much easier call. If you can’t fit a new car payment into your budget without incurring hardship, you probably should hold onto the old car, unless it’s costing you more in repairs to drive it than you would spend on a new car.”

Check out the rest of the guide here.

Factors to consider in upgrading to a new car

Australian Car Dealership Website shared the five concerns car owners should watch out for, that indicate that it is time to replace their existing vehicle to upgrade to a new one. One of the concerns mentioned is improved safety technology.

“Improved safety-technology. Your car may be the most reliable vehicle on the planet but if it’s too old, it may not have the safety technology that newer cars provide such as; multiple airbags, blind spot monitoring, rear-view camera, stability control, parking assist etc. There are a myriad of modern new features that help keep you safe, which makes upgrading your car well worth the investment.”

Check out the four other factors they have discussed in their original post here.

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Personal Finance Guru Dave Ramsey meantime offered advice for those wanting to upgrade to a new vehicle. In his advice, he underscored that the best type of car to buy will always be a newer used car.

“Your best bet is to buy an affordable, used car with the money you have saved (combined with the cash from the sale of your current car). That way you own the car, rather than it owning you. Used car doesn’t mean crap car; it just means you’re smart enough to let someone else pay for that initial drop in value. Buying used is the only way to go.”

Check out the rest of Dave Ramsey’s advice here.

Buying a new vehicle will always be a big decision to make. It is important that this be assessed carefully.

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