When to upgrade a current vehicle

Changing cars

Subaru BRZ Limited

Is it time to buy a new car? (Photo Credits)

There comes a time when a vehicle owner would think about replacing or upgrading his car for a new one. Whether it is pre-owned or brand new, fact is, a car owner is most likely bound to upgrade after several years.

So is there ever a right time to upgrade? Or should one just go with his gut feel?

From a car sales point of view, Motorama says it would be best to sell the car even before it depreciates. They explained this thoroughly in a comprehensive article they published for vehicle owners mulling to transition to new vehicles.

“It can be difficult to assess when your car is at it’s most valuable to buyers in the used car market. Depreciation is the largest cost applied to a car, and this is often at its peak in the first years of car ownership, before evening out as the car ages. Ideally, you want to trade your car when the resale value spikes above the depreciation amount. Depending on what kind of car you have, your resale value will be highest if your car is a recent model in a similar style, and has been well-maintained.”

Check out the rest of the article here.

Brand New Versus Pre-Owned

Auto Deal meanwhile came up with an article on why vehicle owners mulling to upgrade vehicles, buy a brand new car instead of pre-used ones. In the write-up they enumerated the many reasons to choose a brand new car, foremost of which is safety.

“Brand new cars have sturdier body construction over their old school counterparts, which may have weakened over time. In addition, the new ones have relatively more safety features such as Anti-lock Braking System (ABS), stability control, hill hold, ISOFIX seats, and more airbags.”

Take a look at the other reasons from the original article here.

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The online publication of Time Magazine meanwhile shared a study that reported that most vehicle owners are likely to drive their cars for a far longer period of time.

“Today’s car buyers are in it for the long haul. Earlier this year, a report indicated that drivers could be expected to hang onto a new car for an average of six years after purchase, up from four years not long ago. According to a new survey, though, the vast majority of consumers say they now plan on keeping cars for 10 years or more.”

The continuation of this article can be found here.

There are indeed many factors to consider when thinking of replacing one’s current vehicle.

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