Cars don’t last forever, and the time will come when your current vehicle will need to be replaced. But is that time now? If you’ve thought about getting a new car, the following are some signs that it may be the right time:
The repairs seem endless
It’s normal for a car to need repairs from time to time, but some cars are more problematic than others. As a car ages, more will likely go wrong, and at a certain point you have to ask yourself if your current car is still worth investing in. Depending on how often you’re repairing something and the type of money you’re spending on it, you may want to consider just replacing it.
Something expensive needs to be replaced
Maybe you’ve been lucky as far as minor repairs go, but now you suddenly need to replace something very expensive. For example, your car might need a new transmission or engine, and this could easily cost thousands of dollars. Depending on the value of your current vehicle and the cost of what needs to be replaced, you might just be better off using that money towards a new car.
It no longer meets your needs
Life changes, and the car you bought years ago may have been perfect for you at the time, but maybe it no longer works for your current lifestyle. For example, your current car may be a bit small and now you have children, so you need more space. Or perhaps your daily commute is a lot longer than it used to be, and you’d like a car that’s more eco-friendly so that you can cut down on gas costs. Whatever the reason may be, there could be nothing actually wrong with your car, but it may be time to replace it if it just no longer offers what you need.
You don’t feel safe in it anymore
Whenever you drive your car, safety should be your top priority. There could be a lot of reasons why you might not feel safe in your car anymore. For example, if it has a tendency to break down often, it might be beyond fixing. If you’re constantly concerned about getting stranded or stalling out while you’re driving, it may be a good time to replace your car.
Do you need extra money to purchase a new car? Qualifying for a car loan often requires a down payment, and a larger down payment can help you get a better rate and also lower your car payments. Depending on the car you want to buy, you may even be able to bypass a car loan altogether and just buy your car in cash. If you’re receiving long-term payments from a structured settlement or annuity, Peachtree Financial Solutions can help get you the money you need to buy a car. By selling some or all of your future structured settlement payments to us, we can send you your money sooner and in one lump sum. Many of our customers have used their lump sum payment to buy a car, and we can help you do the same if you have similar goals. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.
Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.