Every time you turn on your telly or go online, you’re bombarded by advertisements of the fastest and the latest releases in the car industry. But this doesn’t necessarily mean you should upgrade your car.
So when is an upgrade justified? This article will tell you about various signs that you need an upgrade. But before that, let’s talk about how you can get your upgrade without buying one.
Purchasing a Car is Not Your Only Option
We’ve become used to the convention that when you need a car, you simply buy a new one. But that’s not the case anymore. Should you need it, there are other ways to obtain your new ride.
Instead of outright purchasing, you may opt for PCP car finance instead. In this car finance agreement, you have the sole right to use the car for a predetermined amount of time. The actual ownership belongs to your finance provider.
Here, you also pay up a monthly fee as you would with a car loan. But here’s the main difference: after the PCP agreement, you can pay a lump sum to keep the car or part with it forever. Apart from having this freedom, another great advantage is having lower monthly payments than buying.
5 Signs It’s Time for a Car Upgrade
Now that you know the value of PCP contracts over direct purchasing, the question remains: is it time for an upgrade? Don’t worry! We will be your guide. Here are a few signs for getting an upgrade right now:
1. It’s Not Reliable Anymore
Like any machine, your car will eventually work inefficiently despite your best efforts to take care of it. If you get nervous about your car starting up each time you’re about to be late for work, it’s not reliable anymore.
Perhaps you’re tempted to keep it because you’ve paid it off already, but it’s not worth it. Whatever you save in monthly payments, you’ll definitely be spending on repairs.
2. You’ve Had It for a Few Years
Did you know that a car’s value depreciates by 30 to 40% within the first year? By the third year, it loses 60%. After a few more years, you’ll be stuck with a vehicle that’s only worth its value in metal scraps.
So before your car loses all its value and starts showing problems, go for an upgrade. This allows you to recover a portion of money you spent on purchasing your vehicle.
3. Your Family is Growing
A four-seater surely wouldn’t suffice if you’re about to welcome a fifth member of the family. Not only would it be crowded, but it would also pose several safety risks. So when getting a new car isn’t financially viable, you’d need an upgrade.
If you have a large dog, a bigger car would also allow you to take your fur baby on trips!
4. You’re Moving Somewhere Colder or Warmer
The car features your current ride has may not be a good match to the place you’re moving to. If you’ve lived for some time in a place with a warm climate, you should consider a new vehicle that can handle the worst of winter.
5. It’s Not Fuel-Efficient
Are you using your car every day? Then, you might be surprised by just how much you’re losing because your vehicle isn’t fuel-efficient.
If you’re already paying a lot for petrol, just know that its cost will only increase in the future. So with an upgrade, you’re helping save the environment and your wallet.
There’s nothing wrong with upgrading your car when the situation calls for it. Hopefully, this list helps you determine whether or not it’s the right move for you. Good luck!