- Beyond Bank Blog - https://www.beyondbank.com.au/blog -

Should you repair your car or buy a new one?

So you’ve found yourself in a position where you can either opt to spruce up your current vehicle – or simply start fresh and purchase a new car [1].

It’s a tough choice, and no one can tell you the answer without properly knowing the condition of both cars, your own preferences and your financial situation.

To help you make a decision, take a look at some of the pros and cons of each choice.

Investing in car repairs

There are a few reasons to fix up your current car. For example, if it’s just a short list of repairs that ultimately doesn’t cost anywhere near the price of a new car, it may make more sense to send it to the auto shop. Plus, it can save you the time and effort required to sell off your existing car, research new options, then find and purchase your next vehicle. Fixing your current car tends to work well when there are only a few items on the list – rather than a constant stream of jobs.

However, you may repair your old car only to soon realise that there is a never-ending list of parts to replace and areas to fix. This can be the case with older cars, so you may easily end up constantly having to make such repairs. If this sounds like your car, it may make more financial sense to sell it for whatever you can and move on to a new car that doesn’t break down all the time!

Additionally, keeping an older car may mean you’re missing out on new technology and safety features such as ABS braking or airbags. If your current car is out-of-date in this area, your safety should be a top priority, which may mean you need to look at upgrading.


Purchasing a new car

The reasons for purchasing a new car are numerous. Firstly, it should mean that you won’t have to worry about repairs or anything other than standard maintenance for a long time. That means that you’ll have a more accurate idea of what you can expect to spend on the vehicle, so you can create a more stable budget.

Another consideration is whether you need a change – perhaps your current car is just a two-seater when your lifestyle really calls for a sedan? Perhaps you’re moving to a city and prefer something smaller and zippier to get around in? This could be the perfect time to switch to a car that suits your needs.

The only real downside of purchasing a new car is really the cost. If you’re looking for something out of your current budget, low interest car loans [3] could help you get what you’re after – as well as all those new-car benefits – without breaking the bank.

bbau1575_home_tile_397x249 [4]