No matter how much you love your current ride, there comes a time when you have to upgrade your car. It is probably the most expensive financial purchase that you will make after home. So, it stands to reason that you will want to invest your money in a car that is safe, durable, and offers good value for money.
Other than the aspect of price, there are certain factors that you need to consider before you decide to upgrade your set of wheels. To lend you a helping hand, we have compiled essential factors that will help you avoid the pitfalls associated with upgrading a vehicle. But before we get to that, let’s find out if an upgrade is a lucrative option.
Upgrading your car – is it necessary?
With the soaring prices of commodities and stringent monthly budgets, many people try to avoid upgrading their car for a few more years. While this makes sense, keeping in view the monthly car payments, there is also a downside to it. The cost to run and maintain a vehicle increases as it gets older.
Similarly, the car’s resale value gets lower while the repair cost becomes expensive as you drive the vehicle. At this stage, it is wise to sell the car and upgrade to a newer, safer, and reliable vehicle. Before you use the resale money as a deposit on your next ride, here are some factors to keep in mind.
Upgrading Your Car? Know Some Essential Factors
Affordability
Before you even consider replacing your old vehicle with a new one, you will need to make sure that you afford the upgrade. Track your monthly income and calculate your expenses to determine a monthly budget. Don’t opt for ostensibly cheaper financing options without considering the additional costs of registration, maintenance, and other running costs.
It is also essential to make sure that the intended car comes within your budget. A shiny BMW might look very attractive, but you may want to consider modest options if it breaks your bank. Dealerships can now help users find their favourite vehicle at affordable rates. From hatchback and sedan to sports and convertible vehicles, users only need to fill in the boxes and purchase a car of their choice with fiat or digital currency.
Maintenance
New cars tend to have lower maintenance costs for a few thousand miles. For the first three years or more, your car will only need general maintenance such as oil change and inspection. However, this does not mean that all new vehicles have the same maintenance charges.
Some automotive brands tend to cost more than others in maintenance as the mileage on them increases. The difference in the ownership cost can be quite considerable, as shown in the analysis by Consumer reports. Therefore, you need to consider the maintenance costs of different brands to save a few bucks in the long run.
Technology and features
Modern cars are equipped with exciting tech features like adaptive cruise control, lane-change warnings, and other innovative options. Before beginning your search for a new vehicle, it’s helpful to enlist the features you want in your next car and rank them by importance.
For instance, if the built-in navigation system does not meet your needs, you may consider a vehicle that can provide real-time road conditions and traffic monitoring from third-party apps. While the features you deem crucial is entirely up to you, make sure that you only include those that can have practical utility on the road.
Size
Size is an important factor to consider when upgrading your vehicle. You need to take the vehicle’s dimensions into account and make sure that it suits your needs. If you do not consider this factor, you may end up buying a car that is small for your family or too big to park in your garage. You need to choose a car that is spacious enough to accommodate all your immediate family and pets.
Similarly, the car should also have a big enough storage space to fit all your essential belongings. However, it is important to note that the bigger the vehicle, the higher your fuel cost will be. Therefore, you need to give it proper thought before making an upgrade choice.
Insurance premiums
Auto insurance is a crucial choice that we make while purchasing a vehicle. It not only protects our purchase but also keeps us secure on the road. While auto insurance is compulsory, owners often have a difficult time differentiating between the available plans. You need to research your options and opt for an insurance cover that provides maximum security for your vehicle.
Insurance premiums typically depend on the sale value of a vehicle. Expensive vehicles tend to have higher premiums since their parts cost more to replace if damaged or stolen. However, the introduction of safety features such as anti-lock brakes, traction control, and anti-theft technology may ultimately make new cars cheaper to insure.
Consider fuel efficiency
Fuel efficiency is another crucial factor to consider before you upgrade your vehicle. Today, more and more people are making a shift towards hybrid and electric cars in order to mitigate their share of greenhouse emissions. If this is something that may tickle your fancy, it is advised that you do your research.
Many parts of the world still lack the infrastructure to support hybrid or electric vehicles. If you live in a region with limited infrastructure for EVs, you may want to change your decision and opt for a petrol- or diesel-powered vehicle. However, you should certainly make efforts to go greener and reduce your carbon footprint.
Final thoughts
The decision to upgrade your vehicle boils down to individual preferences and budget. Determine your needs and conduct proper research into the available options to get a good deal on a vehicle. By considering these factors and using common sense, you will not go wrong upgrading your car.
