This is a question we get asked a lot. In response, here are a few things to consider:
- Does my current vehicle suit my needs and fit my lifestyle?
If not, then the answer is yes. If it does, it may make sense to invest some money in it to keep it on the road longer.
- Are you going to buy a new or pre-owned vehicle?
Often the sales tax alone will exceed the price of the repairs needed on your current vehicle. Then, compound the cost of registration, down payment, insurance and depreciation and we get further into trouble. Pre-owned vehicles usually only give you a two-year reprieve from repairs at best.
- What is my current vehicle actually worth? What is it worth to me?
Another way of looking at the situation is the idea of buying miles. Breaking down the cost of repairs by the number of miles we can get out of the vehicle can often justify the costs. This is especially helpful when your car has little market value, meaning, the amount of money you can net from a private party sale or trade-in at the dealership relative to the cost of repairs needed. I also like to take a look at the total dollar amount of the repairs and ask myself if I could buy a better car for that amount of money?
- Am I making an informed decision? Or am I buying someone else’s headache?
We’re familiar with our vehicles even if there is a list of repairs that need attention. That’s worth something. The worst part about buying a used vehicle is that you’re taking a gamble on whether or not you have to start repairing it.
- Am I throwing $50,000 at a $5000 problem?
That’s a good question. Buying a new vehicle rarely makes good financial sense. Vehicles are a bad investment, but necessary to have. Let us help you decide which options are best for you and your family.
If you have more questions than answers, please schedule a consultation with us. We can perform our comprehensive 59-point safety and maintenance inspection, then sit down and have an objective conversation about whether you should keep your car or replace it.
If it is indeed time to replace your vehicle you can buy with confidence once we’ve performed a pre-purchase inspection on your next vehicle.
Here are some of the benefits of performing a pre-purchase inspection:
- Negotiating power. If the prospective vehicle needs service and or repairs, it’s a great way to negotiate the price or the repairs before you make the purchase. We tend to see customers buying the car first and then finding out it needs extensive work.
- A lot of times used vehicles look better on the outside than they do on the inside. There are many vehicle components that wear gradually and can go undetected on a test drive.
- Accidents and structural damage don’t always show up on a Carfax report. Repairs can be made at shops that don’t report to Carfax. Be an informed buyer by insisting on a pre-purchase inspection before you complete the transaction.
Our pre-purchase inspection is regularly priced at $189. Through September and October we’re offering this service for $139. You save $50!