Is It Time for Your Next Car?
Your current car is paid off, past its shelf life or just not the right fit for your current lifestyle. Even if one of these applies to you, consider a few factors before shopping for a new vehicle.
Potential trade-in value
Much like a stock, knowing when to hold and when to sell is a crucial skill to get the most value for your current vehicle. You could receive a higher dollar amount for your trade-in while used car prices are high.
Same day service
If you're on the fence about trading in vs. selling privately, it's important to consider convenience. If you trade in, you could apply your current vehicle's value to your next car and drive it home on the same day! It doesn't get easier than that.
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New vs. used
With a little due diligence, you could find a used vehicle that meets your needs and is kinder to your budget. Despite that, you may have a harder time finding a good deal on popular models or any vehicle with low inventory.
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End of the year deals
Dealership rebates and incentives start to ramp up in the last third of the year, especially for new vehicles. You may find more attractive pricing if you’re able to comfortably hold out. Of course, not everyone can afford to wait. Check with your local dealerships to see what promos they plan to offer and when.
The cost of maintenance
From oil changes and tire rotations to new spark plugs and brake pads, you cover a lot of different costs over the life of your car. According to Popular Mechanics*, maintenance costs can rise significantly between 25,000 and 100,000 miles due to replacing consumable parts. After that, you may have some breathing room, assuming the pesky check engine light doesn’t show up.
Costs and overall service life can vary depending on make and model, but age can eventually catch up with any vehicle. If frequent maintenance or major repairs could deal a devastating blow to your finances, it may be time to switch to a newer car.
Your credit union is in your corner
What’s next is up to you, but you do have a team of financing experts who are happy to help!
Here’s a tip for when you’re ready to buy. Apply for pre-approved financing from Vantage and get a clearer idea of your buying power.
Get the conversation started and get to know your financing options.
