We all come to asking ourselves this question some time or the other in our lifetime. This could happen to any of us who owns a car. But before we answer or decide to sell off the old car it could be wise to go through the discussion and then see what suits the best.
The first thing that we should try and assess is the cost that we are spending in maintaining our old car. The maintaining costs are very high, when it comes to the fuel consumption or the repairs of the parts, or the unavailability of components which are genuine. Then we could think of getting a new car. But it is advisable to rethink about the insurance and the fuel costs which may not change with even the new vehicle. It definitely has to do with the repair costs to draw to a conclusion. Sometimes it is also a good thing to get the information about the particular model over the net and try and attempt smaller repairs all by ourselves. This also could help us to keep going with the older car at a lesser maintenance costs.
It would always be good to get the help of an experienced mechanic to tell us the total picture of our vehicle. Ask for the things that would need a replacement, or repairs. Then it makes it easy for us to ascertain. If the estimated cost of the repair is less than the EMI that we would need to pay for the new vehicle, it would be better to go along and get the car repair done.
Then we need to look into the other aspect of the repair. Get it known from the mechanic as to how long the repair help in performing well. If he assures you that the car would work for a pretty long time without much problem of breakdown, it is advisable to get the repair done and use the same old car. But if the assurance is doubtful, then thinking of replacement comes into play.
The other way to decide would be to try and find out what would the resale value of the old car would come. If the resale value is known, and the approximate repair value is compared, it should come to less than half of the resale value. Then it would be advisable for repairs to be carried out.
The other important aspect is to have a peace in the dealing. If you are confident on the above discussions and feel a sort of relaxed with the views, go ahead and get the car repaired and use it without any hitch. But yet you feel doubtful and are not convinced, then don’t look back. Just get the car replaced.
Also it is advisable to get a through estimate about the new car that you would like to get. Check about the various options of loans available and the convenient EMI that you be comfortable in paying. It is very important to study this aspect in details before venturing in for a new car. You should be able to handle the finances without getting tensed or having to cope up with difficulties. Always maintain a balance and discuss it well with the family members. There is another option that the need for replacement need not be with a new car.
You could see a good second hand car which is well maintained, having first party insurance cover and it could be bought from a reliable reseller. It could also come through a good friend who knows about the second hand car market. He could guide you to replace your old car for a good bargain.