how to finance a used car

Are you thinking about trading in your car, but aren’t sure if the timing is right?

Trading in your car is a big decision and letting go of a car that you’ve had for a while can sometimes be tough. So, how can you tell that it’s time to trade in?

Check out this guide to discover the top signs that it’s time to trade in your car

1. Your Car is Frequently Breaking Down or In Need of Repairs 

If your car is frequently breaking down or you’re constantly taking it into the shop for repairs, then this may be a sign that it’s time to trade it in. 

Not only are frequent malfunctions and breakdowns inconvenient and expensive, but they can also be dangerous. The risk of getting stranded in the middle of a busy road because of a broken-down car or getting struck by another driver on the side of the road when trying to fix your own vehicle is very real. 

Unlike a fine wine, a car doesn’t get better with age. Once breakdowns start to occur, they’re only going to get worse. While buying a new car can be expensive, you really can’t put a price on peace of mind, safety, and dependability. 

2. You’re Reaching the 100,000-Mile Mark 

If your car’s odometer is starting to creep into the six-digits, then it’s time to think about trading it in. 

Even if you’re no longer dealing with regular monthly car payments, when your car hits this mile-marker, you can expect to start paying for things like axle boots, hoses, and brake rotors. You’ll also likely need to purchase a new timing belt in the near future as well as a new water pump. 

These expenses can add up pretty quickly, and they’ll likely just extend the life of your vehicle by a few months. So, instead of wasting this money on a car that’s going to give out at any second, why not invest that money into a new vehicle?

3. The Repairs Cost More Than the Car Itself 

If repairs cost more than the car is worth, then that’s another sign that it might be time to trade in. 

To figure out if you’re wasting money on repairs, you just need to do some simple math. Calculate how much money you’re spending on repairs each year, and then see how this stacks up against the value of the car or how much your monthly car payments are. 

Also, keep in mind that if you buy a new car, the warranty will give you a three-year grace period before you have to worry about shelling out money for repairs. Also, many dealerships now offer free maintenance, so that’s another perk to keep in mind. 

4. Your Car Has Poor Fuel Efficiency

If your car has poor fuel efficiency, then that’s another good reason to trade it in. 

Cars today are more fuel-efficient than ever before. Even if your vehicle is just five years old, it’s already lagging behind in terms of fuel efficiency. 

As your car’s engine starts to face more wear and tear, it’ll start sucking up a lot more gas. This means that you’ll need to fill up your tank more often, which can put a dent in your wallet. 

If your current vehicle is a gas-guzzler, then it’s a good idea to read up on reviews of the current model’s mileage so you can compare estimates. While a new car may result in steeper car payments, the money you’ll save on gas may mean it’s a better investment in the long run. 

5. The Car No Longer Matches Your Lifestyle 

Besides looking at the car itself, it’s also important to look at your lifestyle. A car doesn’t need to be completely broken down in order to justify trading it in. If your car no longer matches your lifestyle, then that’s a good of a reason as any to trade it in. 

Here are some signs that your car no longer matches your lifestyle:

  • Your family size has expanded
  • Your kids have all left for college
  • You moved to a new part of the country with different weather
  • Your commute has changed
  • Your financial situation has changed
  • You’ve gotten a pet
  • You’ve started taking more road trips/traveling more
  • You’ve had your car since high school and you’re now a working professional

Any one of these reasons may be a sign that it’s time to trade in your car. 

6. It Has Outdated or Malfunctioning Safety Features

When figuring out whether or not it’s time to trade in your car, it’s also important to consider the safety features. 

Do you have faulty brake lights? If so, this means you’re more susceptible to getting rear-ended.

Or, maybe you have worn out brake pads or broken seat belts? Both of these things are serious, and if you were to get in an accident, it could result in serious injury or even death. 

It’s also important to pay attention to the check engine light, as oftentimes this is the first warning sign that a car is about to fail. 

There’s no reason to risk your life because of outdated or malfunctioning safety features. The best thing to do is to turn your vehicle in so you’ll have the peace of mind that you’re safe on the road. 

Is it Time to Trade In? 

Now that you’ve read this guide, it’s time to decide whether or not it’s time to trade in your vehicle. 

Once you’ve made the decision to trade in, it’s time to start shopping for new cars. If you’re looking for a new vehicle in the Pompano Beach, FL area, then be sure to check out our inventory today.