Trading vs Repairing Your Vehicle

 
Your car has broken down once again and you’re suddenly faced with two options; going to your mechanic and repairing it or upgrading to a new vehicle while trading in your old vehicle in.
 
Both choices can be more beneficial and are typically based on your particular situation. Below are some tips that will help shape your decision.
 
What Will Cost You More?
The biggest question you’ll need to ask yourself is what makes more financial sense?
 
Repairing your car may appear cheaper on the surface, but parts can become very expensive and unless you replace them with quality products, you may be faced with the same problem in a couple years.
 
Trading in your vehicle may not yield you a significant amount of money, but you can at least be assured that your car won’t breakdown in the near future.
 
Safety
Just because your vehicle can get you from point A to B without spontaneously breaking down doesn’t mean it will keep you safe enough to avoid a serious collision. Also, it’s likely your car isn’t equipped with some of the newer safety features including blind spot monitoring, forward collision alert and lane departure warning systems.
 
Winter driving can be quite dangerous, so it’s recommended that you upgrade your vehicle if it’s not up-to-par with many of the other newer cars on the road.
 
Insurance
There is a general assumption that keeping your old vehicle will cost you less from an insurance standpoint since the car is worth less. However, many new vehicles have safety-oriented rebates, so it’s important to check with an insurance company to get a quote for both options.
 
Peace of Mind
If you’re someone who tends to stress over things like inconveniences associated with breakdowns, repairs etc – it may be in your best interest to purchase a new vehicle. At least you know that your new car won’t breakdown and will keep you as safe as possible.
 
Why Repair
If you don’t have the proper finances to purchase/lease a vehicle now, it makes the most sense to fix the car so it lasts for the time being. Then you have the option of trading it in later on when you’re in a better financial situation.
 
Why Trade
For many of the reasons listed above, owning a newer vehicle is often safer, more efficient and will give you more comfort when driving. Also, there’s no guarantee that repairing your vehicle now will actually save you any money in the long run.