Is now a good time to upgrade your car?

We all reach a point where we start thinking about upgrading our car, especially if we have owned our current vehicle for awhile.

We all reach a point where we start thinking about upgrading our car, especially if we have owned our current vehicle for quite some time.

In this article, we take a look at some of the reasons why you may want to update your wheels.

Growing family

Your car needs to keep up with your family’s changing circumstances and needs. For example, if your family is growing, your two-seater sports car is probably no longer suitable. Upgrading to a larger vehicle comes with many benefits: more seats to comfortably fit your kids (and perhaps their friends); room to fit more luggage and gear for day trips and holidays; and let’s not forget, more space for shopping bags!

Work requirements

If you depend on your vehicle for your work, it’s always important you own the right type of car. You may have a job that requires you to drive long distances or carry certain equipment. If this is the case, you should make a list of your needs and this will help you decide whether your current vehicle is sufficient.

Mechanical issues

You may have no choice but to upgrade your car if it has serious mechanical faults. For instance, does your ‘check engine’ light come on frequently? In some cases, these issues will cost a lot of money to repair, and if you own an older car it may be difficult to find the parts needed. As a result, when you weigh up the costs, it may be best to purchase a new run-about instead.

Improved features

Cars are constantly evolving, with new technological features being added by manufacturers. These improvements include, but aren’t limited to, forward collision warning, reversing cameras, low speed auto emergency braking and pedestrian auto emergency braking. In addition, some newer vehicles are also offering added safety features like driver attention detection systems and thorax airbags with head protection. With so many added safety features in new vehicles these days, if you can afford to buy a new car, this can be a good reason to upgrade.

Environmental impact factors

In addition to improved safety features, today’s newer vehicles can also be better for the environment than their older counterparts. Most specifically, a hybrid and/or electric vehicle can significantly improve your green rating. When you consider that 80-90% of a car’s environmental impact is due to its fuel consumption, reducing or removing the need for fuel altogether will certainly help control a vehicle’s emissions of air pollution.

Running Costs

If you have been spinning the same set of wheels for a while, chances are your vehicle is no longer as efficient as it used to be – efficient in terms of price and fuel. If you want to reduce some of your regular expenditure, including: servicing costs, fuel consumption etc, a new car may be the ideal solution. A brand new car is likely to boast lower servicing fees and fuel costs. Finally, a new car will come with a manufacturer’s warranty. So, if anything goes wrong with the vehicle, it will likely come under warranty.

Whatever your reason, if you want to upgrade your car, Mortgage Choice can help you, so speak to us today.

Posted in: Asset finance