When is it time to trade in your car for a newer model?

According to Idaho Select Insurance serving Meridian, ID, a good financial rule of thumb for determining when it’s time to trade in your old car for a newer model is when the repair bills for the older vehicle are greater than what you anticipate your car payments would be for a new vehicle. This factor may not apply if you like working on your car, though at a certain point your time is going to be too valuable to keep that old clunker running.

Typically a modern motor vehicle can be expected to last ten years before the repair bills start to mount if you keep it properly maintained. Of course, if you have a warranty that covers repairs, and you have an honest mechanic, you’ll be able to hold on to your vehicle longer than you otherwise might. You should have your old vehicle paid off before you think about replacing it, it goes almost without saying.

You also might want to consider that newer vehicles are likely to have better gas mileage, will be less likely to break down at inopportune moments, and will have some of the new safety features such as automatic breaking and lane changing that will help you avoid accidents. In those cases a lot depends on your finances and how much you value your peace of mind.

The best time of the year to buy a new car is toward the end of the model year when dealers are trying to get rid of inventory to make room for next year’s vehicles.

For all of your questions concerning auto insurance, once you’ve gotten that new car, feel free to contact Idaho Select Insurance serving Meridian, ID.