Deciding to buy a new car can be an emotional experience. Maybe you feel attached to your “old clunker,” even though the odometer keeps turning over to some pretty scary numbers. Perhaps you’ve already put so much money into it, you don’t know how and when to stop. While sometimes it makes more financial sense to hold onto an old car, it is often more affordable to make a change. How do you know if your car is stealing from you?
Repairs Are Mounting
Regular maintenance, like oil changes, tune ups, and new tires, should be expected with any car. An occasional repair, too, is just a part of driving life. However, once repairs start adding up to the point that they equal–or exceed–a payment on a new-to-you car, it’s time to take inventory of the situation. Does it seem like something is constantly squeaking, clunking, or leaking? Are older car parts getting harder and more costly to find? Worse, are major repairs, like transmission and head gaskets, on the horizon? If you feel like you are essentially replacing your car piece by piece, it may make more sense to replace the whole thing.
Down Time Is Costing You
When it comes to repairs, writing the check to the mechanic is just one of the costs. When your car breaks down, you may find yourself paying for tow trucks, Ubers, or rentals. Or perhaps you’re beginning to test the patience of your friends and family by constantly asking for rides. Worst of all, showing up late to work, or not showing up at all, can jeopardize your job. Reliable transportation is not an option, but a necessity.
Your Fuel Costs Are Out of Control
Every year, car makers produce more fuel efficient vehicles that not only help preserve the environment, but consumers’ wallets. Even a slightly newer-to-you car can get significantly better mileage than your current one. It may also be time to switch to a smaller car, a hybrid, or another model that gets you more bang for the buck at the pump.
Your Loan Is Working Against You
Are you locked into a loan that’s killing you with interest? You’re not alone: many car buyers get stuck with predatory lenders who treat them unfairly. Not only are you overpaying for your car every month, but struggling with the feeling of disrespect that arrives with the bill. You deserve a car, and a payment plan, that doesn’t steal from you but puts your interests first.
You Don’t Have Peace of Mind
An unreliable car can not only cost you money and convenience, but mental and emotional energy. Will you break down far from home, during a storm, or late at night? Will your boss get angry, or will you continue to miss out on your kids’ activities? How will you keep dealing with a loan that makes you feel taken advantage of? It’s hard to overestimate peace of mind when it comes to one of your most important possessions.
Ashland Community Federal Credit Union is on the side of safe, reliable, and affordable transportation. We are about people helping people. How can we help you make a new-to-you car a reality? Come in to talk with us about reasonable and fair financing for a car. You don’t have to go through a dealer for your financing - choose a lender that won’t jab you with ridiculously high interest rates or unreasonable loan terms.