How to Know When to Replace a Car: 4 Must-Know Signs

Cars are like old friends. You see them all the time and they never seem to change. You don’t notice them aging, aren’t worried when they aren’t running 100%, and think they will always be there. So how can you tell when it’s time to replace your old car?

We asked our auto loans team for some sure signs your faithful car is at the end of its useful life and needs replacing.

If you’re going to commit several years to paying an auto loan in Ancaster, you need to know you’re making the right decision!

1. It Keeps Breaking Down

If you’re spending more time at the roadside or having to ask for a ride to work, it’s time to consider replacing the car.

Older cars become more unreliable as parts wear and components begin reaching the end of life.

If you can no longer depend on your car to be there when you need it, perhaps it’s time to replace it with a new one.

2. You’re Spending More on Maintenance

No matter how much you’re spending on maintenance, the car keeps breaking down, won’t start or lets you down in other ways. When that happens, it’s definitely time to consider replacing it.

All cars have running costs, that’s part of the deal. But when those running costs keep increasing while the reliability of the car keeps reducing, it’s time to change it up.

3. No Safety Tech

Safety technology is a relatively new thing and we drove cars for a hundred years before it came along, but that doesn’t mean you don’t need it. Safety tech keeps you and your family safer and improves your chances of walking away from a collision you otherwise wouldn’t.

If your car is old enough to not have much safety tech, perhaps it’s time to buy a new car. All new cars now have some form of safety tech, whether it’s autonomous braking, blind spot monitoring or extra airbags.

It isn’t a get-out-of-jail-free card but it’s definitely worth having!

4. It Makes Financial Sense

If you’re spending $300-400 a month on parts, repairs, and recovery, you could use that money on an auto loan and be driving a new car. While you may not get much for your old car as a trade-in, you should get something to use as a down payment.

Add as much as you can and you could be spending exactly the same per month but be driving a newer, more reliable, safer vehicle.

Enough is Enough

There comes a point in every relationship when enough is enough. When the costs outweigh the benefits when the cons outweigh the pros. It’s the same for us and our cars.

When it let you down once too often, wouldn’t start when you really needed it, or broke down when you really had to be somewhere. That’s the time you know you should part ways.

If you're ready for a car loan in Southern Ontario, we'd love to help! simply fill in the form below to get started.