How do I know if I should buy a new vehicle?

"I’ve got a 2011 Dodge Caravan. It’s served me well, but the maintenance and repair costs have been creeping up over time, plus I’ve gotten a bit bored with it. How do I decide if I should get a new vehicle and ditch my old one?

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Answer provided by
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Eric Schad
Answered on Apr 13, 2021
“Deciding whether to buy a new vehicle when you already have one is one of the most difficult decisions to make as a car owner or buyer. To know if this is the right move for your finances and lifestyle, ask yourself these questions:
  • Can I afford a new vehicle?
  • What trade-in value can I get to offset the cost of a new vehicle?
  • Are the maintenance bills consistently high enough to warrant a new vehicle purchase?
  • Are there any lifestyle changes that have happened since you bought the original vehicle, such as children or caring for an elderly parent?
  • Do you need a vehicle with updated equipment based on entertainment, safety, or drivability?
Answering these questions can point you in the right direction, but staying within your budget and buying a vehicle to fit your needs are still an integral part of making the final decision. “
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