Has the question of whether or not it’s time to upgrade your car been popping into your head lately?
We all have different opinions when it comes to cars, and there are many reasons why it could possibly be time to finally upgrade. These includelower running costs, improved safety features andmaybe because the family is expanding.
Currently, the average length of time Australian’s keep their cars on the road is around 10 years. So much can change in that time, so it’s important to think about your next step.
Whatever your reasons may be, you should definitely consider the following:
- A car to suit a change of situation
Priorities and circumstance may have changed, and that exotic sports car may no longer be practical.It might be time to opt for a family-friendly vehicle that will accommodate all your family members, big and small. The car should be comfortable for everyone, so things such as a car seat fits in perfectly and there’s enough boot space for the pram, bags and groceries.
- The vehicle is limiting your new lifestyle
Your interests may have also changed as well and you’re into doing more fun and adventurous weekend activities. You now must fit in the tent and camping accessories, bicycle and fishing equipment, which will not be possible on a motorbike or a hatch. If you’re now a keen voyager, it is time to ditch the compact and upgrade.
- You’ve got disposable income you’d like to finally spend
If you’ve recently got a raise at work, received money from a family member or gained funds any other way, it might be the perfect time to finally upgrade your vehicle. The key is that you don’t just blow all your money on the most expensive and outlandish vehicle you can find. Think about whether you’ll need it in 5-10 years’ time and how much it could depreciate in that period. Plus, what do you do with your current car and how much is it worth? You can use online valuation tools to get an idea of what it’s trade-in or private sale value might be, but you also have to factor in whether it’s roadworthy is up-to-date. You might need to do one large service and get a roadworthy certificate to actually sell it, depending on your state’s laws.
So how should you go about passing on your current car? A private sale is likely to get you more profit since you are the one doing all the work that comes with selling a car and not a broker or dealer. Once again you will have to be aware of the costs involved. On the other hand, a trade-in will be your most convenient solution as the dealer will take it off your hands when you purchase your new vehicle. However, it’s unlikely that you’ll get as much for it. Therefore, you have to weigh up whether you’re want to offload it quickly or get the best value for it.
No matter which of these situations you find yourself in, you should consult with a car finance broker to ensure you are making the right decision not just for now, but for the long term. You should absorbs as much assistance as you can to get the best deal for your needs, that will benefit you and your family for years to come.
If you’re looking for help upgrading your car, get in touch with one of our experienced consultants today!