You might be fond of that old car. She has a name. The cracks on the dashboard have been loving taped or glued, and she still gets you to work in the Pomona, CA area most of the time. But the visits to the repair shop are increasing. You wonder if it’s time to trade in your old friend, or does it make sense to keep her on the road?
No Monthly Payment Means It’s Cheaper, Right?
You paid off the car years ago. You’re figuring that $200 to $300 a month is cash in your pocket. However, if you are replacing belts, shocks, fuses, door panels and an assortment of other parts regularly, the dollar amount might be higher than you think. Make a pros and cons sheet and enter of cash spent recently. Is it more than a new car payment? If it is, it might be time to head to the dealer.
Insurance Will Cover an Accident, Right?
If you haven’t checked the blue book value of your vehicle recently, you might want to. Car repairs can easily reach $5,000 due to a simple fender bender. If your reliable commuter car has a cash value lower than that, you could be shelling cash out of your pocket to get it back on the road. If there’s not enough in the savings account to cover that contingency, changes are in order.
Is It Still Keeping You Safe?
Older cars lack the crumple zones, dual-stage airbags and other safety advancements available on newer models. A new car could save you more than cash in an accident. How safe is your kid in that back seat?
Your Pomona, CA auto insurance agent can help you weigh the pros and cons of maintaining your old vehicle. Give them a call today to check on the current valuation of your car.
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