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Thinking of Upgrading Your Car? When is the Right Time?

Did you know that the average age of Australian cars on the road today is over 10 years old?

Posted on: January 22, 2018

Did you know that the average age of Australian cars on the road today is over 10 years old?

When is it time to upgrade your vehicle? It’s a good question and one you have probably asked yourself time and again - and there can be a variety of reasons why.

  1. Your family is expanding
  2. Your weekend leisure activities have changed
  3. You’re driving longer distances and want something more comfortable
  4. The one you’re currently driving has seen its day and is costing too much money to maintain

Whatever your personal reason, there are a few things you should consider carefully before upgrading.

Vehicle Change Due to Economic Reasons

How much is your current car worth? There are a variety of online valuations for used cars which will give you some indication of what your current vehicle is worth as a trade-in price or if you were to privately sell. Keep in mind that selling your car privately you may need to have a roadworthy inspection performed by a mechanic. The laws will vary from state to state so do some research into this as it may be a requirement for where you live. It’s important to remember that these websites are merely a guide, and simply provide you with an estimate. If you have neglected to maintain your vehicle this may vary the true value of the car. i.e. the tyres need replacing, air-conditioning is not working, a new battery is needed etc.

A Car to Suit a Change of Circumstances

Your circumstances may have changed, so, the 2-door sports car you currently have was a good purchase and made you look stylish and cool while you were single, without any babies to secure into the back. But things are about to change for you and your family and now is the time to look at something more practical. A vehicle where you’re not leaning through the front seat to do up seat belts on the little ones, something with a bit more boot space to fit that pram. There are some great small and medium family cars on the market. Unsure which may be best for your family, let your fingers do the walking and jump onto Google for the latest reviews.

The Vehicle is Inhibiting Lifestyle

Another popular reason people want to trade-in their existing vehicle is their weekend interests have changed. I mean how can I fit the tent, esky, fishing rods and my two dogs onto my motorbike? You can’t – so please don’t attempt it. Ok, maybe you could if you purchased one of those cool side car attachments, but please be sure to get your dog a set of goggles and helmet while you’re at it. No seriously if you are a keen camper or explorer and need more room, this maybe a great time to upgrade. Check out this website for reviews on cars - www.carsguide.com.au

 

 

 

 

Who do I first go and see when I want to trade-in my vehicle?

 

 

Private sale vs trade-in

The general rule of thumb is that a private sale will nett you a little more profit. Why you ask? Because you are doing all the ground work the car dealer would have to do (making the vehicle presentable for sale and ensuring it is up to sellable standard). Always keep in mind for a private sale you may need to outlay money to have it to roadworthy standard, depending on how far your car has depreciated. When you trade your vehicle in the burden of having to “fix” anything is taken from you. However, this may affect the trade-in value of what you are offered. Be sure to shop around with car dealerships as you may be offered a better price somewhere else.

Upgrading your car when it is starting to potentially cost you a lot of money in maintenance is as good reason as any to think of upgrading. Unfortunately, nothing is built to last forever nowadays. Outlaying hundreds or even thousands on areas of your vehicle that continually are having problems may be avoided with a newer vehicle.

Whatever your reason for an upgrade there is plenty of “this is the right time” moments. It is recommended writing down and assessing what having a car means for you. Is it purely to get to and from work or perhaps taking your family on road trips or enjoying some leisure activities like camping? Do your research on what your current vehicle is worth before you speak with a broker or car yard. Know your credit limit with your potential new purchase and stick to it. It’s easy to get swayed in those moments when the adrenalin is souring.



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