In this Swansway blog post, we will explore these key factors when deciding how often to change your car, delve into the benefits of replacing your old car, and offer our own convenient solution for those looking to sell your car when the time comes.
What is car depreciation?
Car depreciation refers to the decline in a vehicle's value over time. It is a natural occurrence and varies depending on factors such as age, mileage, condition, market demand, and the brand of the vehicle. Understanding the depreciation rate of your car is important when assessing its resale value and deciding on the optimal time to change it.
When should you change your car?
The decision to change your car depends on various factors, including personal needs, lifestyle changes, financial considerations, and the condition of your current vehicle.
Some common reasons for changing cars include the need for more space, upgrading to a newer model with improved features, or reducing maintenance and repair costs associated with an older vehicle:
- Personal circumstances - If your situation or lifestyle has recently changed, it might be worth considering a new car that better suits your current financial situation or what you're going to need your car for (School run, motorway driving, shorter commutes etc).
- Untenable maintenance costs - If your current car needs constant attention and costly repair, it may be worth getting a new car entirely to avoid these burdensome costs.
- Mileage and age - If you know that your car is getting to a notably high mileage or age, it may be time to think about changing it as older cars typically require more maintenance, causing it to decline in performance, reliability, and fuel efficiency.
- Technological advancements - If you’re looking for a car that has more sophisticated safety features, advanced technologies, or fuel efficiency, it may be worth considering a new model.
How often should I change my car?
If you're considering changing your car based on how long you've had it, maybe take a moment.
There isn't a set rule for how often you should change your car are there are also various factors to consider beforehand.
- Reliability - If your car is still reliable and well-maintained, you shouldn’t be in too much of a rush to change it. Regular maintenance and timely repairs go a long way to extending the lifespan of your car.
- Resale value - On the other hand, if you’re finding that your car is reaching its maximum resale value based on how long you’ve had it, consider selling or trading your car in before it begins to drop off in resale value. However, if you’re more bothered about keeping your car for as long as possible, resale value may be less of a concern.
- Personal preference - As mentioned earlier, personal circumstances can play a significant role in determining when it's time to sell your car. Changes in lifestyle (such as the arrival of a new family member) or financial situations can be influential factors.
What are the benefits of replacing your old car?
However, replacing your old car with a newer model offers several benefits. It can provide improved safety features, better fuel efficiency, enhanced technology, and a more enjoyable driving experience - not to mention fewer repairs and maintenance costs.
Looking to change your car? Get the best start possible with Sell2Swansway!
If you’ve decided you want to sell your car, don’t get put off by the old-fashioned, traditional ways of selling your car. In today’s digital world, selling your car online is the easiest thing you can do for yourself and your time - and Sell2Swansway are at the forefront of this revolution in convenience, with:
A smooth and stress-free valuation process carried out by our professional team
Instant payments to your bank account
7-day guaranteed valuations
We are THE hassle-free online car buyer that offers a seamless experience from start to finish and competitive car valuations, so get started today for a painless car selling experience now!
Should you really get a new car?
If you’re battling with the idea of getting a new car, then be sure to consider the financial implications and weigh them against your lifestyle needs. How much would a new car cost you in things like:
- Insurance
- Registration fee
- Monthly finance
- Delivery charges (the export cost from Germany to UK for example)
For both registration fees and delivery charges it's useful to note that these fees are usually included in the vehicle's OTR price when you are purchasing a car.
If your current car meets your requirements and is in good condition, keeping it for a longer period may be more of a prudent decision than getting a new one outright.