Much the same as last week’s subject of purchasing a teen’s first car, there are many factors to consider when trying to decide whether to keep repairing or replace that aging vehicle.
Of course, the first thing to consider is cost. Many times an aging vehicle can start to nickel and dime you and you do not realize how much money you are spending on it. Naturally, a
new or newer pre-owned vehicle is going to have a cost involved. But, what you sometimes do not realize is that what you spend each month to keep an older car on the road can often come near or even exceed the payment for a newer vehicle. When it gets to that point, it is a wise move to say goodbye to that older car as you are now throwing away good money.
Of course, a major problem such as an engine or transmission failure can make the decision much simpler if you are looking at a one-time repair of a thousand or two. I also realize that a person can become attached to a vehicle that they have owned for a long time. It sometimes can seem that the vehicle has become part of the family. But, if you are spending a lot of money on it, you need to separate your personal feelings and look at the situation objectively.
Another consideration is functionality and type of use. It is always important to consider the type of use your vehicle is to perform. Often, over the course of time owning a vehicle, your needs may have changed from the time when it was purchased. Some are simple decisions such as if your vehicle now is a car and you need a truck, or if you need the added space of a minivan or SUV to suit a growing family. But sometimes it is a far more subtle change in needs such as a longer or shorter commute for work. Of course, shorter commutes are not really a problem, but a longer commute can put more stress and wear and tear on an aging vehicle, and fuel mileage now becomes a consideration also.
Now, if you have made the decision to replace that vehicle, you have to consider the options that are out there for you. This is a great time to look at new vehicles because new car dealers are looking to move out their remaining 2013 inventory and there are some fantastic incentives out there for you for either leasing or purchasing.
Another great option is Certified Pre-owned Vehicles. Generally offered by new car dealers of the same brand, CPO’s offer great extended warranty packages, attractive pricing, and often even have special financing available. And then, of course, there are always lots of late model pre-owned vehicles which offer big savings over the cost of a new vehicle. Check out this week’s ads as there are lots of great deals if you find yourself in the position of needing to replace your vehicle. And always remember to thoroughly check out any vehicle before making that purchase.
There are many things to take into consideration when you go car shopping for your teenager’s first vehicle. Things like cost, insurance, who is paying for it and how, safety, what it will be used for and other things must all be given serious thought before making that purchase.
The first thing to consider is cost. If your teenager is paying for it, do they have a job, are they using savings, or are they planning to seek financing? If they are planning to finance, are they able to keep up with payments, and are you prepared to cosign for them, knowing that if they fail to pay, you will be responsible for the payments? Another thing to remember is that if they are under eighteen, they cannot secure financing in their name as they cannot sign a legal contract. If they are thinking about a new car, remember that most likely, with limited credit history, they may not qualify for the best financing rates, especially the manufacturer’s special financing.
Before you decide on a type of vehicle, it is important to consider your teenager. How
responsible and mature are they? Remember, and remind them that a vehicle used carelessly can be very dangerous to themselves and to others. They do not want to have to live the rest of their life regretting a bad decision or a careless moment. Think about suggesting a used, older car as a first vehicle. Of course, every teen wants a neat new car to show off to their friends, but it is smart to let them earn their way up to a new car. They will take care of it better and respect it more if they have to work for it.
A smart choice for a first car could be a four to six year old four door car like a Toyota Corolla, Honda Civic, Chevrolet Cobalt or Ford Focus, or even a slightly larger car. When you take into consideration all the factors of cost, insurance, cost of maintenance, fuel economy, and all the other factors that weigh in, these vehicles can be a very smart choice. They also are not high powered, so it adds a little bit of extra safety and reduces the risk for an accident for the inexperienced driver. Encourage them to get their Mustang, Camaro or Jeep Wrangler after they have a few years of driving under their belt.
Another reason to consider this type of vehicle is insurance cost. The type of car, engine size, risk for theft and a lot of other factors go into determining the cost of an insurance policy. High performance cars, two door sporty cars, and four wheel drive vehicles especially those that are lifted or modified, carry a much higher insurance rate due to increase risk for an accident or rollover risk. Also, any car that is financed will need to maintain full coverage insurance to protect the lenders’ investment, which will cause a significant increase in the cost of insurance.
Also, take into consideration the type of use that is required of the vehicle. If the vehicle is
going to be used to commute to and from school or work, the above mentioned vehicles would once again be a smart choice. They also work great if they have a job like delivering pizzas, etc. If your youth is working in a job such as construction or manufacturing, a vehicle like a Ford Ranger, Chevrolet Colorado, Nissan Frontier or a smaller SUV may be a smart choice as they offer the utility of the truck or SUV without the higher investment and cost of operation of the full size models of similar types.
These are just some of the many things to take into consideration as everyone’s circumstances and needs are different. But, probably most important of all, is to use your best judgment, because most likely it will not agree with your teen’s wish list. Also, always check out the vehicle thoroughly that you finally land on. Ask for, or do a CARFAX report to check the vehicles history, and ask if your mechanic can examine the vehicle before you complete the purchase. That added assurance can offer you a lot of peace of mind in your decision and your teen’s safety. Also browse through this publication as there are a lot of great dealer and private party choices to pick from.
This week’s recall announcements:
98,307 2006-2010 Infiniti M35 & M45
Vehicles for accelerator pedal sensor for cruise
control. Sensor may deteriorate cause vehicle to
get incorrect signal and go into limp home and
cause possible stalling.
614,722 2004-2005 & 2007-2009 Toyota Sienna Minivans
For faulty shift lock solenoid which can allow shift
lever to come out of park without pushing brake
pedal. This can cause vehicle to move into drive
gear or neutral and can cause crash.
161,400 2009-2013 Mazda MAZDA6
For rear door latch screws loosening. If screws
loosen sufficiently, door many not latch correctly
and could open while vehicle is in motion.
374,618 2003-2004 Honda Odyssey and 2003 Acura MDX
Due to electrical noise, component in airbag
module can fail causing front or side airbags and
seat belt pretensioners to deploy.
320 Yamaha XC50A Vino Classic
Brake lining improperly bonded to shoes and
may separate causing loss of braking
performance.
If you own one of these vehicles, contact your dealer for further instructions on what to do.
