Que ry : Should I Buy a New Car or Fix u p My Old One?

By Daryl Hardwick, Daryl’s Automotive

Any d river who ha s ever bought a new car just love s the feel, smell and s ense of ownership that accompanies driving off the lot in a brand new vehicle.

In today's economy however , th e impulse that says "It's time for a new car!" must be balanced by a realistic assessment of the costs and benefits of purchasing a new vehicle vs. making your present car feel, look and run like new again.

H ere are some key factors to consider when you have that A ll-American urge to drop 20 - 40K on a new ride :

1. Need vs. Want: Are you looking to buy because you are just tired of your current car and are drawn to new technology and design , or are you shopping because the old car is dead or near ly dead? This is an important question to answer for yourself - as honestly as you possibly can .

For instance, i f your current car really needs replacing, have you considered a used ve hicle? Perhaps one with low mileage that still has a warranty? Cars begin to depreciate as soon as they leave the lot. The first day you own your brand new car , it costs you thousands of dollars that you have paid in cash or will pay plus interest for years .

2. Y our Car's Anticipated Life Span: Is it really dead or do you just have the most expensive disease known to man – new car fever ? You know your c ar better than anyone else. If you have had it for several years, you know its strengths and weaknesses. You know what it costs you to maintain it , and a little research will determine how long it will run with proper maintenance . For a well engineered car in today’s world , regular maintenance should be as simple as changing the fluids and filters at regular intervals. In fact, m any of today’s properly maintained cars will run for a reliable 300,000 miles or more.

If you ’ r e not sure about the condition of your car , then by all means have it evaluated at a full- service automotive center. Don’t go to a tire store or a quick lube place where they specialize in just what their names imply.  

If a moderately priced new car costs $22,000 and your existing car is mechanically solid but needs some minor body work, you have a choice to make. But know this: o n a new car y ou will probably chew through a few grand in taxes and interest alone. You will likely be required to carry full coverage insurance on that shiny new machine which will just make you dig a little deeper into your shallow pockets .

All we are saying is that you should c onsider your situation carefully before pulling the trigger on that bright, shiny and over-inventoried new car lot.

3. Good Deals Can Be Had Right Now : Let’s face it, c ar salespeople generally work on a commission- only basis (or very close to it ) . If they don't sell cars, they don't make a living. Secondly, it costs dealerships money to keep inventory in stock. Ev ery week a new car sits on the lot unsold, it costs them . Everyone knows that w ith the economic downturn , sales are slack and both the salespeople and their employers are 'motivated' to move their stock of new cars for less right now. That makes this a great time to bargain for a good price.

C ars are a lot like ink jet printers. The dealer does not make the core of his profit on the sale of the car itself. The money is in the continuing maintenance recommended and provided in their shop. With desk top printers, the machine is nearly a giveaway. The real money is in hooking the user on the proprietary ink cartridges they require.

When it comes to your current c ar, you know what it needs and what it will approximately cost. No dealer will ever tell you the annual maintenance cost of any new car. Of course, if you pay enough for a car, the maintenance is sometimes included for a while . But people who can afford cars in that class needn't be concerned with the decision being discussed here.

4. Think Once, Then Think Again : If you could make your current car fee l, look, smell and dr ive like it did when it was new , would you consider that option? What if you could have this for less than a quarter of the cost of replacing it ?

For the environmentally concerned, a properly maintained older vehicle is actually “ greener ” than replacing it . For example, the factories building th a t brand new hybrid emit more dirty and toxic waste than you emit while driving your current car. It will then take years of driving the h ybrid to save enough money in fuel to offset the more expensive MSRP. Finally , h ybrid vehicle s have very expensive batteries ( I'm talking thousands of dollars ) on top of t he regular maintenance and repairs that come along with ownership.

By all means, allow yourself the thought of buying a new car. Then walk outside, take a look at the car you are driving, and ask yourself the questions discussed above. Then think again.

Editor’s Note: Daryl Hardwick will be discussing automotive decisions in a future series of articles. Here are some of his anticipated topics: 1) How do I buy that new car I just have to have ? ; 2) My old car needs major repairs , but I can't afford a new vehicle ; 3) Where can I find a good quality used vehicle ? ; 4) How do I communicate with my service center ? ; and 5) How to keep to Old Betsy running till the paint falls off !

To have Daryl answer your own automotive question, call 769-2832 or email daryl@darylsautomotive.com .