It’s no secret that millennials have very different financial habits from our parents. One of the ways we differ is in traditional notions about when to buy things like a new car.
When your finances are stretched, you can’t just keep replacing expensive items all of the time. But if you don’t buy a car at the right time, your old one could end up costing you a lot of money. So, how often should millennials buy a new car?
This is a question that requires some careful consideration. There are several factors that need to be taken into account, such as how often you drive and your budget.
In this blog post, we will discuss four factors you should take into account when deciding whether or not to buy a new car!
Factor #1: How Often Do You Drive?
If you don’t drive very often, it might not make sense to buy a newer vehicle. Cars are expensive, and if you’re only going to use your car for a few trips each year, it’s probably not worth it to buy a new one.
On the other hand, if you drive a lot, you might need to buy a car more often. The more miles you put on it, the sooner it will wear out. And when it wears out, that’s going to cost you money in repairs. So, if you drive a lot, you might want to buy a new one every few years.
Factor #2: What’s Your Budget?
This is probably the most important factor to consider when deciding how often to buy. If you can’t afford it, then you’re going to have to wait until you can.
You also need to consider your credit. If you have a poor credit score, it is still possible to buy a car but it’s going to be more expensive, so it may be worth waiting until you can improve your financial position.
Factor #3: What’s the State of It?
Even if you can afford a new car, you might not want to buy one if your old one is still in good condition. Cars lose value the minute they’re driven off the lot, but they continue to depreciate over time. If your old car is still in good shape, it’s probably not worth buying a new one because it’s a waste of money.
When you do buy a car, investing in extended warranties is a good idea because it will help you keep it in good working order for longer. Check out reviews of CarShield to get an idea of what you are looking for. It’s an added expense, but it will save you money in the long run.
Factor #4: What’s the State of the Car Market?
The car market is always changing, so it’s important to keep track of what’s going on. If prices are particularly high right now, consider whether you can make do with your current car for a little while longer.
As long as you think about these important factors, you can find the perfect time to replace your car.