Purchasing a car is expensive, which is why people can opt to drive vehicles into the ground before upgrading. But if your car is on its way out, is it worth persevering until it dies?
Should I keep my car until it dies?
There’s no simple answer to this question. Whether or not you should keep your car until it dies is entirely dependent on your circumstances, as well as these factors:
Many modern cars are far more fuel efficient than their older counterparts. A good rule of thumb is to assume that a fuel efficient car will cover 50 to 60 miles per gallon. If your vehicle is significantly below that and you regularly make long journeys, then there will likely be upgrades that you could make to save yourself serious cash – particularly given rising inflation and cost of living. In this case, it may be time to consider whether it’s worth trading in your old car for a more efficient one.
If you’re regularly paying more on repairs than the car is worth, this is similar to being in negative equity, and it’s probably worth reconsidering whether or not the vehicle is worth keeping.
If you’re asking yourself, “Should I keep my car until it dies?”, you should consider your financial situation carefully. You may not be financially able to purchase a new vehicle, particularly if your credit score is poor.
But there are ways of securing car finance that’s affordable and accessible. In fact, My Car Credit can work with drivers looking for car finance with a poor credit rating, and will help you to find a deal that suits your needs.
Find your dream car finance today
If you’ve got questions about how to secure affordable car finance, contact My Car Credit on email@example.com. Our friendly team is on hand to address any concerns and answer any questions you may have.
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Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!