Maybe you’ve had your car forever, maybe you’ve grown attached as the miles added up, or maybe you just don’t want to let go quite yet – but it is important to ask yourself if it is time to replace your car rather than keep repairing it.

Consider this:

If your car’s maintenance costs more than 50% of the car’s value then you’re essentially re-buying your car whenever you have to pay for maintenance. Also think about how much your car is worth before being repaired and what it will be worth if repaired.

If your car is due for major repair or maintenance that is costly then you could trade it prior to that so you don’t make the repairs and then end up trading it in anyway.

Is the car unsafe or unreliable? If you can’t depend on your car that will cause you more trouble than it is worth. And new cars are safer every year so even if your car seems safe enough you could have entirely new safety features with a new car. Also, gas mileage has gotten better with every new model so you could be saving money just by switching to a car with better mileage.

How long will the vehicle last with the repairs you’re making? If you’re sinking more and more money into repairs without it ever seeming to be done then a new ride is probably in order.

It also comes down to whether you can afford to upgrade your ride. If you are wasting money on repairs that could be put towards a monthly payment on a newer vehicle then that is something to consider as well. Granite State Credit Union also works with members to build a budget-friendly loan with payments that fit your monthly budget.

Even though you love your car and the idea of car shopping seems like a hassle it may be time to move forward with the new purchase rather than being stuck in a cycle of costly repairs. If you decide it is time to start looking you can get pre-approved with GSCU so you have negotiating power right when you hit the dealership. Good luck!