For most people, especially men, the decision to replace a vehicle is many times driven by impulse. But in reality, it should rather be one which is based on financial viability.
In this article MediWheels will endeavour to give you sane guidance to support you with this decision.
Consideration 1: What is break-down/maintenance cost of my vehicle?
If you are paying more on repairs compared to the payments on a pre-owned or new vehicle, you will have a solid motivation to consider replacing your vehicle. Although the cost comparison might not provide a clear-cut answer, you should also make sure that spare parts for your current vehicle is readily available in the event of a major break-down.
Consideration 2: Mileage
There is a direct correlation between the mileage of a vehicle and the likelihood that major repairs become imminent. All vehicle brands are not equal when it comes to quality. It is therefore difficult to put a mileage number to when it would become sensible to sell a vehicle linked to mileage alone. The maintenance bill will be a good gauge which can sway the scale towards the replacement of a vehicle.
Consideration 3: Life Changes
People go through different phases of life, moving from being single to married to married with children (small and bigger) to empty nesters to having grandchildren and then finally to golden years. The reason for this reference is to state that there are natural points in time when our needs and requirements vehicle specifications will change drastically. What you use your vehicle for is a strong consideration when it comes to choosing a vehicle. Vehicles are purpose fit developed and are also priced accordingly. It would therefore be prudent to consider a vehicle which will meet most of the requirements of the phase of life in which you find yourself.
Consideration 4: Vehicle safety
With each new vehicle release there are always safety improvements. It provides us with a greater sense of peace of mind to know that the vehicle which we own, and drive is as safe as possible to prevent suffering severe injuries or even death in the event of a vehicle accident.
Consideration 5: Economy
Fuel economy has become one of the major driving forces in vehicle development. If you commute every day you may want to consider a new vehicle which is more economical.
Consideration 6: The financials
Compare the ownership cost for a new, pre-owned and leased vehicle before making any final decision. The change in the car insurance premium should also be factored in. The impact on your personal budget is most probably the most important element to consider when replacing a vehicle. The rule of thumb used by banks is that the price of your vehicle should not be more than 30% of your annual gross salary, and monthly finance payments should be no more than 25% of gross income.
Go to to https://mediwheels.co.za/ gauge the market for new, pre-owned and demo vehicles to ensure that you find a vehicle that is right for you.
*Content provided by MediWheels