How to Upgrade Your Daily Car without Destroying Your Finances

Outside of having a house, it’s known that having a car, well, cars throughout your life, is going to be the second biggest thing you spend money on (not counting tuition for school). Plus, cars are expensive, getting more expensive here, and maintenance/ general upkeep is only rising in price, too. Cars are known for causing financial harm, be it a very old car on its “last leg” or just buying a brand new car that you just can’t even afford in the first place. 

But of course, at some point, a car dies, and you need a new one, be it brand new from a car lot, or even a second-hand one (that is ideally refurbished). But how can you make that transition to a new car while being financially sound? Is it even possible?

Know When Your Car is Officially too Expensive to Keep Around

There’s this point where repairs stop being normal maintenance and start being… “Why is this so much? Again?” If you’ve ever had an old car, you probably can relate to this; your average person can at least. If you’re constantly handing your mechanic money, at some point, you’ve basically paid for a newer car without getting one. 

Okay, and what about the fuel costs? Well, old cars sometimes just need way too much fuel, sometimes more than they originally did when you first bought the car. Well, that and every drive just seems like one giant gamble as well.  Is this the day when your car breaks down? So that’s why upgrading isn’t spoiling yourself. Instead, it’s saving yourself from constant anxiety and extra bills popping up like jump scares.

Trade in While Your Car Still Has “Some Respect Left”

In other words, maybe you should consider trading in your car while someone might actually want it, and while there’s still some value left in it, rather than it basically falling apart and there’s next to no value in any of it. And this is the part that a lot of people mess up with, actually. But it’s true, waiting until your car is actually falling apart on the highway means the trade-in value disappears. Why would anyone waste their money on that?

You Still Need to Choose a Car that Doesn’t Ruin Your Budget

And this is usually the part that people tend to mess up. Now, sure, the fun factor matters, but the boring grown-up stuff matters too. Preferably, the new car shouldn’t guzzle gas (unless you’re getting an EV), but of course, the pricing and how to pay matter too. Like, a car that holds value and helps you keep finances stable, like choosing to buy MINI Countryman, can make way more sense than grabbing something flashy that eats money. Like, the pricing for this isn’t terrible, like some that’s out on the market right now. 

You Need to Put Down a Large Down Payment

No matter what car you end up getting, you’re still going to need to put down a down payment, but it’s going to be significantly helpful to put down a large down payment. Basically, the larger the down payment, the less stress for you down the line.