If your car is 4, 5, 6 or more years old, it could be time to change it up and get into a new model vehicle. There are many reasons that people put off upgrading their car and against the backdrop of an unprecedented time all around, it's not unexpected that major purchases are put on the back burner. But some of your reasons may not pass the practicality and logic test. We’ll run a few by you and see if we tick some of your boxes.
Ongoing Maintenance Costs
If you own your car outright, in that you’ve paid out your loan, you may be thinking, ‘Well it’s not costing me much each year’. That’s where you may want to do a rethink. As cars age, key parts require upgrading and replacement in a scheduled or routine timeframe. Even if you don’t use your car a lot and it has low kilometres, certain parts still need attention. Often the less you drive can impact the car’s engine negatively.
Some of this type of work is preventative but the risks of not proceeding on the advice of your mechanic or service department can be significant. Even on small cars, the costs of some of these replacements can be upward of $1000. But if not done, can mean the engine could go at any time making the car essentially worthless.
So weighing up the costs of future major servicing requirements against the value of the car could be worth considering. You can have a chat with your mechanic to see what might be due for your vehicle in the short to medium term. Then use our car loans calculator to see what the repayments might be on a new car or explore options for doc car finance. You could find that service work would cover a few months of payments on a new vehicle. Keep in mind that most new cars come with extensive ‘free servicing’ and other maintenance offers which may lower costs in the early years of ownership.
Fuel Costs
As cars age, they may become fuel efficient. Add to that thought the massive amount of R&D being done by car makers globally to increase the fuel efficiency of their engines. And add to that the continual increase in fuel costs. You could be paying more than you could at the pump each week.
Hybrids and electric vehicles are the way of the future and while Australia has seemingly been slower on the uptake of EVs than other countries, change is happening. Our car loan offers cover all engine types with no differences in loan types or interest rates.
Safety Aspects
Is your vehicle equipped with the latest safety devices and systems? Car makers are installing a raft of advanced systems into new models which not only add to driver comfort but can markedly increase safety in handling and especially around other road users and pedestrians.
We’re talking more airbags, reversing cameras, driver assist packages, fatigue alerts on commercial vehicles and a whole load of other driver alerts and assists.
The Latest Tech
New cars are loaded with new tech! In some cases, it is the lead sell point. While infotainment and connectivity may appear ‘not essential’ in a vehicle, for business operators and many other drivers, these devices can seriously ease the burden on your daily schedule.
Changing Lifestyle
Does your vehicle still meet your work and lifestyle requirements? Our businesses and our private lives are constantly changing and your vehicle may not be delivering the goods anymore. Perhaps you used to commute to work and primarily use your car on weekends. But due to coronavirus issues, you now prefer to drive to work. Perhaps you needed a car to drive to work but now you’re working from home more and could consider downsizing to a more efficient machine.
Your business may have changed due to COVID-19 and your vehicles are no longer meeting your needs. Possibly you’ve pivoted to permanent delivery services and you’ve made do till now but moving forward, it’s just not working for you. Perhaps you’ve started a new business and are now confident to invest in taking it up a notch.
Adapting to New Economic Benefits
Are you getting the full benefit of recent taxation changes and measures in your business vehicles? Under the measures announced in the Federal Budget, a new vehicle purchase could deliver significant benefits to your business including a cash refund come tax time. This is of course subject to individual eligibility and your business, but it is possible.
Interest rates, especially commercial car finance rates, are extremely low at the moment and are set to stay that way. So when you consider ‘all of the above’ in light of the cost of a new car, it could make a lot of sense to upgrade to a new vehicle now.
Supporting Your Decision
Uncertainty can hold people back from making major decisions such as buying a new car. Jade Car Loans supports you with several loan tools resources and services to answer questions, queries and doubts about new car purchases.
- Business car loan calculator – Use our calculator to get a rough idea of possible repayments on any vehicle you are considering. It can be used for business and private cars.
- Quick quotes – instead of wondering, just give us a call and one of our consultants will give you a quick quote on a car loan.
- No obligation enquiries – you have nothing to lose with asking the question. There is no obligation to proceed simply by requesting a loan quote from Jade Car Loans.
- Pre-approved finance can be arranged, on a no-obligation-to-proceed basis, so you can know what you can afford and what that car will cost you.
Your Jade Car Loans consultant will assist through the entire loan process so getting into that new car should be a streamlined process.
For a finance quote on a new car contact Jade Car Loans 1300 000 003.
DISCLAIMER: ALL INFORMATION PROVIDED IN THIS ARTICLE IS INTENDED FOR GENERAL INFORMATION PURPOSES AND NOT AS AN EXCLUSIVE OR SOLE SOURCE FOR MAKING FINANCIAL DECISIONS. INDIVIDUALS SHOULD SOURCE INDEPENDENT ADVICE FROM A FINANCIAL ADVISOR IF THEY REQUIRE SPECIFIC DIRECTION IN RELATION TO THEIR CIRCUMSTANCES. CONTENT MATERIAL, DATA, SPECIFICS, PRODUCT FEATURES AND OTHER INFORMATION IS SOURCED FROM A RANGE OF SOURCES AND NO LIABILITY IS ACCEPTED FOR ERRORS OR MISINTERPRETATIONS OF SUCH DATA.
