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See what to consider when deciding if you need a new vehicle.
Cars now stay on the road longer than ever. In 2024, the average age of light duty vehicles rose to 12.6 years. Passenger cars stayed on the road even longer—14 years on average. It’s not always clear when a car should be replaced, but here are considerations to help you decide.
Differentiate between want and need
Maybe it was that lifted 4×4 you saw on your way home. Or seeing your neighbor’s car preheating and defrosting the windows thanks to remote start. Whatever sparked your car envy speaks to a want. There’s nothing wrong with buying a new car just because you want one, but it’s helpful to know the difference between want and need.
Let’s take a look at several things that indicate a need for a new vehicle.
A change in your job or family
Landing a new job with a longer commute may call for a higher efficiency car to keep transportation lower. Higher fuel efficiency or an electric/hybrid vehicle can greatly save on fuel costs.
Another life change that may signal it is time for a new car is an addition to the family. Some vehicles better facilitate maneuvering a child seat in and out and are easier on your back. Maybe the kids’ activities call for carpooling, and you need to accommodate more passengers and duffel bags.
For many people, lifestyle changes bring a need for a different auto.
The cost of repairs is growing
An older car can have the potential to maintain a higher mileage with routine maintenance. However, there’s a tipping point with repair costs. Consumer Reports advises giving up on an old car when annual repair bills exceed a year’s worth of car payments. Progressive says if the cost of repairs is more than the car’s value, it’s probably time to get a new car.
Safety is an issue
Even though electronic stability control systems have been required in all cars since 2011, older cars may put you at risk for injury or fatality. If your car doesn’t have today’s standard safety technology, it’s a good time to upgrade to a newer car.
Whether you’re a seasoned driver or a newly licensed one, cars equipped with an array of the latest safety elements—like collision warning systems with automatic braking and backup cameras—make driving safer.
If your car breaks down frequently putting personal safety at risk, it’s time for a newer car.
The vehicle has gone a lot of miles
The more miles a car goes, the closer it gets to needing major repair. Some people like to get a new car before the manufacturer warranty expires, often at 30,000 or 40,000 miles. However, many cars cruise well for 200,000 or even 300,000 miles. This could be long before or after the average of 14 years on the road for passenger cars.
Often (but not always) it’s less expensive to keep an older car running than buying a new one. However, there comes a time to give up every car. When it’s time for your next car, check out our auto loans for new and pre-owned vehicles. We’d love to help you get your next set of wheels.
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All loans are subject to approval. Rates, terms and condition are subject to change and may vary based on credit worthiness, qualifications and collateral conditions. Federally insured by NCUA
Get a free quote on insurance
As a Consumers member, you can save money with group insurance discounts through Nulty Insurance. Discounts are available on both auto and homeowner’s insurance.