Some drivers think that it is best to drive their vehicle well after the loan has been paid off. After all, you will have the chance to drive a car that you do not have to make payments on. While this may seem like the most cost-effective solution available to meet your transportation needs, there actually may be legitimate financial benefits associated with buying a new car. In fact, these are five ways a new car may actually save you money.
Accident Prevention Features
Modern technology in the latest vehicles often includes accident prevention features. These features may alert you if there is cross traffic when you are backing up if you are veering into another lane and more. Many accidents can be prevented through these features, and you may be able to avoid having to pay your auto insurance deductible or deal with other accident-related expenses when you upgrade to a vehicle with some of these features in place.
Advanced Safety Features
While many of today’s vehicles are designed to help you prevent an accident from happening, some accidents are simply unavoidable. The good news is that the latest models also have advanced safety features that can minimize your injuries if you are in an accident. For example, they may have reinforced steel beams, shatterproof glass, more airbags throughout the cabin and more. You can keep medical expenses related to an accident to a minimum through some of these features.
Theft Deterrent Features
Vehicle theft rates are high in many areas, and you may be concerned about the possibility of your car being stolen. If this happens, you may have to pay your vehicle’s insurance deductible. If you are upside-down on your car loan, you also will need to pay the existing loan balance off. You can reduce the chance of having to pay these expenses when you upgrade to a new vehicle. This is because modern models may have a more advanced theft deterrent system as well as tracking features that make it easier for authorities to find your vehicle if it is stolen. It is wise to check out a dealership online before you decide where to shop. Consider learning more the vetting process for how vehicles are selected by the dealership.
Enhanced Fuel Economy
Fuel economy is a hot-button for most drivers, and the good news is that fuel economy has improved with many models over the years. You may even be able to upgrade to a hybrid or electric vehicle for even more substantial savings. Because you likely fill up your gas tank several times per month or more, this is savings that you can enjoy throughout your entire ownership experience.
Repair Work Under Warranty
All vehicles will require repair work at some point, and repair needs tend to increase as cars get older. This means that your older model may be in the shop for repairs more frequently than a newer car. In addition, you will pay for your current vehicle’s repair costs out of your own pocket. With a newer car, the repair work may be under warranty. Some models today are even sold with a standard 10-year warranty. Some dealerships even offer some guarantees and warranties for used cars. You can find more information by making a local google search like “car dealerships in st george” and looking through the websites you find. Don’t be afraid to give the dealerships a call to get specifics.
While there is a cost associated with buying a car, the reality is that there are many driving-related expenses that can be reduced or mitigated when you make an upgrade. Today’s models are designed to be fuel-efficient, safe and reliable. Through these factors, you may be able to save money on your vehicle-related expenses overall even if your monthly auto loan payment increases. Take time to explore some of the top models that interest you today, and learn more about the safety, warranty and fuel economy features loaded into them.