People grow attached to their cars, and why not? The car is an asset that helps us do our jobs and run our businesses. But consider the safety of your car and how much money you’re investing in it. Determining whether your car is starting to become a costly and potentially dangerous liability could not only lead to better savings but also keep you and others safe on the road.
Are There Recurring Issues or Breakdowns?
The first sign that your vehicle is drifting away from being an asset and becoming a liability is the amount of time its performance is compromised. Things like oil changes are a common maintenance for every car, but when something like a gasket rupture, pipe leak, or engine malfunction are occurring somewhat regularly, this is a major warning sign. Whenever you take your car in, hold onto the repair listings and receipts. Keeping track of what’s happening in your car and how it occurs will give you an idea of whether the issues can be avoided, or if the car trouble keeps occurring despite interventions.
Is it Worth the Money for Repairs?
Mechanic bills and reports will tell you exactly what the car is costing you. If you’ve had two major repair bills within three months, ask yourself if that money might be better spent on a more reliable car. This need for repair is a strong indication that your car is a liability. Liabilities are dangerous, especially if breakdowns are occurring, or the issues make it likely that a car will break down. With colder temperatures approaching, you must also keep your physical well-being in mind. Should you be stranded or have an accident due to a dangerous car, this could threaten your life simply because you’re exposed to the elements.
Are You Constantly Hearing Odd Sounds?
Listening to the sounds of your car can actually reveal quite a bit about what’s going on under the hood. Creaking or chirping engines can indicate a faulty serpentine belt or other engine problems. Screeching breaks indicate that breaks might need repairs. While many of these things can be repaired, it’s important to consider whether the asset is worth the expense of resolving these issues. Again, if the same noises/issues are recurring, you’re might be putting money into solutions that aren’t holding up for significant amounts of time.
Are You Stressed in Your Own Car?
If you’re constantly worried about mechanical issues reoccurring, it’s time to consider the car a liability. Think about it, your peace of mind is also very important. The stress of driving a car you’re unsure of, or worried will fail you, could lead to high blood pressure and other health risks. Combined with the costs of repairs, purchasing a replacement car could mean replacing a liability with a more efficient asset.
At Freedom Insurance, your peace of mind and safety are our top priorities. If you’re considering a replacement vehicle check out one our earlier blogs for some insight: Should I fix up my old car or get a new one? As always, we’re always here for your auto insurance needs!