Things to Consider Before Upgrading Your Toyota

upgradeYou drive by your Toyota dealership and see that shiny new vehicle you’ve had your eye on. Suddenly you’re wondering if it’s time for an upgrade. If you’re considering upgrading from your old Toyota to a new Toyota, you have many factors to consider before signing on the dotted line.

How Long Will You Keep It?

Vehicles are getting more reliable every year, and people are keeping them longer than they used to. If you’re looking at a new Toyota, you need to consider how long you think you’ll keep it and how it fits in with your plans. For example, you might have your eye on that sleek new coupe, but if you’re planning to start a family in the next few years, a two-door isn’t practical for dealing with a car seat. Think about what your plans are before you decide on that new vehicle.

What’s the Fuel Economy?

Fuel economy is an important factor for many people. After all, you don’t want to spend amore at the gas pump than necessary. To learn more about fuel economy and fuel saving tips, the U.S. Department of Energy offers fuel economy information. You can do a side-by-side comparison of vehicles to see which one gets better fuel economy, see the carbon footprint of the vehicle, get estimated annual fuel costs, and more. With this information, you can figure out how much you’d really be saving in fuel by upgrading to a new vehicle.

What’s the Cost of Ownership?

A lot goes into the cost of ownership besides the monthly payments. Your insurance, maintenance, and fuel costs will also change. MotorTrend offers a service called IntelliChoice, where you can research the five-year cost of ownership projection for new cars. This includes factors such as financing, depreciation, maintenance, repairs, insurance, and fuel. It then totals up these factors over five years and compares it to that vehicle’s industry average.

Can You Afford It?

Perhaps the most important factor to consider is whether you can truly afford that new Toyota, especially if you don’t currently have a car payment with your old Toyota. If you feel like you can give up on eating out a few times a month to make a car payment happen, you’re likely in a good spot to upgrade. However, if you feel like a car payment could really hurt your finances, it might be better to wait a little longer.

Is it Right for You?

Once you’ve answered these questions, the final factor you need to consider is if you truly like that new Toyota. Stop by the dealership and take it for a test drive. Once you get behind the wheel, you might realize you still really enjoy your current Toyota. Or, you might end up finding a different Toyota that’s perfect for you.
Before you make up your mind on whether you’re ready to trade in that old Toyota for a new model, make sure you consider these five factors.
Image by geralt, used under CCO 1.0

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