Should I buy a new car now?

I currently have a 2005 Toyota Corolla with approx 48,000 miles on the clock. It is in excellent condition. I am wondering if now is a good time to sell and purchase a new car or would I be better to keep going as I am?

Bernadette Dowling (Dublin)

May 2010 Filed under: choosing new car

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Expert answer

Hi Bernadette,

That is a very good question. Your car is now worth around about €7,000. That is a rough approximation going on what you've said and it is what you would be offered as a trade-in, so it would depend on what you wanted to spend on top of this.

But what I would say is that your car is low mileage for the year, so you would get more for it now as a trade-in than if you waited a year or so when the mileage will start to go against it.

This year is proving a very good one to do a deal, especially with all the discounting that is underway, so you could decide to capitalise on that. If finances allow then you probably should go for it now.

Conversely, you could get another five years service out of your Corolla without it missing a beat.

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