Fork in the Road: Repair or Replace Your Vehicle

Author

Senior Tax Advisory Group

Posted on

Jan 03, 2023

Book/Edition

Colorado - Colorado Springs

Deciding whether to put more money into an aging car or to replace it with a new or used vehicle is rarely a simple decision. Plus, skyrocketing vehicle prices and economic uncertainty are making the decision process even tougher.

Signs It Is Time To Replace Your Car

To help you decide if it is time to replace your vehicle, look for these signs:

  • Fork in the Road Repairing Your Vehicle vs Trading it In imageThe kids would rather walk miles to their friend’s house than ride in the car.
  • Your oil bill is higher than your gas bill.
  • The mechanic names a repair bay after you.
  • Your employer politely asks you to park next door.
  • The sound of the engine causes tornado sirens to blare.

If none of these apply to you, congratulations! Your car might still be street legal, but there are other things to consider. All joking aside, making the final call can be difficult. Here’s a few helpful ideas:

Making An Informed Decision

  • Determine your risk threshold. No one wants to live in constant fear of being stranded or being in an accident because something in the car gave out. Reliability needs to be considered for every car, but especially if the typical route is remote, dangerous or unpredictable. It is even more important if you live in an extreme climate that is either very hot or very cold.
  • Take newer car costs into account. While the idea of a newer, shinier car sounds nice, make sure you are counting all the costs – especially if you need to add a car payment. Beyond the monthly principal and interest, keep in mind that insurance and annual registrations will likely be higher, too.

Spend Some Time with The Numbers

While a new, shiny car is fun, all too often it can create future financial hardship. So also consider the long-term financial impact of your decision. This includes:

  • Used versus new car. Used cars typically give you the best price value, but limited supply is making used cars more expensive.
  • Financing a vehicle has pitfalls. If replacing your car will require financing, be careful. Interest rates are going up and highly leveraged loans can quickly put you into more debt than the car is worth. This often happens if your car is damaged in an accident.

Cars are unpredictable but taking an analytical approach and making the best decision with the facts that you have will pay off more times than not.

Article Submitted by Senior Tax Advisory Group. Call them with any questions at 719-596-4844

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Seniors can join local bird watching groups or visit hotspots like the Rocky Mountain Arsenal National Wildlife Refuge near Denver, which is home to over 330 species of birds.Learn more at the Colorado Birding Trail website.2. Cultural ExperiencesMuseums and Art GalleriesColorados rich cultural scene is accessible to seniors who enjoy museums and art galleries. The Denver Art Museum, with its senior-friendly programs and exhibitions, is a must-visit. Additionally, the Colorado Springs Pioneers Museum offers insights into the states history with senior discounts available.For upcoming exhibits, check out the Denver Art Museum and Colorado Springs Pioneers Museum websites. Theater and Performing ArtsThe states vibrant performing arts scene includes senior-friendly venues like the Denver Center for the Performing Arts, which hosts Broadway shows, concerts, and more. The Colorado Shakespeare Festival in Boulder is another excellent option for seniors who enjoy live theater.Find more details at the Denver Center for the Performing Arts and Colorado Shakespeare Festival websites.3. Wellness and Fitness ProgramsSenior Fitness ClassesMany community centers and gyms in Colorado offer fitness classes designed specifically for seniors. SilverSneakers, a popular fitness program for older adults, is available in numerous locations across the state. These classes focus on strength, flexibility, and balance, catering to various fitness levels.To find a class near you, visit SilverSneakers.com.Yoga and Tai ChiYoga and Tai Chi are excellent for seniors seeking gentle exercise that enhances flexibility, balance, and mental well-being. Studios like Yoga Pod in Boulder and Tai Chi Colorado Springs provide classes specifically tailored for older adults.Explore more at Yoga Pod Boulder and Tai Chi Colorado Springs websites.4. 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The Durango & Silverton Narrow Gauge Railroad and the Georgetown Loop Railroad provide unforgettable journeys through the states picturesque landscapes.Book your ride at Durango & Silverton Narrow Gauge Railroad and Georgetown Loop Railroad websites. Hot SpringsColorados hot springs are perfect for seniors seeking relaxation and therapeutic benefits. Locations like Glenwood Hot Springs and Mount Princeton Hot Springs offer serene environments where seniors can unwind and rejuvenate.Plan your visit to Glenwood Hot Springs and Mount Princeton Hot Springs websites.6. Educational ProgramsLifelong LearningSeniors in Colorado have access to numerous lifelong learning opportunities. 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By taking advantage of these resources, older adults in Colorado can enjoy a rich and vibrant lifestyle.

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Here are some common and practical ways to earn income without returning to the daily grind of your pre retirement years.1. Tutor OnlineSince the COVID pandemic, online teaching and tutoring have become the norm. You'll find a number of online tutoring sites like Wyzant or Preply. Online teaching sites like Udemy are also popular. These are great opportunities to spend just a couple of hours in the evenings making some extra moneyand actually helping people.If you have the education and credentials, you could create an online college-level course and teach it as an adjunct professor. This option would bring in some noteworthy income. And remember that college courses dont need to be core classes. You could teach on any subject that interests you, is in demand, and is approved by the college. Youll find lots of options to explore as you consider this route.2. Do Freelance or Consulting WorkDo you have a niche field? 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With the advent of the internet and the universal appeal of blogs, writing for an income stream has become an obtainable reality. And writing comes much easier when you choose to write in a field with which you are familiar.Many companies and digital marketing firms hire writers directly or use an online, third-party content writing firm to acquire writers. Content writing services like Compose.ly, ContentFly, and Contently. These sites are eager to take on writers with experience in their clients specific fields. For instance, if youre a retired investment banker, sites like Compose.ly would be very interested in bringing you onboard as a finance writer who specializes in investments.Typically, content writing sites pay a bit less than writing directly for a company, but they also do all the work of getting clients and managing them. All you need to do is choose your projects and write them. As long as you meet a minimum quota per month (which usually isnt much), you can continue as part of their writing team.4. Teach EnglishAround the globe, English is in high demand, which means teaching English online is a great opportunity for native speakers. As with online content writing, there are websites that can connect you with people who want to learn the language. If you have a background in education, you may have an edge on certain positions. But there are many opportunities available even for non-teachers. In most cases, you can choose to work with adults or children depending on your preference.5. Sell Hand-Crafted ItemsAre you a closet artisan? Tax preparer by day and homemade jewelry maker by night? Whatever your creative ability might be, its probably marketable. The internet has made selling goods online a fairly simple endeavor.Consider making your handmade goods at home (or from another location) and selling them through an established site or one of your own. 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This will make the endeavor more enjoyable and less stressful.TYE Medical offers premium incontinence products in a variety of sizes and absorbency levels. Shop our online store for free and discreet shipping on all orders. 

Tips to Help Seniors Find New Hobbies

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