Try our FREE online calculators

If you’d like assistance, please contact us and we’d be happy to help.


View more calculators


When should I upgrade my car?

Thinking of upgrading your car? Read this first!

If you have a car that is in perfect working order, then there are two factors that you should pay attention to when deciding on the perfect moment to upgrade. 

1. The Warranty

If you take care of your car properly, then there really should be no need to take advantage of the warranty. However, some people like to have that safety net in place at all times. In this case, they will look to change their car before their coverage expires. 

Most car manufacturers offer a 3 year or 100,000km warranty, while some go as far as 5 years with unlimited kilometres! You’ll want to change the car while there is still some warranty left on it (about a year is perfect) as this will increase its market value and make it much easier to sell or trade-in. 

2. The Finance

Most Australia car buyers use car finance to purchase their new cars.
But why should this affect your decision on when to upgrade your car?

Many people assume that you can’t upgrade your car while you are still making car loan payments on it but this isn’t true! Once you pay off the loan in full (before the time of sale), then you’re good to GO!

Your payout figure (the amount you need to pay off the loan) will vary depending on the terms of your loan but usually; you will need to pay an early termination fee and any money outstanding including the residual payment.

Get in contact us with us today to work through your car finance and start planning your next ride!

Questions to ask yourself when you do decide to upgrade…

Does it still meet your current lifestyle requirements?

A change of vehicle may be dictated by changing circumstances, such as a new job or a growing family. The partner and kids (for example), are probably not going to appreciate your new sports car, however fast or exciting it is to drive!

How is your current car running?

If you’ve exceeded warranty coverage and are experiencing expensive ongoing maintenance, that’s likely to encourage you to want to offload your problematic car. Most people prefer to rotate their cars every three years, most of whom are no doubt tempted by that new-car smell!

Debt Consolidation

Consolidating personal debts like credit cards or personal loans along with your car loan can save you a lot in interest charges. Rolling all of your current repayments into one simple payment could save you time and money straight away!

Plus get you the car you are dreaming of…

How we've helped our clients...

"Starting up a new business isn’t easy, with so many things to think about it can be quite a stressful process. With the services of Lend Me Asset Finance and Locate Me, they have really helped to take this stress away in the way of meeting me on my job sites to sign documents and dealing directly with the Car Dealers, Bobcat Dealers and even my accountant.

The guys at Lend Me really do take the time to listen to what you are after and work in to suit you and make the transaction so simple and convenient, I can’t thank them enough! I’ve also recommended their services to 3 friends already and have only had good feedback. Lend Me have certainly gained a client for life! Reece"

"Hi there, Saturday just gone, I picked up my dream car, a 2013 black lancer LX.

I'd like to take this chance to say Lend Me Car Loan customer service was by the far the best I have ever received. What I thought was going to be tough work turned out to be the opposite. The process easy, simple and quick for me, she did the hard yards... I will be recommending friends and family... Thanks again! Regards, Stephanie"

I just wanted to say thank you... This has been the smoothest process. You and the other girls I dealt with at Lend Me Home Loans were so friendly and so efficient with everything, I felt like I was the only customer you were dealing with.

I will definitely be raving on to loads of people about Lend Me and the great service you provide.

I am stoked, this will take so much pressure off and will seriously change our lives... we can actually get ahead on payments and start saving some more money.

Thanks again, Kath :)

"Emily & I just want to take this opportunity to say a very big thank you for seeing us through our first home purchase and home loan, you have been a massive help not to mention getting us out of a sticky situation. We will definitely be in touch in the near future and will refer/recommend you to our family & friends if looking out for a friendly, helpful and reliable mortgage broker.

Take care and speak soon. Matt & Emily" 

Get in touch with us

  • I have read and agree to the Privacy Consent which enables Lend Me to retain and disclose my personal information and enables Lend Me to conduct credit checks when required. For loan applications submitted through Lend Me, I also acknowledge acceptance of the Credit Guide: