When your car needs a repair and the estimate on the work to fix the problem is high, you may wonder whether it is worth fixing your vehicle at all. A vehicle can quickly become a financial drain if it constantly needs costly repairs, and purchasing a new vehicle may be in your best financial interest. How do you know if it’s smarter to fix or trade in?
Problems involving general wear on a vehicle begin to show up at around 100,000 miles. The repairs necessary to fix these problems can range from fairly inexpensive to over $1,000. When your car hits the point where engine parts start to fail due to wear, it’s time to decide whether or not you want to hold on to the vehicle, or if a new car is a possibility. You’ll likely want to consult a vehicle pricing website to determine if having your vehicle repaired is even worth the expense. If repairing the vehicle costs more than the vehicle is worth after being fixed, it’s time for a new car.
Still having trouble deciding whether it’s time to head over to a car dealership? Consider these reasons for and against fixing your vehicle.
- Fixing Your Vehicle
• Even costly repairs are less taxing on your wallet than buying an entirely new car.
• You may be attached to your car because you have owned it for a long period of time.
• Your insurance premiums will likely increase substantially if you purchase a new vehicle.
• Waiting a few years while you save money to put down on a new car would make the purchase less financially draining.
- Buying a New Car
• You’ll gain peace of mind by not having a car that’s constantly breaking down.
• Your current vehicle doesn’t have the features you want, and you’d like the option to purchase a vehicle with those features.
• Having a vehicle that frequently needs repairs means a loss of access to a vehicle, which is inconvenient and possibly unreasonable if you need to commute daily.
If you’re deciding whether it’s time to trade in your old vehicle for a new one, the best way to make your final decision is to determine whether repairing your vehicle is costing you more than it is worth.