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To repair or replace? That is the question, at least when your old beater is on the fritz. If you find that you have finally arrived at this question regarding your aging vehicle, you might want to consider just how worthwhile it is going to be to make the necessary repairs in the long-run.
You might be able to find a way to make some affordable repairs, but it might also be time for you to consider trading up for a newer and more reliable make and model.
The cost to repair a single part on your car might be significantly cheaper than going out and buying a new car. Even a good used car can run your bill up over $5,000. If you are looking at a blown-out motor or transmission, you should absolutely scrap your car.
A good rule-of-thumb is that if repairs will cost more than the vehicle itself, it’s time for you to sell it. You can take your car to a local auto parts shop like City Auto Wreckers where they might be willing to buy the car or working parts off of you.
If you are tight on funds, ask your mechanic about how much longer your vehicle can hold on without making the necessary repairs. While you don’t want to risk your vehicle breaking down on you, you could potentially get a few weeks or even months to save up for the repair.
Also, if you are someone who is diligent with making minor repairs and doing regular maintenance as scheduled, you will likely have already prolonged the life of your vehicle.
Want to upgrade to something a little bit safer than your clunker? Consider buying a new vehicle. Many automobile manufacturers are loading up their new models with a massive array of standard safety equipment, such as a rearview camera, forward collision mitigation, lane keep assist, and, on some models, blind-spot monitoring. Crash safety test standards are also pretty decent on many of these newer vehicles as well.
Ready to sell? Think about whether leasing or buying is the better option. Leasing can be a better option than buying if you have bad credit. You might be able to make low monthly payments when you decide to lease versus getting ensnared in a massive loan for a new vehicle. Most leases give you warranty coverage and can help you boost your credit score if you make each payment on time.
Don’t let your cranky old clunker bring you down. If it is, in fact, time to part with your vehicle, know that you have options for selling it and putting that money toward a newer vehicle. No matter what you do, you will have to sink time and money into a vehicle; it is up to you to decide which vehicle to sink it into.