Deciding to Repair or Replace Your Old Car
Occasional repairs are a normal part of owning a car. At some point, though, as your car gets older, expensive repairs start to make less sense, given the car’s value. At that point, you’re left with a decision: should you repair your current car or splurge on a new one? A brand new car is always going to be tempting since new cars have a low odometer, all of the latest features, and—of course—that new car smell. However, have you ever looked at a comparison of auto insurance premiums for a new car? They can be quite pricey to say the least. Moreover, insurance isn't the only thing to worry about. In fact, there are a lot of factors that play into this decision. To determine which option is best for you, think through these variables.
Value of Current Car
As mentioned, the value of your current vehicle is a major factor in deciding whether to repair or replace your car. Most people opt to replace their car if the cost of a repair will exceed the car's value. This is one reason why it makes sense to purchase a vehicle that suffers less depreciation so that you can opt to repair your vehicle for far longer than you would otherwise.
Type of Repair
Another variable you should think through is the type of repair that your vehicle needs. If parts are breaking that tend to last for the life of the vehicle, then it means that your vehicle is probably at the end of its useful life. However, if the only repairs you're making are those that are needed due to normal wear and tear, then it may make sense to give your current vehicle more time to earn its keep.
Ability to Dispose of Current Car
In some cases, your ability to dispose of your current car may affect your decision to repair or replace your vehicle. An easy transition from old to new will make you much more likely to get rid of your old car when the time is right. That's why it's good to reach out to an unwanted car buyer when your current car no longer runs so that you don't have to arrange any of the details of disposing of your current car.
Availability of the Right Car
Just as it can be a hassle to get rid of your old car, it can also be a hassle to try and find a new car. If you don't have many car lots in your immediate area, the good news is that there are several good online marketplaces for pre-owned vehicles. The best part is that many of these marketplaces will deliver the car of your choice directly to your front door. All that ultimately limits you in today's world is your budget.
Do Your Research
Before deciding whether to repair or replace your current vehicle, it's important to research any repairs that need to be performed. After some basic research, you may discover a simple repair is all it takes to fix your car. It may even turn out that you're able to complete the repair yourself, saving you a lot of money in the process. As long as you're able to stay mobile, though, there's really no right or wrong answer when you're faced with the question of whether to repair or replace your vehicle.
