Every driver hates to think about the question, “Should I repair or replace my car?”
It’s sad to watch your car struggle. There comes a time when the repair bills get so high that you question the point. Would it be better to count your losses and move on? Answer these nine questions to find out.
1. Can you afford to buy a car?
Let’s keep it simple. If you don’t have the budget to buy a car, don’t bother reading the rest of this blog. Not sure? I already wrote a blog that will help you do the math. Click here for car budgeting tips.
2. What is the value of your car?
You can find out how much your car is worth at Kelley Blue Book. If you don’t remember your mileage, go outside and check that first, because it makes a big difference!
3. How much will the repair cost?
If the repair costs more than your car’s worth, it might be time to consider buying a new (or used) car.
One exception: if you have a special attachment to your car (or don’t want to deal with the inconvenience of finding another), get one final auto repair with the understanding that you need to start saving for a replacement.
4. Have you had similar issues in the past?
This is super important. Investing in a repair is one thing. Paying for the same repair over and over again is a whole other story. It doesn’t make sense to dump money into a car that can’t be helped.
5. How much have you spent on related repairs?
Here’s a simple way to determine whether you should count your losses or not. Calculate how much you’ve spent on repairs this year. If that amount is almost as much as a year of car payments, it might be time to move on.
6. Do you still feel safe when you drive your car?
Logic should guide financial choices. Emotional decisions usually blow up in your face. That said, we can’t neglect the mental side. If your car is so unreliable that you don’t feel, forget about the math and do what is best for you.
7. How many times have you broke down this year?
Breakdowns are a pain in the butt. It can mess up your whole day. You have to change a flat, call a tow truck, go to a mechanic, miss time at work, the list goes on. If this becomes a constant problem, the inconvenience might be enough to justify buying a new car.
8. Is your car becoming a source of stress and anxiety?
Automobiles are meant to empower you. They give you the freedom to explore the world. If your car makes you feel anxious or afraid, it’s probably time to trade-up. You’ll feel a lot lighter when you do!
9. Are you willing to make sacrifices and cut your budget?
Don’t trade one stress source for another. Choose a vehicle you can afford. Make a car budget before you do anything else. Cut your expenses until you have more than enough income for a monthly loan.
Do you have a friend who is wrestling with the question, “Should I repair or replace my car?” If so, please share this post on their Facebook wall. They will appreciate the thought. Thanks for reading! 🙂
Other Drivers Found These Blogs Helpful
- 6 Signs You Need to Buy a New Car ASAP
- 7 Rotten Tricks of Car Salesmen You Won’t Believe
- Buy Cars Online: How to Negotiate a Low Price in Your Pajamas
You must be logged in to post a comment.