Everyone seems to have a theory on when to repair a car and when to get a new one. But you know your needs and your car’s history better than anyone else, so someone else’s theory may not always apply to you.
Buying a new car might seem like the easy way out of a high repair bill, but depending on your circumstances, it may not be the best financial decision.
One rule of thumb is that if the repair is more than half the value of your vehicle, financially it probably doesn’t make sense to pour this much money into an older vehicle. It is smarter to take the money to be spent on repairs and use it as a down payment for a new car.
Old cars can be unpredictable. Repairing a single problem with an older car doesn’t guarantee that another breakdown won’t happen. If you buy a new car, its warranty will cover you for 3-5 years before you have to worry about paying for any major repairs.
There is no crystal ball that is going to tell you exactly when to sell or not sell your older vehicle. The tolerance for the amount of time spent on dealing with car problems differs for each of us. Just know whatever decision you make will be the right one for you.
If you are considering purchasing a used vehicle, Beck Auto Center’s offers their 127 point digital “Pre-Purchase Vehicle Inspection”.
This service identifies current concerns that can be fixed before purchase or used to bargain for a better price. It also details future maintenance requirements of your vehicle, and most of all, gives you peace of mind when buying a used vehicle.