Should I Repair My Car Or Replace It?
Even well-maintained vehicles reach a point where car repairs are recurring, inconvenient, and expensive. For many drivers, there comes a time when repairing a car is no longer a smart investment, but it’s hard to know exactly when you’ve reached that point. Read on to learn how to answer a common question: Should I fix my car or replace it?
When Does a Car Become Not Worth the Money?
In most cases, it’s worth fixing an older car as long as possible to avoid the sizable upfront investment in buying a new or used vehicle with cash or taking on a monthly car payment burden. If you’re considering getting rid of your vehicle, evaluate these key points.
The Cost of Repairs Is Too Much
Certain automotive repairs can be more expensive than the vehicle is worth. Replacing the transmission, engine, or suspension can cost more than many used cars. Researchers at Consumer Reports say that if any repairs exceed 50% of the vehicle’s current value or more than one year’s worth of outstanding payments, replacing the vehicle is probably a good idea.
The Car Isn’t Safe
There’s no point in repairing your car if it’s unsafe to drive. Frequent breakdowns, poor performance, or structural issues that impact the vehicle’s safety are immediate red flags—stop in to see if your vehicle is safe enough to drive.
Repairs Are Becoming Inconvenient
A vehicle that is constantly in and out of the shop negatively impacts your wallet and quality of life. Recurring repairs cost money, disrupts basic errands, and could put your employment at risk if you’re constantly late to work.
The Benefits of Repairing Your Car
If your vehicle hasn’t reached clear replacement territory, repairing it is likely the financially smart choice. In many cases, preventative maintenance costs and occasional repairs are less than buying a replacement vehicle.
There are other reasons to fix your car instead of replacing it, including:
Taking on one relatively large bill instead of a monthly payment
It’s risky to buy a used car (always get a pre-purchase inspection)
It’s time-consuming to find a good deal on a new or used car
Repair vs. Replace: Car Owner Decision Time
At some point, you reach a point where you need to decide to fix or sell. Start by crunching the numbers: Is it worth fixing my car compared to paying the costs of buying a new or used car? If the repair is less than one year’s payments or 50% of the car’s total value, repair it. For example, if your 2015 Subaru Forester is paid off and the repairs total $2,500, repairing it is an easy call. If the bill is $5,000, determine what you’d need to spend to replace it; you’d probably need to pay $12,000 or more to justify replacing it.
Wonder If It’s Worth Fixing Your Car? Let Us Take a Look!
At Garfield Auto, we take pride in offering expert advice with no sales pressure. We’ll tell you exactly what your car needs, how much it will cost, and how long it will take. See why thousands of Northern Michigan families have trusted Garfield Auto Service Center to keep their vehicles on the road for generations. Schedule your appointment with us today.