When Should I Replace Instead of Repair My Car?
When a vehicle hits 100,000 miles and is 7 or 8 year old car many consumers wonder if the vehicle is worth a large expensive repair. Look at the following when facing that decision:
Has the vehicle been well maintained?
What kind of shape is the vehicle in, exterior, interior and mechanically?
What is the current value of the vehicle? (This is figured on a car that runs and operates)
Are there major issues that will need repair in the near future?
How much do you like the vehicle?
Are you willing to keep it another 5 years to get the value of the repair?
A well taken care of and maintained vehicle is a stronger candidate because it holds more value and lasts longer. Repairs can exceed the current value of the vehicle and are not worth it if you don't keep it.
It is usually less expensive to repair than to buy a new or newer vehicle. But a major repair does not increase the value of the vehicle. If the vehicle is stolen or totaled in an accident you might not get the repair cost factored into the vehicle value.
The average cost for maintaining, repairing and replacing tires on a 5 year-old car is $800 to $1000 annually. Spending more than that, consider replacing that vehicle. Spending less, your current vehicle might be worth investing in or a major repair. Happy Motoring!
All About Automotive
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