When an ad catches your attention, you ‘re staring at a $1,200 maintenance bill for your ailing car: a brand new set of wheels for a mere $450 a month.
Dumping your old car can sound like a no-brainer at first — and you can’t help picturing how fine you ‘d feel in the new car. Yet car analysts say that by restoring old friends, you will almost certainly come out ahead — at least financially. There are some other important factors when deciding whether it’s time to say goodbye to your car!
How much it costs to buy a new car
In the very least, plan to pay at least $2,000 on a decent used car, plus depreciation and maintenance fees, says Mark Holthoff, publisher at Klipnik.com, a popular forum for used car enthusiasts. Based on the extent of the issues with the vehicle, “you can get a lot of repairs with that sort of money,” says Holthoff.
What is the breaking point?
According to the automobile blog Edmunds and Customer Reviews, the product review site, when maintenance costs tend to surpass the valuation of the vehicle or one year worth of lease payments for a replacement, it’s time to break up with your car. For example , say you’ve already spent $1,500 on repairs and now need a new engine for $3,500 and instead you might get a new or more reliable used car for $400 a mo
What you should do:
TO Repair YOUR CAR
- Faster than buying and searching for a new car.
No increase in the rate of the insurance.
- History of the car is well known.
- You ‘re not going to waste time and promotional dollars to sell your car.
- Your repaired car may need more repairs soon though.
BUYING A NEWER CAR
- Purchase can include warranties and maintenance, sometimes.
Recent automobiles have more advanced safety features.
Younger vehicles are trustworthier.
- You will stop wasting time dragging into the garage for repair.
- Yet loaning a new vehicle is a long-term financial undertaking.
Call Nelson Services today if you are in need of auto repair help!