There isn’t any way around it - owning a vehicle can be expensive. If you need a reliable car to get to and from work, you need to maintain it to ensure its performance. Maintaining your vehicle can help ensure it’s in the best possible shape and increase its lifespan. However, when is it time for your vehicle to retire? How can you really know when it’s time to trade in the old vehicle for something a little newer or a little nicer? At Sun Auto Service, we have compiled a short guide to help you determine whether you should repair or replace your older vehicle.
Things to Consider
There are many factors to consider when you are weighing the options of repairing or replacing an old car. It’s important to make a thoughtful, wise decision instead of a rash one, especially when it comes to large purchases like a vehicle. Here are a few questions to ask yourself before you decide:
- How old is your current vehicle?
- How much have you had to pay annually for repairs in the last several years?
- Most Auto Dealers can tell you what your current car’s residual value is. It’s important to know what the trade-in value will be worth or whether you should sell your vehicle privately.
- Would your budget allow for a newer vehicle? Assuming that you will finance all or part of your new vehicle, you may want to check and see what interest rates are.
The Pros and Cons
There are definite advantages to each side of the argument. Highlighting these pros may help you decide which factors are most important to you. Some common deciding factors may include:
- Pros for maintaining your current car: repair costs are often less than new monthly payments, avoid hassle of selling, avoid hassle of buying new car and the love you have for your current vehicle
- Pros for purchasing a new car: newer vehicle, exciting purchase and it can be maintained properly from the start
Many experts recommend that you purchase a new car when the repairs on your old vehicle become more expensive than the car is worth. In general, older cars need more repairs and are usually more expensive to maintain than newer cars. Deciding whether or not a new monthly payment outweighs the level of repairs needed is a choice you’ll have to make. Ultimately, it comes down to what matters most to you at that given time.
At Sun Auto Service we’re here to help! Call today for a free multi-point inspection. We’ll aid in getting you the information that you need to make a decision to replace or repair your current vehicle.