To Repair Or Replace? The Dilemma Of Dealing With A Damaged Car
Most long-time car owners have experienced the trouble of having to deal with the inconvenience of having to take their car to the shop frequently. Whether because of a car issue that simply won’t go away, or the result of a collision, car pairs can easily become a money drain. They are expensive, especially when parts need to be replaced.
Much like in a failing relationship, there comes a time when you begin to ask yourself whether you’d be better off simply replacing your car rather than investing further into its repairs.
On one hand, replacing your car would entail that you purchase another car, which in itself is a hefty investment. Buying a new car becomes doubly expensive if you’ve taken out an auto title loan and are still making payments.
On the other hand, frequent repairs can easily accumulate to a point where the cost to repair your car may even exceed that of the value of your car. To resolve such a dilemma it’s important to first assess your situation. A few things to consider are:
Your Car’s Estimated Market Value
The first factor to identify is how much your car is actually worth. The bits of information that you need to know about your car are its sale and trade-in values. This way, you know the dollar amount you’re working with and you can better determine whether it’s actually worth repairing.
The Cost Of Repairs
Another thing to consider is the cost of repairs and whether they:
- Are worth more than half the value of your car
- Are worth more than your car
If the repairs cost more than half the value of your car, you might want to consider trading your car in, especially if your car isn’t worth much.
Cars that have greater market value will need more consideration before trading them in, especially when we consider the possibility that we might need to have to shoulder another repair in the future.
Luckily, if the repairs cost equal to or more than the value of your car, things become much simpler. Replace that car by either selling it and buying a new one or by trading it in.
Maintenance Costs
Another factor to consider comes in the form of maintenance costs. Cars differ in terms of durability as well as reliability. A high-maintenance car isn’t just going to be expensive to repair, it’s also going to cost you a lot of money to retain its peak condition.
There isn’t a set value to determine whether you should keep your car or replace it, because financial capabilities differ between people. A good way to determine whether keeping the car’s peak maintenance can be sustained is to consult the owner’s manual, as well as consider the maintenance and repair history of the car. This will give you a good idea of the cost and probability of future car repair and maintenance costs.
In any case, if you do decide to have your car repaired, it’s important to have your car fixed by reliable professionals. The better the repair, the less likely you’ll have to repeat the repair, and if you’re lucky, the repair might even be a permanent solution.
