Car Fix or Trade Old Car! What should you do if your old, well-loved car is costing you more money on repairs, than buying a new one would? The decision is not very difficult to make! You primarily need to assess two things to decide; the first would be an evaluation of the costs involved in regular vehicle repairs and the second is assessing your own financial condition.
Buy A New/Used Car Or Fix An Old Car
Read on to get a fair idea on how to decide between repairs or a new ride!
Wear and Tear Overheads
We’re going to assume here that you’ve taken the best care possible of your car till date. There’re still many high-cost repairs for your car that are indispensable, mainly due to extreme wear & tear or simply owing to the tides of time. Hoses and rubber belts are prone to dry out and crack; electrical parts stop working and even the metal on the rotors warp or time themselves. Wear & tear on axle boots, belts, and brake rotors are pretty common and need to be replaced regularly.
Going Down the Repair Route?
If buying a new car is not in the cards for you for whatever reasons, you might want to consider the following examples where getting the repairs done would be a better idea.
- Repairs almost always are less expensive than buying a brand new car.
- Going for expensive repairs on even the major stuff in your vehicle is still cheaper than buying a used car – which might come with its own set of issues.
- You will need to pay high insurance and registration fee for your new vehicle.
- Your new car will have already taken that depreciation hit as it typically loses an estimated 22% of its value in the 1st year.
- In case you’re planning on buying a new car in a year or two and you just need your current one to last a little longer, then you should definitely look at repairing your car for the moment. You could then save up and get your finances in order till then.
Thinking to Trade Old Car?
Your current car is giving you too much grief as you keep spending money on its repairs which are increasing drastically as time goes by. A great option is to trade old car for the new one. You can also buy a used car for sale instead of investing in a completely new car. Here are some reasons to consider in case you’re doubtful of spending your hard-earned money on a brand-new car.
- You’re done worrying about your car’s frequent break downs and the unpredictability. With a new car, the warranty will cover at least 3 years of major repairs. Buying a certified pre-owned vehicle is also another option you may consider.
- You’re tired of your endless trips to the repair shop. It’s a waste of time and money.
- Your current car has given up on you. No more banging the A/C to make it work or the constant rattle sound that terrifies you.
- You’re worried about your safety in your current car. Most new models have modern safety equipment installed at the get-go, along with other features such as backup cameras, automatic emergency braking, and blind-spot monitoring.
Recommended Read: How To Buy A Used Car From A Dealer In Florida
At the end of the day, however, it’s advisable that you trade up and buy a new car or a pre-certified used car, instead of simply squandering whatever savings you have left on constant repairs. With over 800 vehicles in our inventory, the Car Factory will help you choose the car of your dreams! Schedule your test drive in our Miami or Hollywood locations online today at CarFactory.com or call (786) 406-6234!
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