Is My Car Worth Repairing?

Is My Car Worth Repairing?

When is it no longer worth repairing your existing car? There is no
formula for answering this question, however here are some important
things you should consider:

• Repairing a vehicle will always be cheaper than buying a new car, especially if it’s paid for

• Look up the trade-in value of your current vehicle

• How much of a down payment can you afford

• Visit dealerships, check the paper, and look at automotive websites to find out the price of the car you are considering buying

• Go to your bank to see what interest rate you’ll qualify for

• Calculate your monthly loan payment based on the cars price, down payment amount, interest rate and length of the loan

•A newer car usually means a higher insurance premium. Call your agent to see what the rate would be on the vehicle you are considering buying

• And if you buy a pre-owned vehicle, it may come with it’s own set of problems

How much longer can my car go on? That depends on several factors,
including:

• The age and the mileage of the vehicle

• The dependability of the model you have. You can expect to get 200,000 miles from some cars, if well maintained. Although some models may only last half that mileage.

• Is your vehicle well-maintained? Have you done the oil changes and tune-ups, maintained proper fluid levels, and replaced worn parts as needed?

• Has your car been reliable until now, or has it been in the shop every month?

• Stay away from upside-down loans and the problems they cause! If you are still paying on your car, don’t sell it if the amount you owe is more than the car is worth.