Is My Car Worth Repairing?

Is My Car Worth Repairing?

18/09/03 BY  GERRY

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,

• 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.