When Are Car Repairs Not Worth it
We all love our cars and letting them go can be difficult. No one understands this better than the team at the Lebanon Chrysler Dodge Jeep Dealership. But, when you find yourself at the dealership staring at a repair estimate that could double as a semester’s tuition, you find yourself wondering if maybe you should take up bicycling. While plenty of car repairs are great it and will keep your car running well, there are some that just aren’t worth it.
Instead of going into debt for an old car, consider skipping the repairs and buying new in these situations:
When Repairs Cost More Than the Car: This is the most obvious one and the one where there is little room for debate. If your car has a Blue Book value of $2,500 and repairs are $3,000 then it’s definitely time for your old car to hit the road.
When Repairs Won’t Add Value: The above example is somewhat extreme, but a more common situation is when repairs aren’t necessarily more than your car’s value, but they also won’t increase the value after they’re made. For example, if you have a car valued at $5,000 and it requires $2,000 worth of work. If, after you get the repairs, your car’s value will increase to $7,000 it might be worth doing. However, if those repairs only raise the resale value to $6,000, you aren’t really increasing value and would automatically lose $1,000 if you were to sell immediately after the repairs.
If Your Maintenance and Payments are Higher Than a New Vehicle: A few hundred bucks on maintenance every few months might not seem horrible, but if you’re still paying off a car that requires extra care like this it may be time to look for new. Not only will your payments on a new car be about the same as what you were paying in repairs plus payments on your old car, you’ll also save the time and frustration of having to wait for maintenance and repairs to be made regularly.
If it Could Interfere with Your Employment: If you have a long commute or need a car to do your job, such as a delivery person or driver, you may need to replace sooner than someone else does. Because you may lose work due to a sudden car breakdown, the cost of not having a reliable vehicle is high and should be taken into consideration. Similarly, if frequent car trouble is making you late for work and other appointments, it likely isn’t worth repairing again.
Your Car is Costing You Too Much Time: sometimes cars just simply need too much work. Whether because of their age, their manufacturing or something else, they just seem to need more repairs than other cars. When this happens, you no longer like driving and find yourself using up your time for maintenance and repairs. Your time is valuable, and you should consider it as much as you consider your money when getting repairs.
Does your old car fit into one the above scenarios? If so, it might be time to get an upgrade. The Lebanon Chrysler Dodge Jeep Dealership has incredible deals on our inventory of new and pre-owned vehicles that could save you from another afternoon spent in a dingy mechanic’s shop.