Repair or Replace: Figuring Out What to Do With Your Old Car

Your old car has been working for you, but now you're starting to have a few issues. Most people would just replace a vehicle that's giving them problems, but you aren't sure that's the best idea. The following will help you figure out if you should replace or repair your vehicle.

Replacing the Vehicle

There are some obvious pros to replacing a vehicle that's giving you trouble. You won't have to worry about the trouble you've been dealing with, and you'll be driving around with a new vehicle.

The problem is this option does come with a few cons that most people tend to overlook like the following:

The Debt

If you are thinking of purchasing a new car, this probably means you'll be getting yourself into debt. Yes, most people call it simply getting a car loan, but those words are used to mask the truth, which is that this is debt.

You'll have to worry about paying this vehicle off for years to come. Some folks can deal with debt while others cannot. It's important to pay attention to your budget to find out if you can take this debt on comfortably.

The Depreciation

The other issue you have to face is depreciation. No matter how valuable the vehicle you are considering is, it will lose value, especially if it's a brand new vehicle. It loses its value the moment you drive it off the lot, and it'll continue to lose value as you continue to use it.

Not only do you not own the vehicle if you finance it, but you also won't be able to get what you paid by the time you're done paying off the debt. When you think about it like that, you start to see how much you're losing. Vehicles can cost 20, 30, 40 thousand dollars or more, and you won't be able to get much of that back. How many months of work is that for you?

Choosing to Repair the Vehicle

Repairing an old car may not seem like a great idea. For one, who knows if another problem will pop up shortly after. Yes, the cons are obvious, but there are a few pros, too. The following are a few things you might want to consider:

Save You Money

When you first start to encounter issues with your vehicle and take it to the mechanic, you start to feel like it's not worth it. You could end up spending hundreds of dollars with just one visit and a few hundred more with the next.

The thing you have to keep in mind is that the likelihood of you spending $20,000 to repair a vehicle is slim. Most repairs are a few hundred dollars. Those with enough skills could save more money by buying parts on their own and fixing the vehicle. You can also just purchase the parts and pay a mobile mechanic to do the rest for you.

Total Control

Repairing instead of replacing also means you'll be in control. Financing a new vehicle means you won't be able to choose what kind of insurance to purchase. You'll have to have premium insurance since you don't own the vehicle.

You own the vehicle you're repairing, and you'll be able to choose whatever coverage you want. On top of that, you can pass this vehicle on to a family member without passing on debt. Fixing and keeping this vehicle also means you'll be able to sell it if you ever want to and still get something out of it.

Hopefully, this information helps you figure out if you should fix your old vehicle or replace it. There are benefits to each of your choices, so take your time before you make your decision.

If you decide to stay with your current vehicle and are in need of parts, please call our sales office or order your auto parts online.