Need help determining if your car is worth keeping? Here are some tips
It’s a question that has plagued car owners for generations – when is it time to trade in the old clunker for a new or newer vehicle? Every person, vehicle and situation is unique, but here are some quick tips to help make the decision:
The mathematical logic:
- Many people believe if the cost of repair is less than three months of payments on a new car, it is probably worth the risk and fix the vehicle. Basically, you are betting your car will survive longer than the same dollar amount will last covering payments on trading for a new or newer car. Just keep an eye on the amount you are spending – all those little repairs can add up quickly.
The safety logic:
- Its important to consider the inconvenience and safety risks of not having a reliable car. What good is a car that’s always in the shop? Plus you don’t want to be stranded on the side of the road with your family.
The responsible logic:
- How much do you still owe on the car? Although you might be making constant repairs, if you still owe more on the car than its worth (which is called negative equity) it’s better to keep repairing the vehicle (within reason) and pay off the balance of the car loan.
The practical logic:
- Does your current vehicle fit your needs and lifestyle? Maybe you purchased the car many years ago when you were single and without kids? If your vehicle is requiring repairs and your personal situation has changed, perhaps this is an opportunity to upgrade to a vehicle that better suits your needs.
Want to know if its worthwhile fixing your car? WeeL can help. Email us at [email protected] or call