As a car puts on mileage, you’ll slowly come to a point where you aren’t sure if it makes more sense to repair the car or just by another one. While there is no black and white rule regarding the best course of conduct, there are a few indicators you can consider when making the decision.
Before we get to the penultimate issue discussed in this article, there is something to be said for taking steps to make your car last. If you do the basic maintenance called out in your owner’s manual, your car will usually last a very long time. Regularly changing belts, fluids and filters as well as keeping tires up to pressure can really extend the life of old Betty. Enough said.
What if repairs seem to be more and more constant? Logically, there comes a point where dealing with and paying for the constant repairs is just too much. While I can’t say repairs worth a particular dollar figure mean anything in this regard, most people do recommend using the 50 percent rule. If a repair costs you more than 50 percent of the value of the car, then it is time to buy a new one.
The 50 percent rule has its weak points. You might find the vehicle needs a lot of repairs although no particular one costs more than 50 percent. This would suggest you don’t need to replace the car, but your slowly draining bank account will suggest a different conclusion. If this seems to be the case, just use your common sense.
It should be noted that the value of your car needs to be measured against the current market in the auto industry. A new car is a pretty sweet ride. The offers being made by automakers are even sweeter. The recession has dropped the bottom out of the car market. This means there are a host of deals to be had. You can get cars for bargain basement prices. Even better, you can get them with zero interest loans being offered by the manufacturers. You need solid credit, but that doesn’t mean it has to be perfect.
Regardless, if you can get a brand new car for next to nothing, the decision regarding whether to pay for repairs on yours or get a new car may become very one-sided. Make sure to take a look at the deals out there before making your decision.