Do you know when it’s time to retire your used vehicle? Have you found yourself spending more on auto repairs? Here are key points to consider before purchasing a new vehicle.
According to an article at money.usnews.com, “How Well is Your Vehicle Running these Days”
“The average age of a car in America reached an all-time high this year of 10.8 years, according to a study by Polk, an automotive information and marketing firm. That means a lot of us will be facing needed repairs.
When that happens, some of us will be tempted to decide our car is not worth repairing and we should find a new ride
But is that true?
Let’s look at these questions to ask yourself before you decide whether your car is worth keeping:
What does the research show? Many times you can diagnose a car problem online. Knowing what caused a leak or squeal without having to consult a mechanic can save money and give you a good idea of how much it will cost to fix.
How much will the repair really cost? Don’t go on a gut feeling—either take your vehicle to a mechanic or call and describe the symptoms and ask for a high/low range for cost to repair.
How long will the repair extend the life of your vehicle? If one repair will add years to your car’s life, it may make sense to do it. On the other hand, if this repair is just one of many you predict to come, it probably makes more sense to trade in your vehicle and purchase a new one.
What is your car worth if it’s repaired? Kelley Blue Book can provide a rough estimate of your cars worth, based on figures such as mileage.
What is your car worth if it’s not repaired? You may have an opportunity to sell your car to someone who can do the repair for less than you’d spend—or you may have to sell it for scrap value. In any case, find out what it’s worth as-is.
Have you replaced other major components? If you’ve recently repaired a major part (e.g., the transmission), that’s one less major bill in the near future. It could be that the major components are newer—and more reliable—than your car’s age.” To read the entire article click here.