As your car ages, you will spend more and more money to repair and maintain it. The general arrangement is to repair what you can and take care of routine maintenance. Eventually, you reach a point where the car has aged significantly or is severely damaged in an accident and the repairs are quite expensive.
A car gives you memories, it takes you on trips with family and friends and it is like a faithful companion on all those fun adventures. If you get attached to your car, you face a tough decision.
Well, here’s some help to figure out the right choice.
Maintenance Bills
Start pulling out all your maintenance bills and take a look at them. How much have you been paying for your car maintenance? Is there a large figure increase? More oil needed for the engine, frequent changes needed for the break oil, more coolant to be poured than normal?
Your maintenance cost will follow an upward trend from the moment you bought the car, so the question is – Can you afford this upward trend or are the maintenance costs too much?
Repair Costs
There are many things to consider when it comes to repairs.
- Will the problem keep occurring?
- Is it a one-time repair?
- How much longer will the car survive after the repair?
- How much is the repair cost compared to the value of the car?
- Can you afford it?
- Is the car repair covered by insurance in a situation where it is involved in an accident?
Do the math and figure out if the financial costs of repairing the car are worth it
Break Down the Figures
Take a look at the repair and maintenance costs together, and look at the big picture. In the long run, how viable is it to spend money on the car? If you have to keep shelling out a substantial figure in the years to come, just to keep the car in a working condition, then you should consider buying a new car.
And, don’t just look at it in terms of your financial situation. Buying a new car is a costly affair, but the repairs and maintenance costs of the first decade will be significantly cheaper than what you are paying right now.
Budget
It’s all about the money. If you can’t afford a new car, you may have not an option but to keep repairing your old one.
NOT!
You can get an auto-loan for a new car. Even if you have a bad credit score, Insta Auto Loan will still give you the loan. Additionally, you have the option of trading in your car which will give you a better deal from the car dealership.
Ultimately, as much as you love your car, a new car will give you a peace of mind. All the parts are new, it won’t break down and you’ll get great mileage.
