Your car has broken down and kept you stranded in the middle of the road. It has now happened twice within the same week. Looking back a few months, the mechanic sees more of your car than you ever do. Moments like these would put anyone in a dilemma. You are confused whether to splurge some extra cash and wish the car will not break your trust again, or you can save some of that money and plan to purchase a brand-new car.
Don’t forget, you could always get help from an inspector to provide you with a certified roadworthy certificate for your vehicle. This will tell you if there are any issues and again, point you in the right director of repairing or replacing your car. Roadworthys are handy in making sure your vehicles health is good or whether its time to sell it on.
The decision to “repair or replace ” needs more thought as it is not something you need to decide on an everyday basis. Many of us build an intimate connection with our cars and it is heartbreaking to set them off. However, a newer car can bring the peace of mind you always asked for. This article will help you walk through the math for this important decision-making process.
- Get an Estimate on the Car Repair
Drive your car to a reliable workshop and get a full report on immediate car repairs your vehicle needs. The neighborhood mechanic can be cheaper, compared to a dealer, and can guide you better on how to make the bill less painful on your wallet. Check with the mechanic if any parts can be salvaged or rebuilt, which will definitely push the price down. Click here to locate reliable workshops and mechanics near you.
- Identify the Breaking Point
Repair costs can build up over the years as any machine will depreciate over the years. It is essential to look up the current value of your car through the market or an online pricing guide. When repair costs seem to rise higher than the car’s value, then list down other alternatives instead. A newer car will provide better fuel efficiency and economical maintenance schedule. Car owners can also do a cost-per-mile comparison to know how much you can save in the future with a new car.
- Weigh in the Intangibles
While experts may give you a rational answer based on mathematics, car owners would be more considerate with their emotions. We recognize the sentimental attachment one can have with their cars and we encourage you to never push your emotions away while making this age-old question on fix-it or replace-it.
However, chart your feelings on the dilemma after answering a few questions. Does your car give you peace of mind while driving it? Is it reliable or is it a reason for your day-to-day stress? Do you like how it looks? While your emotions can not be the driving factor to this decision, you should also not ignore them.
- Scale Compromises
Remember that there are more options than the two ends on the spectrum – driving a broken-down car or your dream car. You can explore more options in deciding how to handle your car situation. Check alternatives like buying an older version of your fantasy car, which would be much affordable. You can set a target date for buying a new car, but until then size up your current car with immediate repairs and hold it for another year or two. This will provide you with a sizable window to save for a new car.