After a certain point, your car can start to feel like part of the family, which is why it can be so difficult to ‘say goodbye’ and decide to replace your car with a younger model when it breaks down. However, whilst there is often something to be said for sticking with what you have and trying to fix your existing motor, sometimes, it can be the more sensible option to cut your losses and move on. So, should you fix or replace your car? Read on to find out.
Wear and tear
Over time, no matter how well you take care of your car, it will require some TLC. Belts crack, electrics fail and brake pads will need to be replaced. These repairs will vary dramatically depending on the severity of the wear and tear and the cost and availability of replacement parts, not to mention the mechanic you ask.
Unless you decide to trade in your old model for something even older and in worse shape or your current car is completely totalled, you’ll generally always pay less for repairs than you will a brand new or second-hand car. Also, take into account that insurance will be higher on a new car and it will almost certainly lose a large share of its value in the first year. When shopping around for mechanics, make sure to get a number of quotes and understand that the majority of the cost is more likely to be labour than parts. So, if there are repairs you think you might feasibly be able to make yourself that might be a cheaper option.
Brand new wheels
In situations where the costs of repair are just too severe and you might only be able to buy a few more weeks or months out of it even with repairs, it is probably time to start shopping for a replacement. A new car will not only come with a guarantee (of at least three years) but will most likely be more efficient and safer.
The best middle ground between buying a new car and fixing your existing car is arguably going second-hand. With the money you make from selling your old car (either to a dealer or for scrap) you should already have a decent amount to put towards a new(ish) set of wheels and if you buy from trusted dealer then you’re more likely to find a decent deal and a reliable motor.
When it comes down to it, you’ll know your own car and your own needs better than anyone else so there is nobody better equipped than you to decide whether it’s time to part ways with your car or give it a few more years and hope for the best with a repair job. It’s all about knowing what questions to ask yourself and how to answer them and hopefully, we’ve been able to help somewhat in that regard here.