If you’re on the fence about whether or not to fix that broken engine… it might be time to give up on your old vehicle and part ways with it.
Keeping it can end you up spending more than you can get in return. It can be hard to tell when a car or truck is too expensive to repair, but by watching out for these signs, you’ll be able to know when it’s time to let go of your beloved old ride…
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What’s Your Current Car Worth?
Value your current vehicle. If you’re shopping for a new ride, that information can be invaluable.
A good place to start is Kelly Blue Book, but there are others out there. KBB allows you to search by year, make and model. Once you enter all of that data, it gives you an estimated trade-in value for your current vehicle. If it’s in decent shape (it runs well and has few miles), chances are that number won’t be very high. And if it isn’t? You may want to think about making repairs or upgrading before looking at your next vehicle purchase.
How Much Will It Cost To Keep Repairing Your Old Car?
For many people, deciding what to do with an aging vehicle can be a real problem.
If you want or need to get rid of your current ride, it’s good practice to check out how much it will cost you in future repairs before making your decision. A good place to start is to check your owner’s manual and see which expensive maintenance is coming your way.
You can also check online what are the common issues that occur over time. The truth is that even the most reliable car will have some problems down the road.
Gather as much information and you’ll be able to make a more informed decision about keeping that old clunker around.
How To Extend The Life Of Your Current Car?
It sounds simple, but doing regular maintenance on your vehicle will help keep it running longer and driving safer.
This includes oil changes, tire rotations, brake replacements and more.
A $25 oil change may seem like a waste of money for some people but if you don’t do routine maintenance—or even replace your own tires—you can end up spending hundreds more on repairs and parts down the road.
In short: doing basic maintenance will save you money in addition to extending your car’s life—not just in time but also as far as miles go.
How To Shop For A New Car?
New cars require much less maintenance and repair over their first 5 years since you’re covered by a warranty for that time.
Plus new cars are more reliable and include more safety technology.
If your car has gone beyond that timeframe, however, it’s worth taking into account how much repairs might cost in its remaining years before you buy.
When Does It Make Sense To Replace Your Old Car?
You definitely consider changing your car when the following issues occur:
- The repairs are becoming more frequent and hard to keep up with.
- The car leaves you regularly stranded, putting you in a potentially dangerous situation or making you late to work.
- Repairing will cost more than half the value of your car.