AHere are some facts and questions you need to answer to find out.
Should I repair my car or buy another one?
- The average car lasts about 11.5 years on the road
- Today’s vehicles can last 200,000 miles or more.
- The average price of the new car is $36,270.
- The average loan lasts 5.5 years.
- The average car note payment is $479 a month.
- Has it been a good, reliable car?
- Have I invested a lot of money in ti lately?
- Is it in good condition?
- What other repairs need to be made?
- How much longer can I use the vehicle is I make the repairs?
Suggestions to make an educated decision
- Have your vehicle evaluated by a certified professional. Even if you don’t fix your vehicle It can be the best money spent not getting into debt with a problem car. Plus, you have the information to sell your car honestly.
- Use this formula to help make a decision. Cost of the total repair (example $2000) divided by the average monthly car note ($479/month) = how long it will take to get your money back on the repair (4.17 months).
- Is it a high-end car? More expensive cars are worth putting more into to keep them going.
- Are you paying for neglecting your car?
- Can you afford a new car note?
This is a hard decision – Ask your certified tech for their opinion.
We hope this has been of some help!