Reasons To Repair, Not Buy A New Car
It's a debate many of us face: pay for another car repair or buy a new one. Here are a few top reasons to repair not replace your vehicle, along with the smartest way to pay for repairs.
Why Repair And Not Replace?
- 1.It's almost always cheaper to fix rather than take on new monthly payments, higher insurance premiums, and increased registrations fees.
- A new car loses more than 20 percent of its value the first year. Edmunds data show the Ford F-150 pickup loses 28.6 percent its first year. Carfax says after the first year, cars then lose 10 percent of their value each year for the next four years. So, after five years the car is worth just 40 percent of its purchase price.
- 3.Repairs can pay for themselves.
- Depending on your car's condition, the repair could boost its value. For example, a $1,000 repair might increase your car's value by $1,000. Our certified mechanics are able to provide an estimate and go over the details with you.
- 4.Repairing will give you time to research options and save for another vehicle (preferably a used one that has been checked out first by a certified mechanic).
- 5.Sentimental attachment
- Money aside, if the idea of replacing your car makes you feel like you'd be losing a good friend then repairing may be the best route.
How To Cover Repairs If You're Financially Strapped
- 1.Ask for a breakdown for parts and labor.
- 2.After consulting with a certified mechanic, determine what repair(s) can wait. Focus on the highest priorities, especially safety issues. We are always happy to go over all the details and needs of your vehicle so that you understand what to expect and what is important for your needs.
How To Avoid The Costly Repairs:
Regular maintenance is the best way to avoid problems and keep your car running for years and miles to come. Continue to work with a certified mechanics and stick with that person or shop in order to maximize the relationships-and savings. When we know your vehicle we can services it better!
Until Next Time... Auto Dave