Repairing vs Replacing Your Car - What to Know Before Making Your Decision
Your car needs repairs due to a mechanical failure or an accident. When the mechanic gives you an estimate for the work, there is that moment of sticker shock when you wonder, “How could it cost so much to fix it? And is it even worth paying that much to repair this car?” It might seem like you would be better off selling your car and purchasing a new one. But, how can you tell when to repair and when to replace?
Deciding whether you should repair your current car or just buy another one is a big decision that depends on many different factors. While you’re contemplating your decision, here are a few things you should consider that may help you choose which option is best for you.
New Car, Same Problems
If you’re planning on selling your current car and buying a used one, there is always the risk it may also have major problems down the road. Even if you have it inspected prior to purchase, issues can go undetected. Sometimes, it might be best to stick with the car you have since you know its history. However, new and certified pre-owned cars typically come with a warranty that protects you against problems that arise later.
A broken car doesn’t just cost you money – it also costs you time. Trying to borrow someone’s car, renting a car or managing without a vehicle while your car is in the shop can be a hassle. If your car is spending more time in the shop than out of it, it’s probably time to trade it for something more reliable.
Time for a Fresh Start
Even if you repair your current car, it may not be the right car for you anymore. Families outgrow cars as they have more kids and their kids get bigger. Perhaps you’ve changed jobs and need a car that gets better gas mileage for a longer commute. Now may be the right time to trade in your current vehicle for one better suited to your needs.
Shifting the Balance
There are many factors at play that can shift the balance when considering whether it’s worth it to repair or replace your car. For example, an older car will likely continue to have problems going forward that you’ll have to repair. A new car will save you money on repairs, but you could be spending extra on registration fees and increased insurance rates.
Whether you decide to repair or replace your car, Clark County Credit Union is here to help. If you have decided to keep your car, we may be able to help you refinance it if your loan is high. Or, if you want to trade your vehicle in for a new or used one, our Members Auto service will help you find a quality vehicle at a fair price. Contact CCCU by calling 702-228-2228 today.