Whether it is a car that breaks down all the time, or the result of an auto accident, gauging costs of vehicle repairs vs junking your car and replacing it can be complex. Vehicles are expensive and repairing a car isn’t always a straightforward task.
Are you up against a crossroads with deciding what to do with your vehicle, and don’t know which way to turn? Let’s look at how we can weigh the options.
Calculating the Costs of Repairing a Car
How do you decide if the repairs are too costly? First, look up the market value of your vehicle.
You will be able to enter the vehicle’s mileage and the condition of the vehicle. You then can compare the value of the vehicle to the estimated cost of the repairs.
Is the cost of the repair a significant percentage of the vehicle’s value? Remember that having the repairs done will increase the value of the vehicle, and therefore increase the monetary return should you decide to sell it once it is repaired.
It is also recommended to go by the year and mileage of the vehicle. Less than 10 years old, and under 150,000 miles on the odometer usually warrants for repairs to be done rather than purchasing a new vehicle.
Shop Around for Repairs
Get a few estimates for mechanical repairs. It never hurts to shop around for prices.
One shop may give you an estimate that is several hundred dollars more than another mechanic would charge you. Once you have a couple of estimates you can choose the best price or go with the mechanic of your choice, but at least you shopped around.
Are DIY Repairs Possible?
Getting an estimate from a mechanic can come as a real shock when the bill is way more than you thought it would be. Though they are professionals and have a lot of experience, mechanic’s hourly labor rates can add up quickly.
If you are good with your hands and can follow an online tutorial, perhaps it would be a good idea to look into doing the repairs yourself. Maybe a friend could help you out if they’re good under the hood.
Buying parts is no doubt going to more affordable than having the work performed by a mechanic. If you are not confident in your abilities, then perhaps a DIY repair isn’t such a good idea after all.
Learning Lessons from a Lemon
Is your car at the mechanic too often? If you are paying automotive bills more than you really care to, then maybe you have what is known as a “lemon” on your hands.
A vehicle that is squeezing your bank account dry may not be worth repairing yet again. Add up all the money that you have spent on mechanical issues and see if you could have put that cash towards buying something more reliable.
When the Vehicle is in an Accident
Unfortunately, accidents do happen while driving. The good news is that cars are replaceable, and hopefully, you are uninjured.
Damages from an accident are often more than what meets the eye. Things shift and break under the hood, and on the frame of the vehicle, that can be expensive to repair.
What the Insurance Company Considers Totaled
When the insurance company gets involved in taking financial responsibility for damages to a vehicle following an accident, there are certain requirements that it must meet to be eligible for repairs, or it could be considered “totaled.”
A totaled vehicle is when the cost of repairs is added to the salvage value, and if that total is higher than the market value of the vehicle then it will be considered a total loss. Once a vehicle is deemed as a total loss, the insurance company will have the vehicle sent to a scrap yard rather than have it repaired.
Getting Over Emotional Attachment
Giving up your old car is not always as easy as it sounds. We form emotional attachments to our vehicles because they can often bring feelings of joy and pleasure to our lives.
When a junk vehicle needs major repairs, it is not just a financial hurdle that we must get over, it is also an emotional one. Remember that letting go of your old vehicle gives you the chance to love another one instead of holding on.
Selling Your Old Car
So, you have decided to part ways with your old vehicle and now need to sell it to make room for a new one. Do you have any idea how much it is worth on the market, or how much it is worth to you if you have put a lot of time, money, or effort into aftermarket stuff?
Find out how much your car is worth. With one click or call you could have it sold for a fair price, instead of messing around with the hassle of listing it and waiting around for a buyer to sell a junk car to.
Can You Afford a New Car?
Once you have the burden of your old vehicle lifted, you will be in the market for a new ride to get you around. Can you afford a brand new car, will you be buying a used one, or should you consider a leased vehicle?
Repair or Replace
Now that you have a better idea of when experts suggest repairing or replace a vehicle, you can use that information to guide you through your next steps.
Repairing a car is just not worth it in the long run if it will be back at the shop sooner rather than later. If you are ready to let go of that junk vehicle, reach out to our team today.