Repairing Versus Retiring Your Vehicle |
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Eric Driver
Articlesbase
July 7, 2011
Author: Eric Driver
The older your car becomes, the greater the likelihood repairs are right around the corner. Some repairs are inexpensive and simple to perform, such as replacing spark plugs or hoses that have developed leaks. Others are far more expensive and time-consuming. For example, your timing belt may need to be replaced; your master cylinder might be failing; problems may be forming with your cooling system, ignition system, or worse, your engine. Sooner or later, you'll need to take a calculated look at whether repairing your vehicle is still worth the expense.
Below, we'll approach this decision from both sides of the equation. We'll first examine some of the reasons to repair your car. Then, we'll discuss a few reasons to retire it and buy a new one.
Reasons For Repairing Your Vehicle
Buying a new automobile is more expensive than keeping your old one. This is the biggest reason most people decide to absorb the cost for needed repairs. Even if you can drive a new model off the dealership lot without making a down payment, the monthly payments can make this option cost-prohibitive.
Another reason to repair your car rather than retire it is because insurance will cost much more for a new model. Few people consider this when shopping for a new vehicle. This might seem like a small expense, but it becomes significant over time.
Also, keep in mind that new models suffer a severe drop in value the moment you drive it off the dealer's lot. Some cars lose as much as 50% of their value through depreciation during the first three years of ownership.
Lastly, the time will eventually come when buying a new model is the only viable option. This might happen as your automobile ages, and trips to the mechanic become more frequent (and costly). That said, the decision to buy a new vehicle should be made without the stress of having your car in the shop. By paying for repairs, you can avoid making a rash decision and instead, take a measured approach based on your circumstances.
Reasons For Retiring It
Sinking hundreds - and potentially thousands - of dollars into your car can become discouraging, especially when new problems keep surfacing. For example, you might spend $500 to have your brake rotors replaced only to need a new water pump the following week. Buying a new vehicle eliminates this issue.
Also, when your engine has 150,000 miles on it, you'll find yourself worrying that the next trip will be the one that leaves you stranded. As mentioned earlier, the older your car is, the greater the chances of failing parts. This means there's a much higher risk of breaking down. With a new model, you won't need to worry about this problem.
You may also want to buy a new vehicle if you're weary of coping with your old one. For example, the air conditioning system might require several minutes to blow cold air; blue smoke might billow from your exhaust; your engine may misfire or hesitate during acceleration. A new car will relieve you of these issues.
A Few Last Considerations
Whether you decide to repair your older vehicle or invest in a new one, make sure you maintain it according to the service schedule in your owner's manual. Doing so will help prolong the life of your car and save you money in the long run.
You should also take the time to ask your mechanic for his recommendation. He'll be able to offer his professional insight based on a close inspection of the parts and systems under the hood.
If you're planning to keep your current vehicle, consider buying an extended warranty. The coverage will help hedge the risk of a transmission or engine failure. Given that each of these assemblies can cost over $1,500 to replace, a small fee for the warranty is usually a good investment.
Your decision between repairing your car or trading it in for a new model should be based solely on your personal circumstances. Review your budget, needs, and willingness to endure more frequent trips to the mechanic to decide which option makes the most sense.
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