The titled question is one of the hardest questions vehicle owners must answer. At one point is it better to buy a new car rather than fix the one you have? Accurate Auto cannot make that decision for you, but we promise we will do everything in our power to keep your automotive repair bills to a minimum. Should you fix your car or buy a new one? Here is some information that will help you decide.
When You Should Fix Your Car
You should always fix your car if the repairs are minor and you still have plenty of miles to get out of your vehicle. You should also repair it if you haven’t paid it off yet. Financing a new car when you still owe money on your old one will increase the new car’s purchase price because dealers often hide what you owe on your old car into the new car contract. You should also fix your car when
- It costs less to repair the car than it does to pay for a new or used car in full
- It costs more to insure the new car
- It costs more to license the new car
- Your current vehicle has already depreciated in value
- Your current vehicle will last a long time after the repair
- Your current vehicle has sentimental value that is worth more than the cost to repair to you
In nearly all cases, it will cost you less to repair your vehicle than to purchase a new one. Even if you’re looking at a $7,000 total engine replacement, you cannot buy a new car for $7,000. Remember, unless you can drop the cash outright, a new car will set you back financially with higher monthly payments and longer payback terms.
When You Should Buy a New Car
This said, there are times when you should replace your vehicle no matter your financial situation. Purchase a new or low-mileage used car if
- Your vehicle is old and breaking down constantly
- Your vehicle is unsafe
- Your vehicle’s value is less than what it would cost to repair it
Honestly, if you’re driving a clunker that isn’t even worth the cost to junk it, it’s time for a new car. Check the value of your old car on a reliable website to see if you have money left in it at all.
We’d here at Accurate Auto would be happy to discuss value with you. Visit our Beaverton, Oswego, or Hillsboro, OR, shops. Call to set up an appointment at 503-773-5334, 503-506-6513, or 503-850-2878, respectively.