There comes a point in every car’s life when it requires a major repair. If you’re one who never buys a new car because of the instant depreciation and want to know if the car repair is a good investment or if you should replace the car instead, here are some things to consider.
What the Repairs Cost Over the Past 12 Months
Look at what you’ve put into the car in the past 12 months in car repair (not maintenance). Add that to the estimate for the car repair you currently need and divide by 12. Is this amount more than you might make on a future car payment? If so, you might want to consider selling the car you have in its current condition and use the money on a down payment.
Availability of Cars in Your Budget
Let’s assume that your old car is paid off but you’re still hesitant to invest more into it. Look at the cars available in your budget versus the car you have now. Consider that you know the repair history, maintenance and oddities about your current vehicle and that the car you might buy has many unknowns. With all the recent flooding, many cars on the market have hidden flood damage so it’s often buyer beware. After all that, you may find that this repair is a good investment, especially if the car is already paid off.
How Long Will the Car Repair Last
Different repairs have different life expectancies. If you’re faced with replacing your fuel injectors, you likely won’t ever have to do that again and it might be a good investment. However, if you’ve already put an alternator into your car and are faced with replacing it again, the car might have something else wrong that kills alternators sooner than average.
Make sure to check your VIN number against all recalls. You may find out that the repair won’t cost you anything but time if it’s a recall issue. This is especially true if you’re not the original owner as they may or may not have had the recall issue attended to.
Oldsmar Automotive can help you with any of your car repair needs. We can also give you an estimate on other issues we see that may need to be addressed in the near future. And, if you’ve decided to buy a new used car, we’re happy to provide you with a written inspection of the car so you can feel more confident in your buying decision. Call us today to schedule your appointment – (727) 784-3501 or come by 3166 Tampa Road in Oldsmar.
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