When is a car not worth fixing?
Humans get attached to things, it’s in our nature. But there are times when we need to let go of one thing and make room for something better to take its place, like that old vehicle. If you’re finding that your old car is in constant need of repairs and wondering if it may be time to let it go, this is the blog for you.
Some vehicles are worth salvaging, but others aren’t. There are certain factors to consider when assessing the repairability and overall value of your vehicle. This blog intends to educate you on when it’s best to repair your vehicle and when you should stop sinking your money into a losing effort.
1. Mileage and Age
The first two things you need to consider when deciding if you should repair or junk your car is how old it is and the mileage. You would be better off replacing a vehicle more than ten years old with 100,000 miles or more on the odometer than repairing it in most cases. Also, if you’ve had to make constant repairs then it may be time to upgrade your vehicle.
2. Vehicle Value vs Repair Costs
When the cost of repairs exceeds the current market value it’s not worth repairing. Many car owners apply the 50% rule: if the cost of the repairs is more than 50% of the vehicle’s value it probably isn’t a good investment. You can check resources like Edmunds and Kelley Blue Book to find out what your vehicle is worth.
3. Reliable Transportation
Your vehicle gets you where you need to be like work, the grocery store, and getting your kids where they need to be. We have a great dependency on our cars, trucks, and SUVs. With this dependency comes the need for reliable transportation. If you spend a great deal of time in your car, then you want it to be functioning well. If your vehicle has a pattern of breaking down you might want to consider junking it and taking that cash as a down payment on a newer model.
4. Nature of the Repairs
What type of repairs are needed on your vehicle? If it’s small electronic fixes or routine maintenance then it may be worthwhile to address those. But if you need a new transmission or your car suffers frame damage then that can get pricey. If the repairs are an ongoing problem then you’re just throwing good money after bad. Cut your losses and start new.
5. Safety
Safety is of the utmost importance when it comes to the vehicle you drive. Your safety is significant as well as the other people on the road. Car owners who have issues with stability or failing brakes should weigh the risks of repair vs starting new. Over everything else, safety should be a priority and if the repair costs compromises anyone’s safety, it’s better to sell and get a new vehicle.
6. Sentimental Value
We mentioned attachment in the first paragraph of this blog, and we did that for a good reason. There’s nothing tougher than saying goodbye to a car you love. Our cars take us on road trips, they’re earned with hard work, and they truly become a part of our lives. But, like a pet, there are situations when it’s time to say goodbye, especially when you’re throwing good money away with repairs.
7. Future Expenses
Is this repair job you're contemplating putting an end to all future repairs? No mechanic would make that promise. Odds are, if you’re contemplating whether to junk a car or spend money on repairs, that vehicle isn’t in the greatest shape and future repairs should be expected. Take a look at how many repairs you’ve had on this vehicle and consider that before you repair it again. You’ll know from its history what’s best for you and your bank account.
If you find yourself with a car or truck like this, it is time to junk it. We can help. We always pay cash for junk cars and junk trucks. Call us at (317) 499-5062 or visit our website at http://pickapartindianapolis.com
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