Deciding whether you should fix your vehicle can be a difficult decision. Considering some of the following factors should help you to narrow down the best choice in your situation. A lot of it will depend on how much the cost of repairs will be and your price range if you need to purchase a new vehicle.
Should Repair or Replace My Vehicle
In most cases, it’s going to be a good idea for you to repair the vehicle rather than have it replaced. However, in some instances, it might be a better idea financially for you to accept the loss of the old vehicle and buy a new one. You may be able to get an insurance claim paid to help you finance the new vehicle purchase depending on what coverage you have on your old vehicle.
- Have You Gotten a Quote on What the Repair Cost Would Be?
Whether it will be a good gift for you to go with the repairs only or to get a new vehicle depends significantly on the cost of repairing your old one. If you receive a quote that would be more than you would spend on purchasing a new vehicle, you should have the right choice. In general, we recommend paying no more than 50% of a new vehicle’s purchase price for the cost of repairs.
- How Extensive Is the Damage on the Vehicle That Needs Repairs?
If the vehicle has an extensive amount of damage, it may be nearly impossible for you to get it fully functioning again. In this case, it will almost always be the best decision to move on and get a new functioning vehicle. You may have a lot of great memories in the vehicle, but at the end of the day, you need something that works.
- Is It Possible to Do Any of the Repair Work Yourself?
Sometimes you will get a quote for repair on your vehicle, and most of the cost will be from the labor. Check it to see what work your vehicle needs and look it up online to see if you think you could handle it yourself.
Often, you can save those significant amounts of money by making vehicle repairs on your own. There are often readily available YouTube videos that show you exactly what to do so anyone could follow along.
Car Buying Tips and Mistakes to Avoid
Were you planning on purchasing a new car soon anyways? Sometimes if you get stuck with an enormous repair bill for an old vehicle, it is just a sign that it is time for you to get a new one. If you were already thinking about replacing your vehicle sometime soon, it would probably be a better idea to skip wasting the money on repairs and go ahead and get a new vehicle. If you were not planning on upgrading your car anytime soon, then the situation is a little murkier.
The first question to ask yourself when shopping for a new car is “How Much of a New Vehicle Payment can I Afford”?
The number 1 mistake that people make in buying a new car is listening to the sales person, and buying more of a vehicle, and especially more vehicle options than they can afford. We recommend before you start shopping for a new vehicle to price out what you could afford. When going to a dealership it is important that you do your research prior so you don’t get roped in to a sales pitch that is not a good deal.
How to save for your Dream Car
If after shopping for a new car you decide that you need to buy more car than you can presently afford, fear not. With a little planning, budgeting and saving you just might be able to get into that Dream Car, sooner than later. Start by doing some carefuI budgeting to access your current situation. Here are some ways to save some extra cash for your dream car:
Check your monthly expenses: have your internet or utility bill sky-rocketed. With many of our bills on auto pay it is easy for your bills to rise without noticing so a great way to save money is to research more affordable internet or energy providers in your area. Since these bill come monthly you can definitely save a pretty penny over time
Learn to Cook: Learning to cook can be a daunting task but when you look at how much money you can save by dining in you will definitely want to start those cooking classes. Another way to save a ton of money in the kitchen is to make your coffee at home. If you look at your monthly expenses a good portion will likely be eating out and coffee shops. By simply making it at home it can save you time and money.
Cancel unused subscriptions or streaming services: Sometimes its hard to keep track at all of the subscriptions and streaming services we have signed up for over the years. By simply canceling unused subscriptions or limiting your streaming services you can save a ton of money
Working out at home: working out at home can be challenging but a great motivator is the amount of money you can save by ditching the membership. There are plenty of resources online to help you navigate your nutrition and fitness goals.
Deciding whether you should repair your car or replace is a tough call but it is important to plan ahead and research so you do not make any rash decisions. Hopefully with the information above it can help navigate all of the options.