In most cases, when a car needs repairs, getting the necessary work done is an easy choice. However, that easy choice gets much more complicated if the repairs are expensive or the car is old and lacks value. How do you know whether or not it’s worth it to fix it up? While some math is involved in this (which we’ll get to in a moment), there are a few other factors to consider. Keep reading to learn how to decide if you should fix up your old car or bring it to us. We offer cash for cars in Fort Myers, FL, so that you can get money in your pocket should you decide your car is not worth the cost of repairs.
The first thing you’ll need to know is to decide exactly how much repairs will cost. If you’re looking to replace extremely expensive parts, you could be spending thousands of dollars on getting your old car running again. Here are a few examples of some of the biggest repair expenses that cars often need as they get older:
- Transmission replacement – $3,500 to $10,000
- Suspension replacement – $2,500 to $3,500
- Catalytic converter replacement – $1,000 to $1,500
- Total engine replacement – $3,000 to $10,000
While some exterior issues are purely cosmetic, you’ll want to at least address those that impact the structural integrity of the car—like rusting and a bent frame—to ensure a car is safe to drive and the damage doesn’t place additional strain on other parts. Of course, this is just internal work that your car might need under the hood. If your car has severe rusting on the frame, for example, this could cost upwards of $2,500 to repair.
Once you thoroughly understand what the necessary repairs will cost you (hopefully by getting a quote from a professional), it’s time to look at the next factor.
The Value of Your Car
When a car’s repairs cost more than the car is worth, insurance companies state the car is “totaled.” If you have an old car that isn’t worth much, it doesn’t take too many necessary repairs for it to be totaled. In some cases, just needing a new transmission can “total” the car. Generally speaking, if the car isn’t worth as much as the repairs it needs, it’s not worth fixing it up. Of course, there are a few exceptions to this and other factors to consider that might impact your final decision.
The Cost of a New Car
If your old junker is your primary mode of transportation, you should also consider the cost of a new car. If you’re strapped for cash and can’t afford to buy a replacement vehicle, it still might be worth fixing up your old car, even if the repairs cost more than the car itself. For example, if you need a new transmission, which will cost you $4,000, but the car is only worth $2,500, it might seem crazy to pay for that transmission. However, if a new car will cost you at least $10,000, and you simply cannot afford that, the lower cost of the transmission might be the better choice.
Granted, you’ll also have to consider future repairs for your old car. After all, if the engine will give out in another year, it’s probably worth working out a loan for a new car rather than continuing to pour money into an old one that will continue breaking down.
Sometimes, the right repairs can significantly affect the car’s value. If getting the work done will add more value to your car than you spend on repairs, then it’s definitely worth fixing up your old car. If you decide to sell it, you’ll get back what you invested in it. However, it can be quite difficult to determine the exact impact of repairs on your car’s resale value. The best you can do is to research your car’s value based on its current condition and future condition after the repairs are done. Hopefully, you can get a fair estimate of what you’ll gain if you decide to go through with the repairs.
The Convenience to You
Finally, be sure to take the value of your own time and convenience into consideration when making this decision. Will selling the car allow you to find a more reliable mode of transportation? Will keeping it save you the hassle of shopping for a new car? Does the car have some kind of sentimental value that makes it worth repairs that exceed its actual value? It’s essential to look beyond the numbers themselves when determining the true worth of conducting repairs on your old car.
Ultimately, the correct answer will vary from person to person and car to car—and won’t always be based on pure numbers. If you do decide that you want to sell your old car, but it’s difficult to find a private buyer due to its poor condition, reach out to U Pull & Save. We’ll provide you with a free, no-obligation quote over the phone based on your car’s current condition. You can use this information to help you in making your final decision on whether or not to sell, and if you do decide to sell to us, we’ll arrive with cash in hand and tow your car away for free.
We offer the most cash for cars in Fort Myers, FL, so reach out to U Pull & Save today to find out how much your old junker is worth!