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Should you Repair or Replace your Vehicle?
Your car isn’t going to last forever. If you’re sitting on a car that isn’t running, that can seem like a harsh reality, but it’s true. When your car doesn’t run, there’s a decision to be made: repair or replace?
Before we get too far, let’s set the stage. Let’s say you have a 10-year-old car that’s in good condition but no longer runs. If you can get it running, you could sell it for $2500. Not running, you can “sell my junk car for cash in Fort Myers, FL” for about $500. What should you do? Here are some tips to help you determine the answer.
Assess the Situation
What exactly is wrong with your car? If you aren’t savvy about cars, you might need to visit a mechanic to determine exactly what’s going on and how much repairs will cost. The following are possible scenarios:
- The estimate for repairs is not bad. To get the car running will cost less than $1,000. For that price, you can make the repairs, continue to drive the car, and delay a new car purchase for a bit longer. Or, you can make the repairs, sell the car, and still come out enough ahead to justify the expense.
- The estimate for repairs is steep, greater than the amount you can get from a sale. If this is the case, it just might be time to replace the car.
- The estimate falls in a gray zone where the best financial choice is not obvious. If this is the case, keep reading. We’ve got other factors for you to consider.
Can You Do the Work Yourself?
You don’t always have to be a trained mechanic to get a car up and running again. If you have basic mechanical skills and you can search the internet, you might be able to save money on repairs by doing them yourself. This approach might reduce the cost of repairs low enough to make it the smart financial choice.
What’s Your Financial Situation?
Can you afford to replace your car today? If the answer is yes, then simply choose the best option and proceed. If the answer is no, things are trickier. You still don’t want to throw good money after bad by spending money on repairs that exceed the value of the car, but delaying a purchase gives you time to save and plan. Our advice?
- Don’t spend more on repairs than the car is worth.
- Do shop around for multiple repair estimates to find the lowest price
- Do your research to find out how much you can get for the car. Many places pay cash for old cars in Fort Myers, FL.
If the car is drivable, you can wait to make repairs. This is another way to buy yourself time to save for a new vehicle. If you’re not sure how long the car will last in its current condition, ask your mechanic.
Your ultimate decision is based on value. Repair dollars that result in good net profits from a sale have a high value. Don’t invest in a sinking ship. Do your research, spend your money wisely, and know when to walk away.