Repairing an old car can seem like a waste to many, especially if newer models have been grabbing your interest more and more often. A new car may not be the smartest decision depending on your financial situation. Here’s a quick breakdown to help you decide whether you should repair or replace your old car.
As cars get older, they experience natural wear and tear. Unfortunately, that wear and tear can lead to some hefty repair bills. Maintenance items, such as timing belts, need to be replaced as the odometer turns to six figures. Other items like brake rotors and tires will also need to be replaced later down the road.
While some of these repairs can be expensive, repairing an older car is almost always more affordable than buying a new one. If you’re already strapped for cash, keep in mind that a new car will not only require a down payment and subsequent monthly payments, it will also most likely come with higher insurance rates and registration fees as well.
If you’re constantly making major repairs every month or two, a new car might be the right way to go. Even if you can afford the repair, there’s no guarantee that something else won’t go wrong soon after. Maintenance fees add up over time and could amount to a down payment on a new car.
Depending on which vehicle you choose to purchase, you could still be paying less than the cost of parts and labor for your old, beaten up vehicle. Not to mention, there are plenty of used vehicle options that could still be newer than your current vehicle, but at a lower cost than a brand new vehicle.
Whether you’re looking for your next car or fixing an old one, stop in at Pantilli Mitsubishi to have our team help you with anything you may need.