Should I Repair or Trade In My Aging Car

Should I Repair or Trade In My Aging Car

Any decision related to money can never be easy. Similar is the case with deciding whether you should repair or trade your old car. You might have owned your car for a long time and now it might feel a part of your family, but that should not stop you from considering the right option for you.  

The following tips can provide you with information to help you reach a knowledgeable conclusion.

When to Consider Repairing Your Car

If your old car is giving you a hard time with a high repair bill every time it breaks down, and it is happening very frequently, then you need to decide if you want to keep pouring your hard earned money into its maintenance and repair, or you if can afford a newer car.

Cost of Repair

Most of the time the repair cost is less than trading for a new or used car. This option is best in case you do not want to add a new car payment in your monthly expenses. The financial reason is an important aspect while considering the options.

Emotional Value

Repairing a car also seems like a good idea if it has some sentimental value to your family. This aspect cannot be measured based on money but only on how much you are willing to spend until your car loses its appeal.

Peace of Mind

Repairs can help your car from falling apart, but you will always be worried about future issues. The frequency of breakdowns increases with the age of the car. The negative point with repairing your car is that you will not be fully satisfied. If you love your peace of mind then you should be thinking about trading your car for a newer car.

Outdated Features

With increased repairs, your insurance premiums will also go up. At the end of the day, you will realize that the total cost of repairs is more than the cost of a new car. If your car is very old, then trading it in can be a better option, as it can get you a more sophisticated and safer model.

The facts above should be considered before you decide that repairing your car is the best option.

When to Consider Trading In Your Car

If you have gone through the above reasons about repairing your car and you are still not convinced that it is for you, then you are left with only one other option: trading in your car.

There are many advantages of trading in for an updated version or a new car:

  • The most important benefit is that you will not have to visit the mechanic so often

  • You will be able to use your car without checking the engine every time

  • A new car can also help you improve your self-esteem if you have felt that your previous car was not matching your social status

  • In the long run, trading in your car can get you better safety features, better gas mileage and peace of mind

In the end, the important thing is that you make the decision for yourself and do not let the car decide for you.