Since we opened our doors, customers throughout Alexandria, OH, and nearby areas have turned to shop owner Chris Enright for his automotive expertise and easy-to-understand explanations. And one of the top questions we receive is, “Is my vehicle worth fixing?”
Simply put, everyone’s situation is different. But we have outlined a few top considerations you should make when determining whether to repair your car or purchase a new vehicle.
Watch Chris Enright as he provides more details, and then continue reading for additional considerations.
Cost of Repairs vs. Value of the Vehicle
Some auto repairs will be minor and relatively routine, such as brake repair and suspension service. However, when you need engine replacement or transmission service, it can cause you to consider whether it’s worth it.
One rule of thumb is if your auto repair costs exceed 50% of the vehicle’s value, it may not be worth fixing. For example, if your current car is worth $1,200 and needs a new motor that costs $3,000, it may not make sense to move forward with the repairs.
Costs of Repairs vs. Costs of a New or Used Car
According to Experian’s Q2 2021 State of the Automotive Finance Market report, the average monthly car payment for a new vehicle in the U.S. was $575. If you multiply this by 12 months, you will pay out around $7,000 a year for a new vehicle.
Even if you don’t purchase a brand-new vehicle, a used car can still be expensive. According to the same report, the average monthly car payment for a used vehicle was $397. This comes out to be $4,764 in 12 months. In either case, you may still have to pay for unexpected repairs.
When deciding whether to repair your existing car or purchase a new or used vehicle, ask yourself, “Will I spend more than $7,000 or $4,764 a year in auto repair and maintenance costs?” If yes, you can confidently purchase a new or used vehicle without buyer’s remorse.
Vehicle’s Age, Mileage, and Condition
The age and mileage of your vehicle are the usual two factors that come to mind when buying a used car. Usually, older vehicles with high mileage and have already required several repairs may not be worth having additional auto repairs.
Continually repairing an older model vehicle can also feel like throwing money into a black hole. If you’re feeling this way, purchasing a new or used vehicle may probably be better.
On the other hand, more recent cars with low mileage are still worth repairing. And the same can also be said for high-mileage vehicles that are well-maintained, which can still serve the owners for a long time.
Need Auto Repair Today? Contact Enright Automotive in Alexandria, OH
If you’re on the fence about whether to have auto repair or purchase a new vehicle, Enright Automotive can help. We can help you think through your options and offer our unbiased opinion. Once you have considered all options, you can confidently make the best decision.