If you own an older vehicle that breaks down frequently or needs major repairs, you may be trying to decide whether you should repair your existing vehicle or purchase a new one. These three steps can help you make that decision.
- Get a Repair Estimate
A good starting place is to find out how much the repairs your vehicle needs are expected to cost. An auto repair Mountlake Terrace WA shop should be able to provide you with an estimate. They should also be able to advise you about any cost-saving options that could affect your decision, such as purchasing used parts or rebuilding a part instead of replacing it.
- Determine the Value of Your Vehicle
You can get an idea of the value of your vehicle by consulting guides such as Kelley Blue Book or Edumunds. If the estimated cost to repair your vehicle is higher than the vehicle’s worth, it may not be worthwhile to repair the vehicle. However, you also need to consider the cost to replace your vehicle.
- Research Replacement Vehicles
If the estimated cost of repairs is more than your vehicle’s value, you may want to replace the vehicle, but you first need to determine how much it will cost you to do so. If you can find a used vehicle that is the same year, make and model as your current vehicle, you may be able to purchase a replacement for a similar price to the repair cost; however, that vehicle may also end up needing repairs. A newer model will likely cost less in repairs but may cost more than you can afford to spend.
Whether you should repair or replace your vehicle depends on the value of your vehicle, the cost of repairs and the cost of a replacement vehicle. Following these three steps can help you decide which option is right for you.