When cars become part of the family, it can be hard to let them go. Your car is a part of the little moments as much as the big ones, so how do you know when it’s time to fix up or trade in? These useful tips will help you make the best decision for you.
Compare Repair Costs to the Car’s Value
One of the most important factors in deciding whether to keep your vehicle or trade it in is taking the time to compare how much the cost would be to keep your vehicle on the road versus what the vehicle is worth. If the vehicle is costing you more to keep it running than what its value is, then it’s time to let your beloved car go. There are tools to help you make this calculation and tell you everything you need to know about approaching the issue.
Compare Repair Costs to Replacement Cost
Making the decision to sell your car or not comes with a lot of comparisons. While you need to know if repair and maintenance costs exceed your vehicles value, it is also important to look at the cost of replacing your car versus the cost of maintenance and repair.
Constantly hearing car commercials with attractive monthly payments of $300-$400 a month for a nice new ride can be tempting compared to your $1,500 in car repairs, but there is more to consider. From a long-term perspective it is always better for you financially to pay for the repairs on your vehicle. New cars are very expensive despite the commercials that advertise manageable prices. Don’t forget that few hundred dollars a month on a new car is for several years.
Put simply, if your vehicles repair costs exceed a year’s worth of monthly payments for whichever car you are using as a replacement, it’s time to trade in. Need additional help calculating the total cost per mile of your current car to the total cost per mile of your new chose vehicle? The American Transmission Rebuilders Association (ATRA) has a tool to help!
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Repair or Trade In
Any approach you take to trading in or fixing up will depend heavy on the replacement vehicle you choose as well. We have a large selection of budget-friendly new and used vehicles at Amigo CDJR in Gallup, NM.
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