Your old car has been like a friend to you. It’s taken you places both near and far. But now it’s getting rusty and starting to make noises. It’s time to decide if your old car is worth fixing or if it’s time to starting shopping for a new car.
Most people tend to hold onto their cars until they need a major repair or they find themselves stranded on the side of the road. Then they have to make a tough decision. Is it worth spending over a $1000 for a head gasket or new transmission, when there is no guarantee that the car won’t break down again soon. But if you buy a new car then you will have a car payment to pay. Here are a few things that may help you decide what to do.
Car Insurance Costs
Car insurance coverage may actually cost less on a new car than an older one. This is because cars are made safer and safer each year.
Is your older car still safe? Newer models have antilock braking systems and airbags. Some even have side airbags. Newer models may even have backup cameras or sensors and may even have collision avoidance systems.
How is your Old Car Running?
If you have a major problem with your car, have a trusted mechanic give your car an overall inspection. This should tell you if you only have one problem to fix or if there are several problems that will need attention. This should help you decide if your old car is worth fixing or not.
How much is Your Old Car Worth?
Car values drop rapidly over the life of the vehicle. Check out internet sites to get a ballpark value of your car’s worth. This will give you an idea of the trade in value for your car if you decide to buy a new vehicle. It also is a good idea to never spend more on repairs than your car is actually worth.
In the end you have to consider everything, repair costs, car insurance coverage costs and safety when deciding whether to keep your old car or buy new.