When Is Your Car Worth Repairing?

Usually, the older your car is, the more repairs bills you have to face. As time goes by, you have to consider if repairing your car is worth the expense or whether it is time to buy a new one. Of course, this decision depends on a number of considerations. In many situations, you are better off repairing your older model car rather than buying a new or different vehicle.

Transmissions

Transmission replacement is always an expensive proposition, even if you choose a rebuilt or re-manufactured part. If you are lucky enough to find an absolute bargain, you will probably spend at least several thousand dollars to get your vehicle up and running again. Before you invest that kind of money, you need to find out what your vehicle is worth if it is repaired. Once you do, you should subtract the amount of money the repair will cost.

If your car is listed at 6000 and your repair is going to cost 2100, the net value of your car is 3900. To get the “as is” value, you need to subtract half of the repair cost from the 3900, which gives you 2850. In that case, it is well worth having another transmission installed, as long as the rest of your vehicle is in good condition. In any case, you need to remember that you’ll have trouble finding any buyer for your car without a fully functioning transmission.

Engines

When the engine blows on an older car, you may think there is no reason to fix it. Replacing an engine is a drastic and expensive step. However, buying a used engine and having it installed in your car is often worth the money. If your car is in decent condition otherwise and you plan to drive it for several years, replacing the engine makes sense. A replacement engine will cost approximately $2250 to $4000. However, a remanufactured engine should last as long as the original engine did. Also, by fixing your current car, you will be saving money on taxes and insurance. Keeping your old car is often the financially responsible thing to do.

Even if your car develops some serious issues, repairing it may be the best course. Buying a new car is expensive. Keeping your current model for a few extra years, even if the repairs are costly, can help you save money for a new vehicle when you really need one. Contact a company like Goodeal Lifetime Transmissions for more information on transmission repair.

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