Your mechanic just hit you with a bombshell: to fully repair your old-faithful car, it’s going to cost you $1,800. You, like 99% of people across the nation, weren’t expecting to spend 1800 bucks on a random Wednesday. Now, you’re contemplating if it’s even worth it for your reliable, but dated vehicle or if you’re better off cashing out and getting a new set of wheels?
The knee-jerk reaction might be to just junk the car and the prospect of riding around in a fresh, new whip is definitely enticing. However, before you send your car to the great junkyard in the sky, take a moment and figure out if right now is the best time to not repair your car and junk it or not.
Should You Pay For Repairs?
More often than not, we’re told to “stop paying for repairs when the cost of repairs exceeds the value of the car.” That’s a pretty sound piece of advice to operate by, however, you don’t ever really know the costs of repairs until the mechanic comes back from running a diagnostic.
Here are several of the most common repairs that will take a BITE out of your bank account:
- Engine Replacement: $3,000-$10,000
- Transmission replacement: $3,500 to $5,000
- Suspension replacement: $2,500 to $3,500
- Catalytic converter replacement: $1,000 to $1,500
When faced with hefty repair costs like these, when weighed against the actual cash value of your car, that will make you want to call the nearest junkyard ASAP. We’ll say hold your horses for a moment though; is this the right time for you to buy a new car?
New Cars Cost Money!
Paying for that repair might take a chunk out of your next check and you might really want a new set of wheels, but take a moment and think about how much a new car costs. Taking on a new car (usually) means a new loan, a new monthly payment, interests, documentation payments, and potential changes in insurance costs.
Even if you go the route of a used car, you’ll likely spend around $2,000. Most of your repairs for the car you already have fall within that price range!
Weighing the pros and cons of either decision should look a little something like this:
Buying A New Car
- Younger cars are usually more reliable.
- Newer cars have more advanced safety features.
- Purchase can include warranties, maintenance, etc.
- A new car loan is a long-term financial commitment.
Repairing Your Car
- No change in your insurance costs.
- You know the car’s history.
- No time wasted advertising and selling your car.
- Might need more repairs sooner rather than later.
So When Should You Move On From Your Old Car?
Truly, there’s no definitive “time period” when you should move on from your car; it’s all subjective. Whenever you feel like you can part ways with your old faithful and take on a new car and new car payment, then by all means proceed. Perhaps you’re in a situation where it’s more convenient for you to not have a car at the moment? Then stop repairing your old faithful and junk it.
Need to junk your car ASAP? Contact WeBuyJunkCarsFast.
WeBuyJunkCarsFast
At WeBuyJunkCarsFast, through our online platform, you can get a quote for your junk car in under 90 seconds. Speed and convenience are paramount; we want to make sure you sell your junk car as quickly and easily as possible.
Our service partners within your area will gladly schedule a pick up of your vehicle within 24-48 hours of you accepting your quote or whenever is most convenient for you. A quick confirmation of the vehicle’s condition, a check put in your hands, and the exchange is complete. No calling around, no wishy-washy buyers, no haggling.
Just speed, convenience, and cash for your junk car!
Contact WeBuyJunkCarsFast and let us do exactly what our name says.
When Is It Not Worth Repairing A Car?
Should I Replace My Old Car?
It’s a Quick and Easy Process
Tell us About Your Vehicle
Answer a few quick questions and provide a picture if you can.
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In less than two minutes, you’ll have a guaranteed offer.
Accept
Accept the offer if you’re happy with it.
Get Paid
Within 24-48 hours, we will tow your car for FREE and pay you on the spot!