It’s easy to get attached to our cars. Between commuting to work, taking family road trips, and spontaneously performing highway singalongs, we spend a lot of time and make a lot of memories in our cars. Some days, it feels like we spend more time in our cars than in our homes.
Whether you have an attachment to your vehicle or not, there will come a time when repair, replacements, and maintenance jobs are essential. Simple issues like getting new tires and replacing the battery are easy decisions. However, as our cars grow old and develop more significant problems, it can be difficult to know which jobs are worth paying for and which are a waste of money. Once you’re faced with larger financial investments in your car, you’ll likely begin to question if you should put in the effort or sell your car altogether and start fresh.
Though there is no singular answer to this, there are certain ways to determine if you should bid adieu to your car or take it to a mechanic. We have several considerations to keep in mind as you determine the fate of your vehicle.
What Is the Car Worth?
Your car’s current worth will be a large factor in determining whether a new car is a better financial decision. If you are facing a $1,000 repair and your car is worth $8,000, it can make sense to have the repair done. If you are facing a $1,000 repair and the car is worth $1,500, you are investing nearly the entire value. In this case, selling might be the most economical option.
How Much Does It Cost to Drive?
Any singular repair you are facing should not be the only consideration when it comes to cost. You should also think about all the expenses you have to cover to continue driving it, including gas, insurance, and ongoing repair prices. If you are repairing your car frequently, think about how often something breaks. If you often have issues, the singular investment may be less valuable than having peace of mind that your car will get you where you need to go without potentially leaving your family stranded on the roadside.
Along with the cost of repairing ongoing problems, also consider how much your time is worth. If you spend a significant amount of time waiting for tow trucks, stuck at the mechanic, or catching rides with friends when your car is in the shop, you may want to assess the value of having a reliable car. When you arrive late to work because of a breakdown or take time off to get your car repaired, you are losing even more money in lost wages. Your car is meant to be a reliable and affordable convenience, not a hassle.
How Much Will It Sell For?
Ideally, you would get the car’s worth out of the sale. However, this isn’t always the case. If the market is saturated with your make and model of car, you may not have much luck finding a buyer. Our CarVIO service can give you a quote instantly, and this information is a great resource for estimating how much you can get for your vehicle.
Can You Afford a New One?
New cars, even new-to-you used cars, are expensive. There are a lot of costs associated with buying a vehicle, and purchasers can expect to spend at least $2,000. This does not include registration fees and taxes, which can tack on a significant amount more. If you would make a decent profit from your old car, or you have money saved, a new car might be feasible.
Look at the type of car you would want to buy. Determine if the up-front fees and taxes are affordable and if it is worth buying new rather than repairing. If repairs would cost you $5,000 and a new car would cost you $2,000 up-front with $400 monthly payments, selling is likely the better option. If your repairs are $5,000 and a new car is $5,500 up-front, the decision may be more difficult.
Do You Anticipate More Issues?
Of course, no one can foresee what will happen down the road. However, if you have a history of issues with your car, you can assume that more will occur eventually. Remember that when you buy or lease a new car, there are often warranties, maintenance packages, and other benefits. This is on top of the fact that new cars do not usually have very many issues. If you want to avoid expensive ongoing problems, selling your old car is a good idea.
Is It Easier to Repair Than to Sell?
Convenience can, and should, be a consideration in your decision. Car repairs can take a significant amount of time, and you can get stuck with a loaner or without a car while the repairs are being completed. Finding a new car requires research and appointments, but many of these can be scheduled online these days. Still, the process does take a bit of time, so it is important to take that into account.
The length of time it takes to sell your old car should not be a significant consideration. With CarVIO, you get a quote within 24 hours. In fact, most people get theirs instantly. We even come to pick up your car, so the selling process has never been easier.
Do You Want a New Car?
This may seem silly to ask, but money and logistics aren’t the only things that matter. If you have a strong personal attachment to your car and want to keep it a while longer, by all means, invest the money in a repair. If you are excited by the idea of a new car with its upgrades and perks and can afford it, sell your old car! Sometimes our budget makes the choice for us, while other times, we have more flexibility to select the right option instead of the cheapest.
Get Started with CarVIO
With our premium car buying service, it has never been easier to upgrade your ride. When it’s time to move on from expensive repairs, leaks and breaks, and an outdated model, we are here to get you a fast and easy quote for your old car. When you work with us, you’ll be behind a new wheel in no time. Submit our online form today to begin.