While you shouldn’t let your emotions drive the decision to repair or replace your car, don’t ignore them. Are you worried your car will break down and leave you stranded? Is it possible you could lose your job because your transportation is unreliable? Is your car unsafe? Or do you just hate looking at it? While personal-finance experts will generally advise you to hang onto your car as long as you can, money’s not the only thing to consider.
$4,632 in the first year is a lot more than your Honda repair. If you get a car loan at 3 percent, that’ll cost you $386 per month for the next five years. Let’s say the car you really want is the 2016 Mazda6, which has a suggested retail price of around $21,500 for the base model. Remember, though, that repairing an old car is almost always cheaper than buying a new one. Edmunds offers a simple rule to follow: “If the cost of repairs is greater than either the value of the vehicle or one year’s worth of monthly payments, it’s time for another vehicle.” The thought of paying a repair bill that’s equivalent to the worth of your car is just… ugh. You drive a 2005 Honda Accord, which the Kelley Blue Book says would only be worth about $3,600 if you sold it to a private buyer. Let’s say your repair estimate comes in at $3,500. Could the transmission be rebuilt instead of replaced? Could he use salvaged parts? Another important question to ask your mechanic: Are there other pricey repairs he thinks you’ll have to make in the near future to keep your car running? Step 2. Painful, right? If you get hit with an estimate this high, ask your mechanic if there’s a way to make it cheaper. Replacing a hybrid battery and reprogramming engine control module: $4,140.Repairing the transmission assembly: $5,400.Replacing the transmission assembly: $6,400 average (parts and labor).A few of the most expensive car repairs, according to CarMD’s 2015 report, are: Bring your car to your neighborhood mechanic, rather than the dealer, which will almost always charge you more for repairs. Don’t panic until you know exactly what the repair bill will be. Now you’re forced to choose: “Should I buy a new car or fix my car?” We’ll walk you through the decision-making process. But you want to hang onto it as long as you can because you love not having a car payment. It’s got a few scratches and a few stains on the seats.
You’re no automotive expert, but this feels bad. Yellow and red lights flash on the instrument panel, and the car restarts reluctantly. You’re sitting at a stoplight, drumming your fingers on the wheel, when your car shudders and goes still.
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