Your car has been breaking down often these days, and the repair bill is stacking up. This is a pretty good sign your car needs repair. You might also be thinking of trading it up for a new car, but is that the smartest decision? While there is no clear-cut answer to this question, here are some things you need to consider so you can make a more informed decision.
Why you should fix up your car
Some high-priced repairs are unavoidable, even if you take good care of your car. However, for budgetary reasons or otherwise, buying a new car may not be the right choice. Here are a few reasons it might be better to get the repairs done.
- Repairs are often less expensive than buying a new car, especially minor ones. If you were driving along Essa Road, for instance, and a minor accident left your car with a dent and a damaged windshield, these would only require relatively inexpensive repairs. And if the windshield needs to be replaced, auto glass replacement in Barrie is still a lot cheaper than buying a new car.
- Although a severe issue, such as a blown motor or a failed transmission, will cost you between $4000 and $9000 to replace at a dealership, these repairs would still not cost as much as buying a new car. The amount might make a nice down payment for a new car, but there are also monthly payments to consider. You may be able to buy a used car for that much, but it could come with its own set of issues.
- New cars lose around 20% of its value in the first year, and your car has certainly taken that depreciation hit.
- Insurance and registration fees will be higher on new cars.
- If you were planning to get a new car in a year or so, but the one your current one broke down unexpectedly, repairing it now lets you stay on the road and keeps you from hastily purchasing a new auto. The repair also gives you more time to save up and prepare your finances for the new car.
Why you should buy a new car
You are getting tired of shelling out money to repair your car, but purchasing a new one feels a bit intimidating. Here are some reasons buying a new car might be the right choice for you.
- No need to fret about future breakdowns. An old car can be unpredictable, and repairing a problem with it does not guarantee that another breakdown will not happen with other parts or systems. The warranty that comes with a new car means that you will have at least three years before you need to worry about paying for major repairs. Alloy repair St. Albans can help you fix your car.
- Some components of your old car may be beyond repair, and you are getting fed up with it. Your auto may be rattling like crazy or you need to bang on the A/C to get it working. And no matter how often you take it in for repairs, the problems keep on returning.
- Your current auto leaves you stranded quite often, putting you in danger or making you late to work. And the repair costs more than half the value of getting a new one.
- New cars are safer. They come with modern safety equipment, such as backup cameras, automatic emergency braking, and blind-spot monitoring.
You need to know your car's history and needs better than anyone else. Whether you should repair it or buy a new one is ultimately your call, so use this article merely as a guide.
