There comes a time when every car owner will ask, “Should I replace or repair my car?” The decision isn’t easy. It’s expensive to buy a new car, but constant repairs are expensive too. Some owners are emotionally attached to their cars, and the more frugal drivers want to keep their cars for as long as possible. But when a car is in the shop more than it’s on the road, the repair costs keep piling up, and a car doesn’t even seem safe anymore, it may be time for a new car.
So, how do you know if it’s time to replace your car?
How to decide to repair or replace your car
In making this important decision, the most logical approach is to just look at the numbers. If it costs more money to continue making repairs than it will to replace the car in the long run, then it’s probably time to consider a new car. Keep in mind, when we say “new,” that can mean a few things: buying new, buying used, leasing new or leasing used.
Getting a new car is a big decision, but keep in mind, you have many options and there’s lots of information out there to help you along the way. You can purchase, lease, start saving for a down payment, explore electric cars and other new technologies. The list goes on. Check out Chase’s online articles.
Five questions to ask yourself before repairing or replacing your car
If you’re still debating whether to repair or replace your car, the questions below may help navigate you toward a decision (and possibly, a new vehicle):
- Is the repair worth making?
- Do I have a mechanic I trust?
- Am I putting myself in danger by driving this car?
- Do I need the car long-term?
- Am I looking to upgrade?
Five signs to replace your car
You may want to hold onto your car for a bit longer, but below are some of the indicators that it may be time to trade in your car for a new set of wheels:
- The repair costs are the same or more than replacement costs.
- Your current car is unsafe to operate.
- You’re holding onto a car out of nostalgia.
- You need a car to last long-term.
- A trusted mechanic told you it’s time for a replacement.
How to make your choice
There are financial, emotional and situational implications to consider when choosing between repairing or replacing your car. Consulting a trusted mechanic can be a big help. If you’re leaning toward replacing your car, you can find information on auto financing here.