One of lifes simple pleasures is not having to make a car payment every month.
Your trusty ride is paid off, only costing you for gas, insurance and repairs.
But eventually, those repairs start adding up, with even routine maintenance inching up into the hundreds-of-dollars realm.
Your ride doesnt seem as trusty as it once was.
How much are you paying for maintenance?
The first, and perhaps biggest question you should ask is how much are you paying in repairs?
car payment would be.
How much do you pay for repairs?
Beyond regular maintenance, here are some things to consider before agreeing to undergo major repairs.
Is the repair less than a few months car payment on a new vehicle?
If the repair costs less than a single month and your vehicle is paid off, its a no-brainer.
Is the repair less than half of the cars market value?
If the answer is yes, then youre better off doing the repair.
Investing in the repairs could increase the trade-in or sale value of your used car, too.
How much is your peace of mind worth?
You do have to consider some of those softer costs and benefits that come with owning a newer car.
Dependability and reliability are worth a lot.
With the right care and maintenance, yours can easily last as long or longer.
Consider your budget
Finally, think about your budget.
One thing well reiterate though: Dont let a broken down car make the decision for you.
This story was originally published on 4/29/13 and was updated on 10/23/19 to provide more thorough and current information.
