Should I fix my car or buy a new one?

It is always hard to let go of the beloved car. But what do you do if the routine maintenance runs into hundreds of dollars and additional repairs keep piling on? You must take the call and decide whether you should continue fixing the car or buy a new one. But it is not that simple; you must consider your financial situation too.

Common problems with cars

Often electrical problems are neglected till they transform into mammoths with bills running into hundreds of dollars. The other common issues with cars are with the brake system which to replace is not always cheap. There are other minor repairs light head lights, spark plugs, suspension etc. that require frequent replacement. So, the actual decision when to let go will depend on the below two factors:

  1. Your car is completely paid off

Once the monthly payments for your car do not burden your purse, the only cost is maintenance. If according to math you realize that the costs of maintenance, repairs and spare parts, when added up over several months, will exceed the cost of a new car then just go for a new one. If not, stick to the old one.

  1. Your car is not paid off

But when you have not paid off your car, then the solution is different. Not only will you be paying off the car but additionally the maintenance cost and insurance might all add up to a substantial amount. If you invest in a new car the two constants will still remain the monthly payoff (if you don’t pay full) and the insurance but your maintenance costs will reduce. If you find that despite these two costs you will be able to save more than with the old car then investing in a new car makes sense.

Thus, when buying a new car is not an option, do your maintenance and invest in good quality spare parts. go to 247spares for car parts in the UK for better rates and service and reduce your overall costs.

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