30 Nov Major Auto Repairs: Do You Fix or Replace Your Car?
Record-breaking numbers of people have been working from home, stuck at home due to illness, or out-of-work altogether. As a result, car neglect has increased over the last couple of years. In today’s economy, the last thing any of us want to do is face expensive auto repairs. Many of us are now weighing expensive auto repairs and past due maintenance against getting a new car. If your car needs major auto repairs, you may wonder if you should fix or replace it. Car repair costs may top your list of concerns, but there is also the option of buying a new or used car and a pre-purchase inspection to consider.
Should I Fix My Car?
In general, most Americans currently own their vehicle for an average of 11.8 years. Having a car that long usually means you own it outright without a car payment or warranty. So, you have to pay for future maintenance and repairs out-of-pocket when they occur. A wise car owner should have a repair fund or savings tucked away to pay for auto repairs. Still, we all know that many factors may inhibit that reality.
Common Car Repairs
All vehicles require regular routine maintenance during the year. At the minimum, you can expect to pay for two or three oil changes, windshield wiper replacements, and a tire rotation service. If you drive a long commute, you probably have even more routine services to account for. When expensive repairs or mileage marker services come up, you may start thinking about whether it’s worth investing that money into your existing car or buying a new one.
Major Auto Car Repairs Cost
Unfortunately, there is no set pricing for car repair costs. A lot can depend on your vehicle’s age, make, and model. It is almost always less expensive to repair your current car than to invest in a new one. However, suppose the needed repairs end up costing more than the overall value of your car. In that case, you may need to look deeper at the long-term benefits of fix or replace.
Current delays in the supply chain for certain types of auto parts should also be considered. Fewer available parts and a higher demand for those parts will see a price increase. If you are facing an expensive repair, try to get quotes from a few auto repair shops with an estimate of how long it will take.
Additional Costs To Consider
- There are several benefits to keeping your older car. Investing in repairs can save you money in the long run when you take into account:
- New vehicles depreciate 15-30% the first year and up to 60% over five years
- Higher insurance rates for new vehicles
- Higher registration fees on new vehicles
- A hefty down payment may still be required even with your Trade-in (especially if it needs repairs)
- High monthly payments for 3-7 years
Should I Replace My Car?
Every individual needs to examine their needs, wants, and financial aspects to determine the right time to replace their car. Here are a few ways to help you choose the best option for you and your situation.
Make a Pros & Cons List
The good old reliable pro/con list. Write all the good or pro reasons to replace your car on one side of the page and then write all the bad or con reasons on the opposite side. Then compare them and see which side ‘wins.’ Of course, this isn’t always the best way to decide, but it may help you narrow down your wants from actual needs.
Create A Budget
Buying a new car can be expensive. Create a budget to figure out if you can afford a new car’s down payment and monthly payments. Not sure how to figure that out? Try using one of these handy calculators to help you assess your finances.
Buy New or Pre-owned
If you have done any car shopping lately, you may have noticed that new cars are less abundant and used cars are more expensive than ever. Disruptions in the supply chain for microchips have caused a domino effect for the car industry. Vehicle availability (both new and pre-owned) in your area may have a significant impact on your decision. Make sure to do your research before you make a final decision.
It’s a great idea to know what you are getting into before making a large purchase. It’s a wise investment to get a Pre-Purchase Inspection on a vehicle you consider purchasing. Ron’s Garage offers a comprehensive 146 point inspection that will allow you to feel confident in your used car purchase. Ask the dealer or your private buyer to drop the vehicle off at your pre-set appointment time, and we will call you with the results.
Major Auto Car Repairs in Ann Arbor, MI
At Ron’s Garage, we repair all vehicle makes and models and ensure that your car is returned to you in better condition than when it came in. Whether your auto repair is minor or a major overhaul, our qualified technicians use the highest quality parts available. We work within your budget, compete with other local auto shop prices, and strive to provide you with the best deal.
Make An Appointment
Schedule your appointment with Ron’s Garage online or call us at (734) 961-4701.
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