(Last Modified on: December 20, 2017)
So, you are in a dilemma whether to put more money into your vehicle or scrap it. Maybe your old vehicle needs another pricey repair job to be in a good working order. Or perhaps you just don’t want to use it anymore. Even if you get your automobile fixed you will need to know exactly how long it’d be until you’ll hit the auto repair shop again.
But since the future is uncertain you will need to make a wise decision about whether to junk your car or fix it. Here we have listed some helpful points that you must consider before you decide to fix or junk your vehicle.
Compare your monthly car payment with its maintenance costs
When you decide whether to junk or repair your old car, you must know its previous year maintenance and running costs. This includes the cost of all such minor repairs like tune-ups and oil changes. Also consider the number of visits you made at the auto repair shop. Don’t forget to consider the existing repairs that are on your list.
After summing up all the repair and maintenance costs you will have the idea if it is more than its actual worth. Now you can easily decide to keep or sell the vehicle if its repairs are feasible in your budget.
Consider the cost of insurance
If you are planning to buy a new vehicle and junk your old one, then make an estimate of the insurance costs beforehand. There may be chances that it will cost you more. This will eventually increase the rates of newer automobile.
Incentives or rebates
If you are planning to purchase a new car, you must know about the rebates of incentive that you will get. When you find that the deal is sweet enough, you can consider junking your automobile. Remember that some auto dealers also provide free maintenance services for the new automobile.
Swap a car option
If you want to replace your old automobile with a second hand one, don’t forget that you‘ll likely face more problems. It’s because sooner or later used automobile will likely break down and need pricey repair. So, it won’t be worth switching your junk car with a used one.
Current Price of car
Whenever it comes to selling an old vehicle, it’s always smart to know it’s current value. To determine your vehicle’s current value you can take help of reliable online guides. Bear in mind that if your automobile need some minor or major repairs, it’s value will drop.
Reflect your vehicle’s history
Make sure to check your vehicle’s history when you are assessing the current state of your automobile. This will present you a clear record about its maintenance and service history and determining its value accordingly.
Past Repair work
You must also know what all repairs have been made in your automobile so far. Check if any major repairs have been made in it. It will help you identify about any potential problems on the horizon. When you have a look at the previous repair work on your automobile ensure to pay special attention to the condition of expensive components. This includes the parts like transmission and engine.
If you have recently replaced both or either of them, then it’s a great thing. On the other hand, the replacement costs of your major components will be high and also add up. Furthermore, you must consider any major repair work on your vehicle that has been recently done. It will help you ascertain a fair price for your wheels.
Condition of your car
Its’ important to check your auto body condition. Generally, automobiles tend to accumulate rust after being in service for considerable years. Thus, rust may likely to be accumulated in less obvious spots like brake lines, fuel lines, brake lines, and other hidden components.
Even if you have an old vehicle that will run fine after a few major repairs. It’s important to know whether or not it is safe to use. Your automobile must have working air bags, seat belts, tyres, brake and other safety features. It must also have advanced safety components like electronic stability control and back-up cameras.
Know your current financial condition
If your existing financial condition is sound, you won’t be in a dilemma to “junk or keep your vehicle. Ideally, you must choose to sell your junk your automobile only when you know that you are ready to pay monthly payment for new one. Also, determine if your automobile is too small or big for your lifestyle. If your current wheels is not suitable for your needs, you may better replace it.
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