Should I Repair or Salvage My Car?

by Kevin Smith Author

Is this repair going to be the last I need for a couple years? Or, will this car break down soon and waste all that money I sunk into a new transmission? How will I know the right time to give up on my vehicle? These questions are good to ask as soon as possible, while your mind is calm and your car is not broken down on the side of the road in rush hour. These guidelines will outline the factors you should consider when making the choice to keep an old car or sell it as a junk car.

Financial Considerations

For many people, finances are the most important factor in deciding whether to keep or junk their current car. An estimate of your car's upkeep cost can help you make a logical decision. Add up all the money you spent on your vehicle's upkeep over the past year. Include regular maintenance like oil changes, more expensive repairs, and any overdue maintenance and repairs. Divide that total by 12 to get the monthly average cost to upkeep your car.

Now, compare that number to the monthly payment of a new car or different used car. If your current car's upkeep cost is greater than a replacement's monthly payment, it could be financially wiser to junk your car.

Consider what repairs your car will likely need in the near future. Online forums can help you find information on your car's make, model, and year. Other owners of your kind of your car will report what repairs they have needed, which can give you an idea of what your car might need later. These forums can also help you determine if your car has similar issues to similar cars or if there's something unusual wrong with yours in particular.

If you expect your financial situation to change significantly in the next couple years (i.e. you're planning to graduate college and start a full-time job in a year), consider keeping your old car for now. Later, you'll be better able to gauge what monthly payment you can afford a replacement.

If you choose to junk your car, give yourself time to look around for the best price. You can sell to individual buyers, but many salvage cars are sold to companies that specialize in buying and fixing old cars. These companies often provide helpful services like salvage car removal.

Other Considerations

Make sure your car's safety features are working properly before you decide to keep it. Remember that newer cars often have improved safety features. If a newer feature is important to you, it might be worth the cost of buying a different vehicle.

Your emotions matter in this decision, too. Do you love or hate your current car? Do you worry about it breaking down? Does the thought of shopping and paying for a replacement car stress you out?

Should I Get a New or Used Car?

New cars will probably not need major repairs for a few years. If they do, the warranty will cover repair costs. The downside, of course, is a higher price. When you gauge whether you can afford a new car, remember that insurance rates, registration fees, and property tax will be higher on a more valuable car.

Used cars are a more affordable option that new cars. However, any used car comes with the risk of mechanical issues. Inspect used cars as closely as possible before buying them. Don't spend unnecessary money on junking one problem car just to gain another problem car.

These tips can give you a little more peace of mind as you decide when to sell your aging car. When you choose to junk your car, start by looking for the best price and arranging salvage car removal in Chase, MI.