Have you reached the point where your vehicle is no longer reliable? Do you seem to pour all of your money into frequent repairs? If so, it may be time to consider a new vehicle.
But wait! Don’t make that decision until you take a few important steps in the overall evaluation of your vehicle situation. Sometimes, the cost of repair can still be an advantage over the costs involved in acquiring a new vehicle. Ultimately, what is best when making the decision to repair or replace your vehicle?
In this blog, we provide guidance on how to determine if your vehicle is worth holding on to and repairing, or if it’s time to do some shopping for a new set of wheels.
The Repair Route
One of the easiest ways to avoid costly repairs is to make sure that you maintain your vehicle on an ongoing basis. This means that you are having your oil changed on a regular schedule, checking fluids, servicing your tires and brakes, and keeping an eye out for other common problems.
If you have been a diligent owner but your car still requires frequent repairs, then it might be reaching the point where the cost of repairs is too great.
Ask yourself the following questions to help determine if you want to move forward with repairing your vehicle:
- Can I afford the repairs? If the cost of repairs is cumulatively greater than a year’s worth of vehicle payments, then it may not be worth continuing to keep your vehicle running. If you do not have payments, are you willing to continue laying out the money for repairs? Also, depending on the age and condition of the vehicle, repairs costs may continue to add up over time.
- When the vehicle is out of service, does it hinder other activities in my life? Having “wheels” today is a critical aspect of our daily lives. Sometimes the inconvenience of a broken vehicle or one in the repair shop can add a lot of additional strain and stress to our already complicated lives.
These questions should help you make an initial determination if you want to proceed with repairs or consider a new vehicle. Another important step you should take is to consult with your service professional at Shade Tree Garage located in Morristown, New Jersey.
Based on the age, condition, and service history of your vehicle, your Shade Tree Garage technician will be able to provide you with some idea of the potential repairs and costs in the future. Remember, the more data points you are armed with, the more informed decision you will be able to make.
Repair Checklist
- Keep your vehicle well-maintained throughout its lifetime
- Do the math: Is the cumulative cost of repairs greater than your payments?
- Consult with a service professional about your vehicle’s lifespan and potential future repair
The Purchase Route
Purchasing a new vehicle does not exempt you from having to make a monetary sacrifice. However, when you purchase a brand-new or newer vehicle, your monetary investment will be made up front vs. over time with frequent and incremental vehicle repairs.
To help guide this decision-making process, ask yourself these questions:
- Can I afford a new vehicle? Keep in mind you may need an upfront deposit to purchase or lease a new or newer vehicle. You will also need to register your vehicle and update your auto insurance plan. If you currently have no vehicle payments, are you willing and able to take on the additional expense of a new vehicle?
- Do I have the tools, time, and resources to research a new vehicle? There are many ways to purchase a vehicle today – from online resources to dealerships or wholesale auto dealers. The process takes time and can sometimes be overwhelming for some people.
If you decide to purchase a new (yet used) vehicle, consider having your Shade Tree Garage service professional complete a pre-purchase inspection. This could save you a lot of headaches in the long run in case there are hidden issues with your new vehicle. Use your resources wisely to assist you in this big decision.
Purchase Checklist
- Prepare for upfront costs and investment
- Use tools and resources such as affinity programs, dealer incentives, or other savings programs
- Carefully research all options with new vehicles
- Consider a pre-purchase inspection for a used vehicle
It’s never easy to make expensive decisions regarding your vehicle. But when you are well-informed and prepared, you will make the right decision that will benefit you in the end. Give us a call today to discuss your options for repairing or replacing your vehicle.