At what point do you put aside the sentimental value of your beloved vehicle and decide that it is time for an upgrade? There is a fine line between paying for repairs and deciding to upgrade, but Wrench is here to make that process easier. It can be difficult to determine when the cost of repairing your car outweighs the benefits of keeping it, because buying a new car is a large and expensive decision. Wrench is here to provide some insight for both arguments in order to help you reach a conclusion of what to do in your unique situation. If you have decided that repairing your car is the better option for you, schedule an appointment with a Wrench mobile technician today to get you back on the road in no time.
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Use these tips to help make a decision:
- Calculate how the damages are affecting you in terms of monetary and intangible costs. Are they making you late for work? Is it causing you more stress having to be constantly worried about your car? Can you afford to repair the damages in a way that saves you more trouble in the long run?
- Determine if there is any work that you can do yourself. There are some projects that you can tackle on your own, such as refilling the fluids or replacing the windshield wipers. That being said, be careful that you do not take on a project that is too ambitious to handle because you do not want to end up with more repair costs than before. Schedule an appointment with a Wrench mobile technician if you have concluded that this particular repair is better handled by an ASE certified mechanic.
- Some repairs are unavoidable even if you take great care of your car. Wear and tear is natural especially when it comes to things like brake rotors and timing belt replacement, so do not let these repairs make the decision for you, because chances are you will have to pay for them at some point.
- Determine the market value of your vehicle. If the repairs will increase the market value of your vehicle, it might be a good move. However, if your car is not valued very highly and you are able to put a lot of money into it, you might be saving yourself time and money in the future by investing in a new vehicle.
- Ratio of repair costs to car value. After you have determined the market value of your car, calculate the ratio of repair costs in relation to value. A good rule of thumb when making this kind of decision is that you should not spend more than 50% of the vehicle’s value on repairs. For example, if the vehicle is valued at $4,000, you may not want to put over $2,000 into repairing it because the reward may not be that great.
- How much time you are spending on auto repair. One argument for replacing your car is that it will save you from countless trips to the auto shop, but this is where Wrench comes in. If your reasoning for replacing your car is saving time and energy on the actual repair, then Wrench is here to help. At Wrench, our certified mechanics remove the hassle of car ownership by coming to your home or place of work to perform the auto services, saving you the hassle of taking the car to the shop.
- Budget for the future. If there are any repairs that can wait a little while, make a budget to calculate how much you will have to invest in the future. Making a budget will also help you figure out if you can even afford to buy a car if you need to.
- Determine whether you can afford a reliable new vehicle. You do not want to invest a lot of money into a vehicle that may cost you a lot of money down the road (pun intended). Take into account how many years you are going to be making car payments and how that will impact your lifestyle. For example, if the current repairs equal six months of car payments, that might seem like a big deal, but when the alternative is six years of car payments, you might change your mind. Make sure you are financially prepared to commit to a long-term loan.
- If you decide to replace your car, do research to determine what kind of car is right for you. You can often get a great deal on a used car that may have barely been driven, because new cars lose value as soon as they drive off the lot. Buying a used car is a great way to save money and compare pricing if you are trying to figure out if repairing your car is the right decision from an economical standpoint.
Ultimately, the decision is up to you. If you are repeatedly being stranded due to car problems or having to sacrifice time and money on car repairs, it might be time to say goodbye. If you have decided that buying a car is the right decision for you, check out some of our other blog posts for tips on how to buy a used car, buying a car during COVID-19, and more. If you have further questions about our services or using Wrench during a global pandemic, feel free to talk to our customer service team through email, at email@example.com, or by phone, at 844-997-3624.
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