The crossover point to a repair not being worth it is entirely dependent on your financial situation and personal preference. Most people don’t necessarily look at the value of their vehicle when looking at repairs but the cost of replacing their car. The car market, especially for lower cost used vehicles can vary greatly depending upon make and model.

Should You Repair Your Vehicle?

When deciding to repair your vehicle you might get hit with a repair that exceeds the value of your car, but does it exceed the cost of replacing your current car? For example let’s say you get hit with a repair for $7k but the value for your car is only $6k, you’re exceeding the value of your vehicle but if you have to spend $7k to buy a new vehicle some people may think that it’s worth it to just get a different vehicle depending on make/model and the mileage of your current vehicle.

Additional Factors to Consider:

1. Age of the vehicle: You will most likely have less issues with a newer vehicle. As vehicles age, not only do the more costly components such as engines and transmissions wear, but also smaller components such as belts and hoses.
2. Safety: Is the vehicle reliable and able to safely get you to your destination? Is it consistently breaking down or are the mechanical issues rare? Has the vehicle been in an accident before? Do the standard safety features such as airbags and seatbelts work? Is the frame in good shape and the vehicle doesn’t have any other issues such as rusting.
3. Mileage: Older vehicles with lower mileage will generally have a longer life than new vehicles with higher mileage due to wear and tear on parts. This is not always the case but something to consider, as well as if these are majority highway miles or city miles.

How Much Do Repairs Cost?

Generally, one of the biggest factors that will determine repair costs will be how much the vehicle costs when brand new. If your vehicle was originally purchased for $100k, expect repair costs to be more and you most likely will have to put some money into it to keep it running. If you think about that aspect, the more expensive vehicle will have sensors, higher end brakes, computers and other higher end parts that require more expensive costs to replace. If your vehicle was originally purchase for $30k, you can expect repair costs to be lower as those same parts to replace will be cheaper most likely. You will need to keep in mind that when 1 thing breaks, it can sometimes turn into 2 or 3 issues and those issues can start to add up. Ultimately, you will need to decide what is your comfort level with yearly repairs.

How to Calculate How Much to Spend on Repairs?

One of the first questions to ask when trying to calculate what you should spend on repairs is the vehicle paid off? If yes, a rule of thumb is to look at the repair cost and divide the normal monthly payment by the cost, and that will tell a lot. Example: $2000 repair is about 4 months of a normal car payment these days. Can you replace your car for $2000? If so, then chuck it. If not, then you have to figure out what the best option is for you and your budget. If the $2000 repair will get you another year out of the car, and you don’t have a payment - I say figure out how to pay for it and get it done. What your vehicle is “worth” now is inconsequential to replacement cost.

When It Might Make Sense to Sell the Vehicle

If the cost of repairing your vehicle doesn’t make sense, it may be time to consider selling or trading in the vehicle and Cash for Cars makes it easy.

CashForCars.com is a service that can help you sell your car today! Here are the steps to follow to sell your car with CashForCars.com:

1. Get a free quote: The first step is to get a free, no-obligation quote for your car. You can do this by filling out our online form or by calling toll-free number.
2. Accept the offer: If you're happy with the offer, you can accept it and schedule a pickup time for your car. CashForCars.com will come to your location and tow your car away for free.
3. Get paid: Once they have inspected your car and confirmed its condition, they will pay you on the spot in cash or check.
4. Transfer ownership: CashForCars.com will take care of all the paperwork and transfer of ownership, making the process hassle-free for you.