When your vehicle suffers from one of the most common reasons for vehicle breakdowns , you essentially have two different choices to decide between. You can either bring the vehicle to a mechanic and get it repaired or you can instead trade it in for a new vehicle.
A lot of vehicle owners are quick to decide to trade their vehicle in for a new one since owning a new vehicle is often very appealing. However, there are plenty of instances where trading the vehicle in would not be the best decision. Here are some reasons why you should repair instead of replacing your vehicle.
It Costs More to Buy a New Vehicle
No one ever likes being in debt, which is exactly what happens when you purchase a new vehicle. Therefore, you only want to splurge on a new vehicle when it is absolutely necessary.
This is especially true nowadays since the average price of a vehicle continues to rise and is now almost $38,000 . This is a significantly higher price than what it would ever cost to get vehicle repairs done. Plus, that vehicle price tag does not even take into account the cost of interest for the vehicle loan or the cost of insurance or registration, which will both be more expensive when driving a new vehicle as compared to one that is several years old.
You should also consider the fact that your current vehicle is not going to lose much value within the next year or two. However, if you went out and purchased a brand new vehicle, then it would lose almost a quarter of its value within one year of purchasing it. So in most cases, it makes more financial sense to repair your vehicle rather than replace it.
One of the only times that this might not be true is if the repair is extremely expensive like putting in a new transmission, which can often cost over $2,500. But anything under $1,500 is almost guaranteed to be worth it from a financial point of view.
It Rushes You Into Making a Decision
When your vehicle breaks down, you likely need to find some new transportation fairly quickly. Whether you have work, school, or both to attend, you will have to either get your broken vehicle fixed or purchase a new one within a couple of days. But if you decide to get a new vehicle at this time, then it forces you to make a decision on a new vehicle in a very small window of time.
Purchasing a new vehicle is never something that you want to be pressured into since this provides you the luxury of being able to research and test drive numerous models or waiting for a special event to happen in order to get some good deals on vehicle prices. Therefore, you are better off repairing your vehicle and then possibly looking at replacing your vehicle a few months down the road when you have plenty of time to make the decision.
Make the smart decision and get your vehicle repairs done by contacting our professionals at All in the Wrist Auto today.