15/06/2024 7:41 PM

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Should You Fix Your Car or Buy a New One?

Your trusty daily runner has been by your side for years, taking you on road trips, the office, shopping, and always back home again. But now your car is starting to show its age. The paint is chipping, the upholstery is stained, and that little rattle in the engine just refuses to go away. Do you patch it up and keep on driving? Or do you take the plunge and buy a new one? Here are a few things to consider when making your decision.

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How Much is Your Car Worth?

The first thing you need to do is figure out how much your car is worth. Take into account the make, model, year, and condition. You can use websites like Kelley Blue Book or Edmunds to get an estimate. Once you know how much your car is worth, you can compare that to the cost of repairs. If the repairs you need are minor—a new battery, a set of tyres, or some bodywork—it is probably worth fixing up your car. But if you are facing major engine work or a complete transmission replacement, the cost of repairs is likely to exceed the value of your vehicle. In that case, it is probably time to start shopping for a new one.

Speaking of repair cost, one thing that can help protect you from expensive, unexpected repairs is an extended warranty or service contract. If your car is still covered by a manufacturer’s warranty, you may be able to get repairs done for free or at a reduced cost. And even if your car is not under warranty, you may consider purchasing a service contract like that offered by CarShield. Just be sure to read the fine print to ensure you know what is and what is not covered. You may also read CarShield reviews online to understand what others think about the service.

Click here to understand the differences between a service plan, maintenance plan and warranty.

When Should You Just Try to Fix Your Car?

Even if the cost of repairs is high, you may find cases where you feel compelled to fix your car instead of buying a new one. If you’re attached to your car—maybe it has sentimental value—you may be willing to pay more to keep it running. Or if you need a car to get to and from work but can’t afford a new one, you may have no choice but to pay for repairs.

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And again, if your car is in good condition overall and the repairs you need are relatively minor, it may be worth fixing up. This is especially true if you have the skills or tools to do the work yourself. It’s also an excellent option to find a reliable mechanic who won’t overcharge for repairs.

In general, though, if the cost of repairs is close to or more than the value of your car, it’s probably time to start looking for a new ride.

How to Extend the Lifespan of Your Car

If you’re not quite ready to buy new, there are some things you can do to extend the lifespan of your current ride. First, make sure you’re keeping up with essential maintenance like oil changes, tune-ups, and tyre rotations. These simple tasks will help keep your car running smoothly and prevent more severe issues down the road.

You can also take steps to avoid wear and tear on your car. If you live in an area with harsh winters, invest in a set of winter tires to protect your regular tyres from damage. And if you’re frequently driving on rough roads, consider upgrading your suspension to improve the ride quality and protect your car’s components.

Of course, there’s no replacement for a good car wash and wax job. Regularly cleaning your car will help protect the paint from fading and scratches. By following these tips, you can keep your old car running for years to come.

When Should You Just Buy New?

If your car is old, has high mileage, or needs significant repairs, it’s probably time to start shopping for a new one. A breakdown is the last thing you need while driving between the office and home. However, old cars are inevitably unpredictable. You may repair one problem and encounter another a few weeks or months down the road.

Fixing up an old car is no guarantee it won’t break down. Sometimes, it’s just easier to buy a new car. Not only do you avoid the hassle of repairs, but you also get to customise! The make, model, colour and features are all up to you! Plus, you may be able to find a great deal on a new car if you’re meticulous about the shopping process.

Before starting car shopping, it’s critical to have a budget in mind. Determine how much you’re willing to spend on a new car, both upfront and monthly. Keep in mind that you’ll also need to factor in the cost of insurance and ongoing maintenance. Once you know how much you can afford to spend, you can start to look for cars in your price range.

What Are the Benefits of Getting a New Car?

There are several benefits of buying a new car:

  • New cars typically come with a warranty, protecting you from expensive repairs.
  • You’ll be much safer on the road. New cars have advanced safety features that can help prevent accidents.
  • The driving experience will be a lot more comfortable and convenient. New cars come with the latest technologies and features, like touchscreens and Bluetooth mobile phone connectivity.
  • You won’t have to worry about repairs. A new car typically doesn’t need any major repairs in the first few years.

The Bottom Line

So, what’s the verdict? Should you fix your car or buy a new one? The answer is—it depends. If your car is relatively new and just needs a few repairs to get it running like new again, fixing it may be the best option financially. But if it’s old and starting to show its age, buying a new one may be the wiser decision in the long run. No matter which route you choose, always consult with an expert before making any decisions.