Signs it’s time to replace your old car
Modern vehicles can last for a very long time if you keep up with your maintenance schedule. We’ve seen cars reported to hit over one million miles, but those are rare cases. Once your vehicle starts edging toward the 200,000-mile mark, you might start finding repair costs are more expensive and debate whether it is worth it to get your car fixed, or whether you should upgrade. Here are some signs it’s time to replace your old car.
When your repair costs are higher than the car’s value
The great thing about owning a car is that you don’t have a loan payment. Taking out a loan on a new car means you’ll be spending a lot of money over the course of repayment. Even if you opt for a used vehicle, the monthly payment is likely higher than the average maintenance costs of a vehicle. That is until you get into value that is less than most repair costs.
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The average life expectancy of a car is around eight years or 150,000 miles, but a vehicle can last much longer with proper maintenance. Signs it’s time to give up on your own model include a complete breakdown of key components. We’re talking an engine seizure or transmission failure. If your car is worth less than the repair costs, especially if it’s significantly less, it is usually time to consider replacing your vehicle. Even if you get the repair, car issues can have a butterfly effect that indicates future problems are on the horizon related in wear and tear from the previous failure.
Now, if your repair costs are affordable and the fixes are simple, it makes sense to continue driving an older vehicle because you own it and a repair here and there won’t cost as much as a consistent, monthly payment. Then again, if the repairs are frequent and reduce your sense of security, the reassurance of a new model can be worth its weight.
Do you have any other automotive related questions? Leave us a comment here at the Karen Radley Volkswagen Blog.