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Tuesday, June 5,2012

Repair my old vehicle or purchase a new model

Happy Motoring

By Teresa Aquila  
Recently I was contacted by one of my readers asking a question if they should pay for a costly repair to their older vehicle or purchase a new model. When trying to make such a financial decision, you first must weight many factors. In this case the vehicle was an older model, has been very reliable and currently has less than 70,000 miles. The body is in good shape and the vehicle’s maintenance done regularly. Which is a plus.


In helping to make this decision, which, is not one that I personally could make, I offered some suggestions. First off, you must weigh the repair cost compared to the financial cost of owning a newer vehicle. The initial cost of the vehicle, higher insurance and registration. Either paying for it in cash or monthly payments. If your older vehicle is paid for, now you will have a monthly payment. With the cost of fuel today, that is another factor. How long will it take to save on fuel compared to what your current vehicle’s

MPG (Miles Per Gallon) is using? Or will you be breaking even?

Also, what is the older car worth, compared to the repair needed. Just because the repair might be half of the current value, you already know this vehicle along with its repairs and maintenance.

Since the only repair quote that was given came from the owners regular mechanic, I advised that it might not be a bad idea to seek another mechanical opinion. If you are taking your car to a shop you have never used before, call the BBB to check their ratings. Check the Internet to see if there might be a forum on your particular vehicle. Ask questions and get their thoughts. This decision is not one to make without doing some homework. You must weigh the evidence.

Personally, two of my vehicles are at or near 200,000 miles and I would take them on a long trip. But no matter how new or old, my toolbox is never far from my side.


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