When faced with the option to either sell the car & buy a new one, versus fixing the car & getting a couple of more years out of it, you need to take the following factors into consideration.
1. How much will the Repair Cost?
How much will it cost you to fix the car? If you’re having trouble with the engine, the repair cost could be anywhere from a few hundred dollars to thousands of dollars. So, the first step is to get a quote on how much the repair will cost.
2. Do a Full Mechanical Inspection
If your car is over ten years old, then it’s a good idea to do a full mechanical inspection. While you’re at the mechanics, requesting a quote for the repair, do a full mechanical inspection to find out what else needs to be fixed right then or sometime in the near future. The problem with old cars is that they are high maintenance, needing frequent visits to the mechanic to keep them in good working condition. So, if your car needs a lot of repairs, however big or small, those costs will add up.
3. Find out your Car’s Market Value
Your car holds sentimental value for you. After all, you’ve had it for over eight years now & it’s been with you through a lot. But sentimental value aside, it is important to find out your car’s current market value. How much can you hope to get if you sold the car? Once you know the market value, it will be easier to determine if it makes sense to invest in the cost of repairs, or if you should just get rid of the car & buy a new one.
4. Consider the Hidden Costs
Most people overlook the hidden costs associated with owning an old, unreliable car. Not only will you have to spend money on its repairs, chances are that you are likely spending more money on fuel than necessary. Most old cars are not very fuel efficient. Apart from that, you also need to consider the expenses associated with having a car in the mechanic shop to be fixed. Your routine will get affected, inconveniencing you as you are forced to take the public transport or rely on your friend or partner for a ride to work. Or worse yet, you will be forced to rent a car till your car gets fixed, and that’s an added expense. The main purpose of a car is to make our life easier. If you find that your car is making your life difficult rather than easy, then suffice it to say, selling it is the best option.
Let’s get real. Old cars are not going to attract many buyers. But that doesn’t mean you can’t expect to get a good offer for it. You just need to know where to look. For instance, car removal companies offer instant cash for old cars. And what’s more? Many of them provide additional services such as free car removals, free paperwork & same-day sale to provide you with a quick & easy way to sell your car.