Is Keeping A Car That’s Costing You A Fortune To Repair Worth It?

keeping a car repair it

Owning a car can be a huge financial investment – not only in the initial purchase price but also in terms of repairs, gas, and other related costs.

So when is it worth it to keep a car that’s costing you a fortune to repair? Here are several factors to consider.

How old is your car?

The first factor to consider is the age of your car. If your vehicle is more than 20 years old, it may not be worth putting money into repairs. At a certain point, it may be more cost-effective to simply buy a new car. For instance, if your car needs a new engine, that could cost you upwards of $5,000. Or, if your car has significant frame damage, that could also be expensive to repair.

If you’ve been wondering why to ditch the car that is still technically running but racking up repair bills, some services will pay you cash for junk cars, even if they’re not running. Others will buy any car for cash, no matter the condition. Therefore, it may be time to get rid of your old car and put that money towards a new one.

What is the severity of the repairs?

If you’re only dealing with a few minor repairs, it may still be worth it to keep your car. For instance, if you need new brakes or a new battery, those are relatively inexpensive fixes. On the other hand, if you’re facing major repairs, such as a new transmission, it may be time to start shopping for a new car.

Of course, the severity of the repair also depends on how much money you have to spend. If you’re strapped for cash, even a minor repair can be costly. In that case, it may be worth it to sell your car as is and use that money to buy a new, more reliable vehicle.

How often do you drive?

Another factor to consider is how often you drive. If you only use your car once in a while, it may be worth it to keep repairing it as needed. However, if you rely on your car to get to work or school every day, you’ll want to make sure it’s in good working condition. In that case, it may be worth it to sell your car and use the money to buy a new, more reliable one.

On the other hand, if you live in an urban area or somewhere with public transportation, it may be worth it to keep repairing your car, even if it’s costly. That way, you won’t have to worry about how you’ll get around if your car breaks down.

How much is gas costing you?

Another cost to consider is gas. If your car is guzzling gas, it may be costing you more than you realize. For instance, if you’re spending $50 a week on gas, that’s $200 a month or $2,400 a year. That’s a lot of money that could be going towards other things, such as repairs or a new car.

Therefore, it’s important to consider how much gas your car is using and whether it’s worth it to keep fixing it. If you’re spending more on gas than you are on repairs, it may be time to get rid of your car and find a more fuel-efficient one.

What is your insurance costing you?

Another cost to consider is insurance. If your car is costing you a lot to insure, it may not be worth it to keep repairing it. For instance, if you’re paying $200 a month for insurance, that’s $2,400 a year. If you think you can find a new car that’s cheaper to insure, it may be worth it to sell your current car and use the money to buy a new one.

Car insurance also depends on the type of car you have. If you have a luxury car or a sports car, it’s going to be more expensive to insure than a regular sedan. Therefore, it’s important to consider how much your car is costing you to insure and whether it’s worth it to keep repairing it.

On the other hand, if you have an older car that’s not worth much, you may be able to get away with just liability insurance. That way, you won’t have to worry about repairing your car if it gets damaged in an accident.

What is the resale value of your car?

The resale of your car can have a big impact on whether it’s worth it to keep repairing it. If your car has a high resale value, you may be able to sell it for more than it would cost to repair it. For instance, if your car needs a new engine, and you can sell it for $4,000, that may be worth it. Or, if your car has frame damage, and you can sell it for $2,000, that may also be worth it.

However, if your car doesn’t have a high resale value, you may not be able to sell it for enough to cover the cost of repairs. In that case, it may be better to sell your car as is and use the money to buy a new one.

Are you attached to your car?

Last but not least, you should consider whether you’re attached to your car. If you’ve had your car for a long time, and it’s been through a lot with you, it may be worth it to keep repairing it, and if you’re not in the need of a new or bigger one. 

On the other hand, if you’re not attached to your car, and it’s just a means of transportation, you may not want to spend the money to keep repairing it. Of course, starting a family or a new job may require getting a bigger or newer car.

You should consider all of the costs involved in owning a car, not just the initial purchase price. If you’re spending more on gas, insurance, and repairs than you are on your car payment, it may be time to get rid of your car and find a new one. However, if you’re attached to your car, or it has a high resale value, it may be worth it to keep repairing it. 

Ultimately, the decision of whether to keep or get rid of a car is up to you and how much you are prepared to spend on it.

Nicole Middleton
Nicole calls herself a typical millennial girl and thrives on her share of social media, celebrity gossip, and all things viral content. She’s a big fan of pop music and plays the guitar as a hobby.