There are some terrific advantages to driving an old car, including cheaper car insurance and owning your car outright. But old cars need repairs, especially those that are five years old or older. So when you are suddenly faced with a costly repair for your old car, does it make more sense to repair it or replace it with a new car?
While it’s almost always cheaper to repair your used car instead of buying a new one, you need more information before you can make a solid financial decision. Find out the answers to these questions:
How much is your car worth? Check the value of your current car at several third-party car information websites such as Edmunds.com, Kelley Blue Book or NADAguides.com to determine what it’s worth, assuming it’s working properly.
What would it cost to replace it? Assume for a moment that if you replaced your old car, you’d buy a new car that’s a similar make and model. Do a bit of research online to determine what the new car would cost. Chances are it’s at least $20,000 and possibly a lot more. Then use Bankrate’s auto loan calculator to estimate your monthly payment.
How much does the repair cost? Get a couple of quotes on the cost of the job. You can call mechanics or dealers in your area and ask them to quote the job for you. They can do this without seeing the car as long as you know what repair is needed. Have them give you the estimate in writing or try an online quote service such as RepairPal to get estimates. While the cost of the parts is not likely to be much different — if it is, ask why — labor rates can vary from shop to shop and you can possibly save some money by choosing a different mechanic.
October is Fall Car Care Month. Why not take a little time to be car care aware and make sure your vehicle is ready for the harsh winter weather ahead? Taking a few simple steps now can save you the headaches and cost of an emergency breakdown later, says the Car Care Council.
Here are five proactive steps to make sure your car is ready for winter driving.
Battery – Keep the battery connections clean, tight and corrosion-free. Cold weather is hard on batteries, so it’s wise to check the battery and charging system. Because batteries don’t always give warning signs before they fail, it is advisable to replace batteries that are more than three years old.
Heater, Defrosters and Wiper Blades – Check that the heating, ventilating and air conditioning (HVAC) system are working properly as heating and cooling performance is critical for interior comfort and for safety reasons, such as defrosting. Fall is also a great time to check your air filters. Wiper blades that are torn, cracked or don’t properly clean your windshield should be replaced. As a general rule, wiper blades should be replaced every six months. When changing the blades, be sure to also check the fluid level in the windshield washer reservoir.
Tires – Check the tires, including the tire pressure and tread depth. Uneven wear indicates a need for wheel alignment. Tires should also be checked for bulges and bald spots. If snow and ice are a problem in your area, consider special tires designed to grip slick roads. During winter, tire pressure should be checked weekly as tires lose pressure when temperatures drop.
Brakes – Have the brake system checked, including brake linings, rotors and drums. Brakes are critical to vehicle safety and particularly important when driving on icy or snow-covered roads.
