While it’s important to repair any issues with your car in a timely fashion, it’s sometimes better to cut your losses and purchase a new car altogether. However, it can be difficult to know when it stops making sense to pay for repairs. Keep the following considerations in mind to help guide your decision:
- Repair costs—It may be time to replace your car if the cost of repairs are higher than the cost of the car itself. It may also be a good idea to have a qualified mechanic forecast future repairs.
- Age of the car—The older a car gets, the more likely a breakdown will occur. To improve safety, consider purchasing a more reliable car.
- Fuel economy—If a car goes through gas quickly, it may be beyond repair. New cars tend to have better fuel economy, which could save you money in the future.
When shopping for a new car, be sure to budget appropriately. Doing so will help you understand what you can comfortably spend on a new car.