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Is your Old Car Worth Fixing or is it Time for a New One?

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Something goes wrong with your vehicle and this is the third time in the last six months that you’ve fixed it, which has cost you a fair bit of money already. So is it worth pouring more money into it or is it time to buy a new or used certified car. The answer to this question may vary, but the tips below will help you better analyze the situation in order to make an excellent decision.

Fact is that wear and tear of your car or any other piece of machinery for that matter is unpredictable, no matter how much you take care of it. Components such as brakes, axles, suspensions and gears eventually need to be replaced, and these are just minor repairs. Fixing you timing belt is one of the most expensive and time consuming repair projects of a vehicle, and for most cars needs to be replaced every 150,000 Kilometers and that’s not all. Most experts recommended that while you’re fixing your timing belt, its best to take of other components such as other drive belts and the water belt as they are closely related and located.

Although buying a new car sounds appealing, you may not be financially comfortable to do so at this point so fixing remains the only option. So here are a few things that may help you change your mind about buying a new vehicle and simply giving your current one last chance. For starters, repairing your current vehicle is often times cheaper than buying one.
Even if you have a blown motor or a failed transmission, both that costs a substantial amount of money to repair, fixing it still is an inexpensive option when compared to buying new. Given the above example, many consumers may feel that investing the same amount as repairs for a down payment on a new vehicle is a sound option; they fail to realize that there are monthly payments to make every month and top off with annual interest.

It doesn’t stop there; costs of insurance premiums are much higher on a new car compared to an old one. Adding to this is the depreciating value of a new car, which is approximately 20% of its value in the first year alone.
On the contrary, there are several reasons to invest in a new car rather than pour money in repairing the old one. When you buy a new car or even a certified, the chances of it breaking down are slim to none. Auto experts claim that a new car will drive for more than three years without the need for any repairs or maybe longer depending on how to maintain it. Even if you take your old car to the repair shop and get things fixed, there’s no guarantee that the same problem will arise a few months later. Furthermore, trips to the mechanic are time consuming, where you may need to take time off work and family.
If you’re frustrated with your old car or driving it is a downright embarrassment, then the best thing to do is sit down and work out a budget to see if you will be comfortable buying a new car at the moment or can you still live with the old one until you are financially stable. Last but most important, with recent innovations in technology, newer car models are fitted with all the latest safety accessories so is safety means something to you, then this may be the route to explore.
At most time, buying a used car is always the better option because not only do avoid the cost of depreciation, but you also get a vehicle packed with all the safety and technological features at a discounted price.

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