At what point is buying a new car a better use of your money than paying to repair your current one? Every vehicle is different - just like every car owner is different - so there isn't one answer that fits every circumstance. Ask yourself these two key questions:
How well have you maintained your vehicle?
On average most people keep their cars at least nine years. Most will have to replace or repair certain things on their vehicle within those nine years, the wear and tear items. Those wear and tare items are things such as brakes, and tires.
If you are to follow the manufacturers maintenance schedule, the average care will last 150,000 miles or more. Most cars will require the occasional large repairs during their lifetimes, such as replacing a timing belt, fuel pump, or an air conditioning fix.
Another question to ask is: can you afford a major repair, or is your money better spent purchasing a new car?
Once your car passes 150,000 miles, its best years are behind it. When a car is towed to a shop, you can expect to pay an average of $400 to repair it. If your car is consistently failing you, the costs will begin to mount. At that point, you should consider that the money you keep investing into your older vehicle for large repairs might be better spent on a monthly payments on a new car.
If you or someone you know has been injured in an accident, call our Toledo, Ohio personal injury lawyers at 800.637.8170 for a free case evaluation or to request your free copy of The Ohio Accident Book
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