|Posted by Jason on October 1, 2017 at 6:10 PM|
Did you know that CARS can repair
your old motor, or put a new one in an old car and make
your dreams come true.
Before you replace the engine in your car, get a second
opinion from a trusted mechanic to ensure that you have
at least two mechanics in agreement that a new engine is
the only solution. When you bring the car to the second
mechanic, ask for a repair estimate to fix the oil leak
and to check the car out to see if the first mechanic is
If you need to replace an engine, then you'll have to carefully consider if you want to make that kind of investment. You may want to research the reliability of the year, make and model of your specific car to see if it's likely to have any other problems that would result in costly repairs.
If your car is in good condition overall, then it may make sense to keep it since the engine repair -- even though it is the most expensive repair you are likely to make -- would still be cheaper than buying a new car. A car purchase would likely cost you $20,000 or more.
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.
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? 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.
How much does the repair cost? Get a couple of quotes on the cost of the job. You can stop by a few mechanics or dealers in your area and ask them to quote the job for you. 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.
With repairs that are roughly equal to the value of your used car or less, it makes better financial sense to make the repair versus buy a new car, since even the most expensive repairs would most likely only equal about a year of car payments on a new car.
Today, most new cars are built to last 200,000 miles or more, with a few more expensive items often needing repair at the 100,000- to 120,000-mile mark. Once your car is paid off, put aside an amount that equals about 20 percent of what your car payment was each month for repairs. This money can be used for any necessary repairs, and any excess will make a nice down payment for your next car when you're ready to buy one. About a year of car payments on a new car.
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