The repair vs replace question is common in the vehicle repair business. To replace a transmission or engine is a large expense that deserves consideration from all angles.
My father was an accountant and he was adamant when he explained that your daily driver car is not an asset; it is an expense of daily life that must be managed. His wisdom is sound. The longer you can keep a car on the road typically the more sense it makes financially. With that said, there are lemons that are contrary to this guideline.
The tool(See Picture Above) details three scenarios;
1) Cost to repair existing car.
2) Cost to Purchase newer vehicle.
3) Cost to buy new a vehicle.
Based on a three-year analysis, the increased cost for scenario 2 and 3 (tax, licensing, insurance, financing) is still significantly more expensive than a big repair or increased maintenance cost on an older vehicle.
This is a non-emotional look at the costs associated with repair or replacing a vehicle. The emotional element of whether you hate or love your current car is up to you. We’ve seen both kinds of emotion at the shop. Those that really dislike their ride will opt for replace and some of us who love our older cars will continue to repair them.
You can trust Medi-CAR to give you the facts about your vehicle’s health!
Debi McConnell, Owner