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Is It More Financially Savvy to Repair Your Car or Replace It?
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Facing car maintenance may be very large. Broken cars will not only stay on the side of the road, but also expensive maintenance may damage your budget. As a result, you can consider skipping repair and shopping new cars. But this may not be the best financial choice, depending on your situation. Evaluate several factors, including the frequency and cost of maintenance, the age of the vehicle, and the burden of other cars. This is important. Then, you can determine which option is best for you.
Key points
- Americans have maintained an average of 14 years.
- The average cost of maintenance, maintenance and tires is 10.13 cents per mile, and the average cost of 15,000 miles you drive is $ 1,520.
- Your car value and new cost are one of the factors that help you determine that you should repair or replace the car.
American cars are longer
According to the data of the Transport Statistics Bureau, the average age of passenger vehicles in 2024 is 14 years.
For light trucks, the average age drops to about 12 years. This is almost double the average age in 2000. This is 9 years of passenger cars, and light trucks are slightly more than 8 years.
The cost of automobile maintenance is higher than ever ever ever before
The cost of automobile maintenance varies depending on several factors, including the age of the vehicle, the brand and model, the types of maintenance, and the person who performs maintenance. According to Kelley Blue Book:
| The average maintenance cost of ordinary car maintenance | |
|---|---|
| Repair type | Average cost |
| Alliance | $ 164.35 -$ 192.73 |
| AC generator replacement | $ 746.63 -$ 842.18 |
| Brake pad/rotor replacement | $ 532.91 -$ 612.01 |
| Jets replacement | $ 1,103.18 -$ 1,226.21 |
| Fuel pump replacement | $ 1,093 -$ 1,211.87 |
| Power steering pump replacement | $ 836.81 -$ 935.65 |
| Starter replacement | $ 727.98 -$ 820.04 |
When should I change the car?
Several factors need to consider whether you should change the car.
Frequency and maintenance cost
If your car needs to repair more frequently, it may be time to buy a new car. Alternatively, if the car maintenance is estimated to be higher than your current car, then buying a new car may be better.
Gasoline mileage
Gasoline price It is also high, so cars with good gasoline mileage can help you save money. If your gasoline mileage is declining, or the vehicle efficiency is reduced due to the size of the engine, then in the long run, another car with better gasoline mileage may save you money.
The remaining value of the car
As mentioned above, if your maintenance cost exceeds the value of a car, replacement of a car may be a better choice.
The current car loan return
Of course, if you have an existing one Car loanYou may need to pay off the loan before selling the current vehicle. The loan party usually uses the vehicle you purchased using a car loan for mortgage.
The availability of the car that can affordable
and Rising car pricesIt may be difficult to find a new car that meets your budget, whether it is a new car or a used car. You may need some time to find a car you can afford. During this period, your current car may require car maintenance, which may make money from buying a car.
Early new technology/security function
If you want a car with the latest technology or safety functions, then replacement of the current car may be the right choice. The decisive factor may be whether you can afford such a car.
Insurance cost
The newer the car, you may face a higher ones Car insurance cost. It is important to evaluate whether you pay the cost of new insurance premiums.
Bottom line
Due to the continued rise in cars and car maintenance prices, many car owners have longer cars. The decision between maintenance or replacement depends on many factors, including the age of the vehicle, the frequency and maintenance costs, and whether you can afford the new car. It is important to view the cost of continuing to repair existing cars, and you can pay the cost of how many cars. This may be the decisive factor between maintenance or replacement of cars.
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