General

Repair or throw away? What to do with the old car – Royal Examiner

Repair or throw away?  What to do with the old car – Royal Examiner

If your car is paid for (or almost paid for) and the repairs won’t cost much, it’s probably a good idea to keep it.

The key to keeping a car running for 200,000 miles is the care and maintenance you give it. Change the oil regularly, turn the tires and don’t let small problems become big ones.

If your car has high mileage, the days may be limited, but at the same time, you probably won’t get much by selling it. As such, it’s smart to drive the vehicle until it dies. Paying for inexpensive repairs on high-mileage cars can be a good idea, especially if the car is being paid off. For expensive repairs, it is better to upgrade.

An important factor to consider is rust. If your car rusts, it will get worse over time. Rust can cause major damage to exhaust and powertrain components, among other things. And with severe rust, it may only be a matter of time before parts fail. It may be best to put your rust bucket out in the pasture.

Another consideration: the used car market is better than ever. CoPilot has found that used car prices are 43 percent above expected normal levels. Cars that should sell for $23,000 sell for $33,000 instead. Kelly Blue Book also reports record new car prices, with vehicles costing about $48,000 on average.

If the used car you bought for $12,000 has less than 50,000 miles on it, you may be able to recoup the entire cost in today’s used car market. If you sell, you can put that money into a new car. Financing a new car has a very low interest rate and with a high credit score you may even be able to finance it without interest. But don’t forget that the average price of a new car has hit record highs, according to KBB.com.


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