When should you give up a car repair?

If the cost of repairs exceeds the value of the car, it's probably best to buy a new car. Sometimes, when a car with high mileage needs a major repair or if your car is wrecked, you might consider replacing it with a new or used vehicle. You have the right to return all replaced parts, except for warranty and exchange parts, but you must request them in writing before performing any work. If you authorize work by phone, the workshop must keep the replaced parts and make them available when you pick up the vehicle.

If you want to save money while still owning a car, consider buying a used car or one that is one step below what you currently have. If you have other transportation options and don't drive your car as much as you expected, getting rid of your car could save you money on annual maintenance and insurance. Depending on the value of the car, it may be worth repairing it to keep it running for a few more years. Repairing your current car may seem cheaper than buying a new or used vehicle, but you may need additional repairs in the future.

If you can keep using your car for a few years or more, it may be worth the cost of doing the repairs. In some cases, it might make more sense to trade in your old car for another vehicle instead of investing in expensive repairs, especially if it's nearing the end of its useful life. If your car needs extensive repairs, usually several thousand dollars or more, you can consider replacing the vehicle completely. If you need repairs but plan to buy a new car soon, you can get ahead if you skip the repairs and change it as it is.

When you sell your car, you can pay to make the necessary repairs and return it later, or put the car as it is and subtract the estimate of the repairs from the sale price. Depending on what needs to be repaired and how much it costs, you may want to invest more money in repairs than the car is worth. However, dealerships will need to make a profit when they resell your car, so you won't get the full value of the car. If your financial situation prevents you from repairing your car, you have a few options to consider.

Just because you're thinking about changing your vehicle doesn't mean you have to buy a newer or more expensive car. Consider how much you could save at the gas station if you swapped your car for a more fuel-efficient model.