(PHOENIX)– It’s a debate many of us have faced: whether to pay foranother car repair or buy a new one. Your neighborhood auto repair professionals (NARPRO) are sharing the top reasons to repair not replace your vehicle, along with the smartest way to pay for repairs.
Why Repair And Not Replace?
1. It’s almost always cheaper to fix rather than take on new monthly payments, higher insurance premiums, and increased registrations fees.
2. Depreciation
A new car loses more than 20 percent of its value the first year. Edmunds data show the Ford F-150 pickup loses 28.6 percent its first year. Carfax says after the first year, cars then lose 10 percent of their value each year for the next four years. So, after five years the car is worth just 40 percent of its purchase price.
3. Repairs can pay for themselves
Depending on your car’s condition, the repair could boost its value. For example, a $1,000 repair might increase your car’s value by $1,000. A certified mechanic should be able to provide an estimate.
4. Repairing will give you time to research options and save for another vehicle (preferably a used one that has been checked out first by a certified mechanic).
5. Sentimental attachment
Money aside, if the idea of replacing your car makes you feel like you’d be losing a good friend then repairing may be the best route.
How To Cover Repairs If You’re Financially Strapped
1. Get quotes from reputable mechanics. Ask for a breakdown for parts and labor.
2. After consulting with a certified mechanic, determine what repair(s) can wait. Focus on the highest priorities, especially safety issues.
3. Do it yourself. Maybe you don’t want to tackle an oil change but changing an air filter is one of the easiest replacements on your car. Ask your trusted mechanic for other suggestions and check out tutorials online – but be sure to do your research follow all safety precautions.
How To Avoid Costly Repairs
Regular maintenance is the best way to avoid problems and keep your car running for years to come. Find a certified mechanic you can trust and stick with that person or shop in order to maximize the relationships-and savings.
NARPRO (Neighborhood Auto Repair Professionals)
The Neighborhood Auto Repair Professionals (NARPRO) helps car owners find skilled and honest car repair shops. NARPRO only recommends independent, family-owned, full-service auto repair shops that have passed 26 rigorous tests. Visit www.NARPRO.com to find recommended shops near work or home.NARPRO is the easiest way to find an honest mechanic in the Valley.
Photo by JESHOOTS.com