If you’ve been paying attention to the auto market, you know that economic uncertainty and supply chain problems in 2021 led to sky-rocketing inflation for used cars. Unfortunately, that trend is predicted to continue into 2022. In fact, because of the increase in demand, the average price of a used car is now $29,000.
Consequently, if your car is in need of repairs this year, you may be wondering whether it will be more cost-effective to fix it or to trade it in. While repairs can be costly, you should keep in mind that even major repairs may be more affordable than buying a new or used car in the current environment.
In this guide, we’ll compare the costs and benefits of fixing up your old car vs. replacing your vehicle. While your primary goal may be to save money in the short term, there may be other factors to consider which will be best for you and your wallet in the long run.
Benefits of Replacing Your Vehicle
Even though purchasing a new or used car will typically be more expensive than making any necessary repairs, there are some significant benefits to this option. For example:
- Buying a new car or even a used car with fewer miles will likely save you trips to the repair shop
- Opting for a used car (even at the current inflated prices) is less expensive than buying a new car
- The car you buy will probably be equipped with new safety features your old car doesn’t have
- Buying a new or “new” used car can give you added peace of mind
Benefits of Repairing Your Vehicle
While there are some benefits to purchasing another car, most auto experts recommend opting for repairs, especially in the current economy. Here are some of the benefits of repairing your vehicle:
- Repairing will probably be less expensive than buying a new or used car
- You’ll avoid the vehicle title and registration fees – and monthly payments
- You’ll avoid the selling and haggling process
- Many auto supply companies sell used auto parts for your vehicle, allowing for less expensive repairs
- Repairing your vehicle can give your car new life
- You are already familiar with your vehicle and what will need to be repaired in the near future
Unless your vehicle has extremely high mileage, it’s usually possible to extend its life, especially for just a couple of years.
Replacing Your Car or Truck Versus Making Repairs
While auto experts may have recommended buying a new car in the past, the current economy has increased the value of making repairs.
In this economic climate, there are only a few select reasons that buying new, or used, will be more cost-effective than making repairs to your old vehicle. For example, if your vehicle has over 200,000 miles, or is nearing that mark, you should assess the body of the car. If it is full of rust, it may be best to buy something else because you will probably need to replace the engine and/or transmission before long – and a rusted out vehicle is not worth the investment.
In most other cases, however, making repairs will be your best bet. Luckily, in this day and age, it’s easier than ever to find replacement parts for both domestic and foreign vehicles. Plus, auto supply companies provide a wide range of both new and used parts, so you can find everything you need, even if you have an older vehicle.
Extending the Live of Your Car
While repairs are certainly important, preventative maintenance is one of the best ways to extend the life of your vehicle and avoid costly repairs later on down the road. Most mechanics recommend both regular and preventative service.
Regular Service
Regular service means taking your vehicle in, on a regular basis, even when there’s nothing wrong with it. You probably know you should get your oil changed every 3,000 miles, but there are other services you should have performed regularly as well, such as having your tires rotated and having the fluids topped off. Most mechanics also recommend you get a tune-up every 10,000 to 12,000 miles.
Preventative Service
Preventative service means bringing your vehicle into the mechanic when you notice wear on your car that could lead to future problems. For example, you should regularly check both your tires and belts for wear and get them replaced before they become ineffective. You should also replace your car battery every 4-5 years to keep your electrical system working properly..
Affordable Used Auto Parts in Chicago
If you’re looking for used auto parts in Crestwood, Blue Island, or the Chicago, IL area, look no further than New Cats Auto Parts. We have the widest selection of junk car parts in Crestwood and the surrounding areas.
If your car is past the point of repair, we can help you with that, too. We pay cash for junk cars, including free junk car removal tow away service.
Give us a call at (708) 385-2300 to learn more, or come take a look at our parts inventory in Blue Island, IL.