You take your car to the shop and your mechanic gives you the estimate for repairs. It’s your car’s transmission. It’ll be $3,800 to fix with parts and labor!
There are different types of extended warranties that can be very beneficial in these cases. With a great vehicle service contract (also known as an extended car warranty), your expensive repair bill wouldn’t be a problem. You’d be able to get your repairs quickly and get back on the road. But without any repair coverage, you have to weigh out your options:
Should you just sell your car and buy a new one instead of getting the repairs? It’s usually less expensive to repair your car, but if you’ve just received an expensive bill, it’s a decision you have to take some time to think over.
Here’s what you should consider.
Is your current car giving you too much trouble?
You should consider whether your car has given you too much trouble and if it’s costing you too much.
Do you have a good idea of how much you’ve spent on repairs over the last year or two? Try to look at your bank statements and receipts to see how much you’ve spent.
If you add up your costs and you really haven’t spent a lot of money on combined maintenance and repair bills, then it might make sense to pay for your sudden expensive repair.
However, if you’ve spent a lot of money on several repairs, this a sudden bill might be a good sign that it’s time to get a new car.
|Basically, try to add up all your recent car repair and maintenance bills. If you’ve spent a lot of money on your current car, you can expect to keep having to make repairs.|
If you’re looking for where to buy extended car warranty, read our article on how to buy an affordable extended car warranty online.
Can you afford buying a car right now?
There are many costs associated with buying a new car. According to AAA, the average yearly cost to own and operate a car in 2020 was $9,561. When you compare the cost of repairing your current car vs. buying a new one, keep these 8 costs in mind:
- Financing price
- Sales tax
- Registration, license plates and title fees
- Dealership fees
- Car insurance price
|Take the time to crunch up some numbers and examine all the possible costs of buying a new car.|
What are the pros and cons of selling your car and buying a new one OR repairing it?
Here are some simple pros and cons of selling your car (and buying a new one) OR repairing it.
For most people the choice of whether to sell or repair, comes down to money and convenience. Keep in mind that even if you decide to sell, you may still have to get some repairs done to sell the car for a good price.
To help you find the right price for your car, go to KellyBlueBook.
Avoid a sudden repair bill with Vehicle Repair Protection
Vehicle Repair Protection can save you the hassle of having to pay for an expensive repair next time. VRP works as a low-cost monthly subscription and gives you comprehensive coverage similar to a bumper-to-bumper warranty. Your bills are paid directly to any repair shop, and included with your membership, you receive big discounts and savings on travel, food, car maintenance and more.
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