A Master automobile mechanic and shop owner discusses important things to consider when faced with large repair bills for your older car to help you decide whether it's worth fixing, or if it's best to move on.
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When it comes to your old car―even when it might not be THAT old―everyone eventually faces the biggest question of car repair: "Is it worth fixing, or is it time to let it go and buy a new car?"
Related article: Three Important Questions to Ask Before Repairing Your Old Car
That was the focus of a recent Car Care Nut YouTube channel episode, in which the host explains to his viewers how to answer a question that should be decided upon by you and not always by what a mechanic may tell you.
Miracle Cars
Case in Point: Miracle cars given a fatal diagnosis that mysteriously are given a new life when a 2nd (or even a 3rd) opinion determines that your car's health is not so bad. When in fact, giving it proper and affordable treatment can often add on many more years and miles to its life.
For example, as noted in the comments section of the aforementioned Car Care Nut episode, you will find not just a few but many comments like this one posted:
As you can see, the post reminds viewers that one of the most important things a car owner can do when faced with either a death sentence or what looks like an overly expensive repair is the wisdom of seeking more than one diagnosis from multiple garages to determine the truthiness of that original diagnosis.
How to Tell If That Car Is Worth Saving
As the Car Care Nut host points out correctly, the answer to the "fix it or not" question is difficult for car owners because it is complex, often entailing a lot of factors that confuse car owners as he has witnessed so many customers on the fence of whether to repair it and keep it, or let it go before throwing good money after bad money.
In other words, car owners looking at their cars with emotion or economics, when faced with the decision to keep putting new money into a car just because of what they've already invested in it.
To learn how to approach an emotional decision for many car owners, follow along with the host and identify how you and your old car fit into this picture and how you can make the right decision based on his advice and what he has experienced.
While watching the entire short video is highly encouraged, a summary immediately below it is provided to give you a quick look at its key points.
Should You Fix Your Old Car? Is it Worth It?
Video Key Point Summary
1. No mechanic should tell you whether a car is worth fixing or not worth fixing―It is an ethical point, says the host, as he points out that a mechanic's real job is to tell you:
- What is wrong with the car.
- The scope of the repair.
- To provide you with all the relevant information you need for the repair.
- The mechanic may make suggestions, but ultimately it should be the car owner's decision on what to do. You own your car, so own your decision
2. Never base your decision on viewing your car as an investment―Unless it is a specialty collectible vehicle, you should never view it as an investment because cars otherwise are not. Every time you turn the key, you spend money, not save.
3. You cannot let repairs accumulate and then pick and choose which one later―One of car owners' most significant mistakes is not taking care of repairs as soon as they surface. It is much easier (and better for you and your car) when repairs are immediately remedied. The problem with delaying repairs is that as they accumulate and cannot wait any longer, the repair bill will be much larger, not just because of each repair separately but because of how they affected each other. This is not unlike avoiding going to the dentist until it cannot be avoided any longer and discovering your teeth are damaged more by your overall condition rather than by an individual dental event.
4. Do not rationalize your repair decision with bad math―One of the most common decision routes car owners take is "My car is worth $3,000 today but needs $5,000 in repairs, so I will unload the car and spend that $8,000 on a better car." The unfortunate truth of this kind of rationalization is that buying a used car in slightly better condition just means you will face the same situation soon. You will lose money and only gain a little time thinking this way.
5. Repair scenarios are not economically equivalent―For example, in contrast, while the repair between a rusted frame problem in one car and a multiple system/component repair in another car from neglect or aging might be similar in cost, the value of what you will have between the two fixed or remedied can differ―a rusted frame patched up is not a proper repair as opposed to fixing all that is wrong and is recommended/covered in a repair manual.
6. Understand the pros and cons of putting money into an old car― The "pros" of putting more money into an old car include:
- You do not have a new car payment to meet monthly.
- This is a car you know its history intimately. If it were a similar car owned by someone else, anything could be wrong with it.
The cons of putting more money into an old car include:
- If you put $4,000 into a $5,000 car and have an accident afterward, your insurance will treat your car as a valued $4,000 car…not $9,000.
- Your mechanic's diagnosis may be for only one system repair, not the entire car. For example, replacing an engine would not make sense if the remaining car systems are in poor condition and will need repair soon afterward.
- If you neglected your car and the repairs are numerous and expensive, you are better off getting something much newer. Bad car ownership habits (like many habits) are hard to change. Trade it in and move on―the used car is not important enough for you to throw good money after bad ownership. However, the flip side of this is that if you did care for your car and it needs several expensive repairs, it might make sense to keep it, but only with a deeper look into the car with 2nd and 3rd mechanic opinions on what needs to be done.
7. Don't own a car until the wheels fall off―Do not let the condition of your vehicle dictate when it's time to buy a new one. Have a plan in mind for what you want and expect of a car before you buy it. For example, know how long you want to keep your new car until you know you will buy the next one. Will it last long enough with basic dealership-recommended maintenance, or do you need to give it extra DIY/early maintenance upkeep for more miles? What kind of trade-in or resale value do you want the car to have when buying a new one? These are the things to have in mind to dictate what will happen with your vehicle.
8. Ten years/10,000 miles is when a car tips the scale from a used car to an "older used" car exit strategy―This is when the car's value dips significantly and is a good time to plan to exit yourself from this car onto your new one. "Beyond that point, you are usually going to end up spending more on that car than it is worth," advises the host.
9. Plan incrementally―Not only should you plan your car's future, but you should also plan incrementally by occasionally assessing what that car is worth today and balancing it with what repairs it needs today or will need in the near future. These are factors worth considering and can change your long-term plans for the better.
For additional articles related to old used cars, here are three for your consideration:
- Best High-Mileage Used Cars Recommended by Consumer Reports
- Best Used Cars of the Year: The 10 Top Picks by Consumer Reports
- Low Mileage Car Warning for Shoppers
Timothy Boyer is an automotive reporter based in Cincinnati who currently researches and works on restoring older vehicles with engine modifications for improved performance. He also reports on modern cars (including EVs) with a focus on DIY mechanics, buying and using tools, and other related topical automotive repair news. Follow Tim on Twitter at @TimBoyerWrites as well as on Facebook and his automotive blog "Zen and the Art of DIY Car Repair" for useful daily news and topics related to new and used cars and trucks.
Image Source: Deposit Photos
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