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Should I Repair or Scrap My Car

It’s never a good time when you’re faced with the dreaded decision; you must choose to either repair or scrap your vehicle. Weighing up your options can feel tough, especially since this judgment call must be made quickly. You need to consider the financial consequences, either cut your losses and move on or invest by repairing the car. Remember to think rationally rather than emotionally. It’s common for us to gain certain attachments to our long serving, beloved cars. Writing it off as scrap is a last resort, the pay out will only be a token of your car’s worth. What is does provide is a swift and efficient way to dispose of your car with very little hassle on your part.

The deciding factor is the cost of repairs compared to the car’s value. Total repair costs will wholly depend on the severity of failure or damage. The make, model, age and current market conditions will dictate your car’s value. Below are two common cases and considerations that can guide you should you come to this unfortunate fork in the road.

Older Car That Suffers A Major Breakdown

Some choose to drive older cars since they are cheap to purchase and can provide outstanding value without thrills. Many will prove to be reliable and trouble free for thousands of miles but it can’t continue forever. Eventually major component replacements will be required to keep them moving. If a car has racked up star-ship miles the mechanical parts will be getting very tired, sooner or later going to need considerable money investment for servicing.

Another point to note is that by this stage the value of the car will be fast approaching rock bottom. It will be very hard to sell without practically giving it away. For this reason it still makes perfect sense to keep hold of the car if it can be kept chugging along with little money investment. Once hefty bills for repair start to appear you it would be a fool’s errand to keep investing. Imagine footing the first big repair bill only to encounter many more further down the line. In these cases it would be much wiser to cut your losses and find another car.

New Car That is Involved in a Serious Accident

Even with the newest of models we can still end up at this stressful decision. Both the value and cost to replace the car has grown, yet major crash repairs could still threaten it. The costs for new body panels, paintwork, suspension or drivetrain components can soar rapidly. If the damage is deemed too extensive your insurance company will write it off, which kicks down your re-sale value even if repaired. You may save yourself hassle by letting your insurance company buy it from you as is.

Component failures or maintenance repairs will seldom provide enough trouble to consider scrapping a newer car. Even engine swaps can prove to be a worthwhile repair in many cases. If the car is still young then the wear on components is going to be much lower, therefore unexpected repair bills are far less likely.

published: 22/06/2015 09:02:21

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