Your old junk car may offer a few more years before you need a replacement if you fix it often enough. However, a fix isn’t always the best choice, especially if your old junk car is prone to breakdowns and requires regular repairs.
You must consider both options and determine which suits your needs. In some cases, used parts from a junkyard can breathe new life into your old car. If you have enough savings, you may want to purchase a used vehicle.
Nonetheless, sometimes, the best thing you can do is to sell your junk car. The extra funds can go into purchasing another ride. Here are three instances when junking is better than repairing.
1. No Repair Parts for Your Car
Getting repair parts for your old car can be a daunting process, especially if the manufacturer no longer supports the model. The older your vehicle is, the harder it will become to find OEM (original equipment manufacturer) parts.
Junkyards may provide a lifeline for your old car. However, sometimes there are no OEM and aftermarket parts, or you might have to dig further into the secondary market to find them. If this is the case, you can consider junking the car.
If you can’t find replacement parts, your car won’t function. Also, its condition will likely get worse every day as it rests idly in your garage or backyard.
Junking won’t fetch you enough funds to purchase a new car. However, you can sell the old car or its valuable parts for good money. Funds raised from junking, together with your savings, may be enough to buy a new or used car. You have no reason to keep an old car if it has no chance of getting back on the road.
2. Repair Costs Exceed Car Value
The repair cost is a crucial factor in determining whether to junk or fix an old car. As such, you should find an estimate of the repair cost before making a decision. Essentially, if the repair cost surpasses the car’s value, you should probably sell it to a junkyard.
For instance, if restoring the car will cost $1,000 and its current value is $900, you are better off selling than fixing the car. You can save the money you make from junking and work towards getting a replacement.
You need to know the value of your car in case you decide to sell/junk. You can then compare the car’s worth and cost of repair. If it costs more fixing the car, selling may provide enough funds to find interim ways to commute as you save for an alternative.
3. Your Car Needs Constant Repair
Sometimes the car’s value is higher than the repair, so junking doesn’t seem like the obvious decision. However, a one-off repair is merely one of the costs under review when determining to sell or fix an old car.
Also, you should calculate how much you’ve recently spent on repairs. Your car may need minor repairs more often, and the cost will add up quickly. If your car is facing new issues in different parts, you should take the time to calculate how much you’ve spent fixing it.
Cumulative costs higher than the car’s value should make you rethink the decision to keep fixing it or to sell it. However, not all junkyards are willing to offer the right price for your car.
If you decide to sell the old car, make sure you find a reputable junkyard. Contact us today to find out more about making the most of your old or wrecked car as you plan a replacement.