Part 5/7:
Avoiding New Debt: By repairing your old vehicle, you sidestep the financial burden of a new car payment, which could be four to five times the repairs you’re facing.
Familiarity: You have an understanding of your car's history—its strengths and weaknesses—if you've owned it for a while.
Potential Reliability: If the repairs are largely due to regular wear and tear rather than significant structural damage, your vehicle can still provide reliable service for years to come.
Cons of Repairing Your Old Car:
- Insurance Implications: If your vehicle, worth $4,000, is totaled shortly after you’ve invested an additional $5,000 into repairs, your insurance payout will likely reflect the initial value of the car and not account for your repair expenses.