Should you sell your car or get it fixed up?
A visit to the garage is sometimes enough to make you want a new car. But certain repairs can help you keep your vehicle for the long haul. What factors do you need to weigh to make an informed decision? We talked to an expert.
Start with an inspection at your garage
CAA-Quebec automotive expert Jesse Caron recommends having your current car inspected before you decide to buy a new one. “There’s no specific time to ask yourself the question, but a thorough inspection can help you decide.
You can get one at a CAA-Quebec Approved Auto Repair Service Location or another trustworthy garage.”
Questions to ask yourself
Beyond potential breakdowns, a number of factors can affect the condition of a used vehicle. Has it been properly maintained? Has it been in any accidents? You must also assess whether your car still meets your needs and how much it would cost to buy a new one.
Repairs to consider either way
Whether you plan to sell your car or not, you should bring it to the garage. A few basic repairs could increase its resale value. “A good compromise is to fix the most pressing issues and then decide if it’s time to sell. You should watch out for the obvious signs of fatigue. They indicate that it’s probably time to move on,” said Jesse Caron.
Consider selling your car if:
- Parts of the interior or exterior start falling off, or major structural components start to rust.
- You’re looking at major engine or transmission repairs.
- You often travel far from home.
- The peace of mind you get from a new car is very important to you, or you want options that your present car doesn’t have, like automatic emergency braking.
Consider repairing your car if:
- It’s never been in a serious accident and has always been reliable.
- It’s been well maintained and the engine, transmission, structure, suspension, and brakes are still in good condition.
- It has less than 200,000 km on it. Today’s vehicles have a lifespan of about 300,000 km, and sometimes more!
- It’s paid off and you don’t want to take on high monthly payments.
What is your vehicle’s resale value?
Car owners often forget to include depreciation in their annual costs. But it’s a significant factor. From the moment it leaves the dealer’s lot, a new vehicle starts losing value, to the tune of 20% in the first year and 50% after three years. Depreciation slows down after that and varies according to the make and model. Pay attention to this, as it’s best to know how much your vehicle is worth before making a decision.
Insuring the value of your used vehicle
Special coverage can be added to your insurance to prevent your used vehicle from depreciating too sharply. Depending on the option you choose, you may be entitled to compensation equivalent to the price you paid for your vehicle. Check with your insurer to find the coverage that’s right for you. If you want to keep your vehicle for many years to come, consider having it rustproofed. It will extend the life of your vehicle and slow the progression of any existing rust.
Still not sure whether to sell or repair? Talk to the experts at CAA-Quebec’s Automotive Advisory Services. They’ll be able to help you make the right choice.