Paying off a car is one of the best feelings in the world. Once that happens, many people want to keep that car for as long as possible. However, there comes a certain point when it might not be worth it to keep that current car. There are several kinds of repairs that if needed, could mean buying a new car is a better option. When considering these repairs, take into account how much it will cost and other factors like:
- The age of the car
- The number of miles it has
- Other repair issues present
This will help you determine the best course of action.
Any repairs having to do with the car engine are generally the most costly. If you have problems with your engine, it is possible to spend thousands of dollars and could even need a new one. If it is possible, try to find a gently used engine from a salvage yard to help lower the costs associated with engine repair. Engine costs are generally between $500 to $2,000 and could reach up to $5,000 for a new engine.
Once the transmission starts failing, it can mean expensive repairs which range between $1,800 and $3,600. It is possible to only need a transmission fluid flush, which is about $150, however, if this does not fix the problem, it could be time for a whole new transmission and at that point, it might be time to consider a new car.
Every car has three belts:
- Timing Belt
- Fan Belt
- Serpentine Belt
Each of these belts has a different purpose and when replaced before problems happen, are generally reasonably prices. However, if one of these belts snaps, it could cause serious damage to your car.
A broken timing belt in an engine most likely means it is time for a new engine. A broken fan belt can cause the engine to overhead and most likely also resulting in a new engine. The serpentine belt controls several internal components like the alternator, water pump, A/C compressor, and other depending on your particular make and model. Having a few of these stop working as a result of a broken serpentine belt can add up quickly.
All cars made after 1975 require a catalytic converter to control emissions. Most last for about 100,000 miles and are almost never covered under warranties. They are also one of the most expensive single parts on a car. The part alone can range from $1,000 to $5,000 and some cars ever require more than one. Once the catalytic converter stops working, it will restrict the flow of exhaust and choke the engine, causing permanent damage.