Cash, Charge, Or Sell? What Do You Do When It Is Time For A Major Repair?

Depends on the value of the car in question and the cost of the repair.

If...
(Car as is)>(Fixed Car)-(Repair Cost)

Then it's a definite sell.

It is pretty easy to have a $2000 bill if you neglect the car. I would bet many would dump it for another car due to lack of financial reserves.

I'm self-employed, so I keep records of all costs, including car costs. Every repair, gas, light bulb, insurance, etc. Maintaining is always cheaper than buying the equivalent car new. Always!

Folks fool themselves by looking at the current resale value of an old car, say $6000, and they conclude it's not "worth it" to put $5,000 of maintenance into it. Instead, they choose to spend $800/month on a (zero down) lease ($9600 in the first year), or they look at a $400/month lease and ignore the $5000 down, thinking they've spent only $4800 instead of the full $9800 in the first year. Still more than the "huge" $5000 repair bill.

In 14 years of leasing, financing, and finally owning my current car, it has *ALWAYS* been far cheaper to maintain than to replace. It saves money, but it does not give you that new car thrill.

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