Should You Repair Your Car or Buy a New One? | Autotrader
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- Опубліковано 5 сер 2024
- Where do you draw the line with car repairs? That is an excellent question, and one that is asked on a daily basis at my shop. I constantly run up against this quandary, and finding the solution can be tough. There are many variables in this equation, and the outcome can become a delicate balancing act. Let's go over a few of my experiences and maybe help you determine when it's time to give up on repairs and start scanning Autotrader.
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Should You Repair Your Car or Buy a New One?
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Car repair bills vs. car loan repayments. Pick your poison. You'll be spending money on at least one of the two your whole life.
My car repair bills have been about 1/4 of what my car payments were. Way prefer driving a paid off car.
And depreciation. Many people don't consider the fact. For a new car it's typical to lose 20% of its value in the first year, whereas older vehicles will depreciate 10%-15% per year. Consider a new car that's worth 40 grand, that's 8 grand lost in a year. For a used car that's worth say 10 grand, it's 1000-1500. So you'd have to repair the older car for like 7 grand in a year before we're even talking equal numbers, and most cars won't require anywhere near that much maintenance.
I have the sentimental value issue with my cars
and that's ok!
I have a Friend that’s like that he never drives so they get fixed sit and need to be fixed again
Hooptie fleet too? That is the problem with watching all these you tube car repair videos. No such thing as trading it in anymore. These hoopties are for life!
You need to think differently cars are a money pit
Me too.
part of me was waiting for that car wizard intro music
Given the financial advice that you gave him this video can you please explain Hoovie
Lol, the money Hoovie spends on those cars is peanuts compared to the revenue they generate as video content for youtube
I strongly suspect Hoovie comes from money. But Hoovie often tells you that you can buy a well sorted version of whatever he’s doing for less than he spends on them. But he’s buying clicks.
@@Greenfield5150 Hoovie's Family is very wealthy, but he is also generating a boatload of revenue from his channel.
@@VERYPROSNIPA I suspect he is jewish
I DONT CARE HOW MUCH I SPEND ON MY RANGER. I WILL NEVER SELL IT.
Stop yelling Bob,
Same
Ha ha! Same problem. Have a ranger with sentimental value that i will never sell. Had it seven years and put 500 miles on it. Yet throw money and parts at it non stop just building it for no reason ha ha
@@k2sftw mine's an 01 extended cab stepside. It's my 4th one. My last one was a chrome yellow 96 splash. Kick myself for selling it.
02 Extended cab, great truck-Its gotten almost 200,000 relatively trouble free miles.
Best advice: buy a used car THAT SOMEONE ELSE did all the repairs on. This is especially true with classic and special interest cars.
Hah, that's me, I bought a van because the guy was a diesel mechanic, but he misdiagnosed the problem of the van and didn't catch a lot of stuff. Also has no idea how to tighten a belt on Toyota van apparently, or noticed the leaking fuel injectors or cracked breather hose causing a lean condition
the "small" repair costs are the worst ones.
400 here, 2 months later 300 there, if i was lucky maybe 4 months without issues, then boom 500, 2 months and another 200 etc.
i initially payed for my first car 2500€.
i had to "invest" about 1000€ A year in repairs.
multiply this by 6 years and bye bye money.
so, how much was the trading price when i finally decided to get a new one?
400€..
Facts. If you put 3000 in repairsin a year in a car only worth 2500. You are definitely losing. My wife's 2007 Ford Edge. We put 1000+ every year for the past 3 years. For some strange it wouldn't keep tires on long. Might be a bushing somewhere. Lots of electrical Gremlins. We've hit 140k miles in it. Going to have to put it to pasture soon.
could agree more. plus you never know what will break next .
My opinion is: if you have a historically reliable car (bought new 2007 Honda Civic) & low miles (85K) and car runs line new and you know for a fact you drove it sensibly & properly maintained it... Then I have no issue spending 1/4 to 1/2 of the value of the car repairing it ( if needed) over next 7 years. Because I expect the car to easily give me another 85k or more over the next 7 years or more, while a new car is $20-30K and a used car is a gamble with unknown risks. Each situation is different. So, though I respect the Wizards advice, it is not applicable 100% of the time. If I sell my Honda maybe I get $3-5K? And someone else gets a great deal, not me? Not in my world.
ill keep repairing (within reason) my 2003 outlander. as long as the engine and transmission keep working as well as they have. 223 thousand miles and still going
Thanks a lot for the advice. That is what I have done with the cars I've owned. I do get attached to them, but once it begins the decline of wear and tear as you say, it is not worth keeping them. Not to forget the amount of time the car will have to spend at the garage and one without a car for hours or days.
I love your honesty you're a great mechanic I wish there were more like you out there love the channel you are awesome
New cars are a nightmare. In the past, only expensive luxury cars were so complex that "they should never be owned outside warranty". Now any new car today (2020) is so full of proprietary computer gubbins (thankyou can-bus networks), that in a few years the only people who should ever own a car outside of warranty are car mechanics with an extra UA-cam income stream.
For the rest of us, we will simply be swapping out our leases like the rolling cellphones they are, just to keep from having a worthless brick that will cost more than a year's lease payments to get back on the road.
The ground is shifting under our feet. If you want to keep costs down, hang on to your old car, get very familiar with it, and start doing your own repairs. Otherwise it's off to the car store for a car-contract--and you never get off that mary-go-round.
Moe Sizlac A lot of what you say is correct, however if a person chooses the right car for the right reasons they can be OK. Most folks want tech heavy, beautiful vehicles such as Chrysler, Mercedes-Benz, BMW, etc. These are unreliable vehicles that people just love initially. Buy a car because it’s a good car like a Toyota or Honda and most will have much better luck.
@@adamharris2674 well thanks for mostly agreeing. I did actually mean even Toyota and Honda. That's because I was referring to the near future when 2011 and newer used cars are getting to their "sweet spot" as used cars. 2011 is when 100% of all modern cars completely switched to the Canbus network. This means that every sensor talks to the Ecu through its own built in mini ecu. Rather than a voltage they send data. And that data goes over the entire network. If you are a computer hacker, and can sniff a network (or even know that term) then you still need to reverse-engineer the data...etc.
Bottom line is that even if your 2011 and newer Toyota takes longer to fail, it will still be a completely proprietary nightmare that will cost you dearly and send you crawling back to the dealer where they present you an estimate to repair that exceeds 75% of the value of your otherwise wonderful 11 year old Toyota. And once really simple features like heating controls etc are integrated into the info-tainment, even on a Yoyota or Honda. An 2007 Toyota has none of this. A 2017 Toyota has all of this. So by 2025 the advice the Wizard is giving will be laughably worthless, rather than just a bit quaint.
Good luck out there!
Moe Sizlac OK first of all Can bus was implemented in the late 80s. You are referring to Can bus FD introduced by Bosch in 2011. For all practical purposes FD is doing the same thing Can bus 2.0 Alpha and 2.0 bravo have been doing for over 30 years, it just potentially does it faster. It isn’t anything to worry about. People have been declaring the “end of the world as we know it“ every time a new automotive technology comes out for the last 100 years and this is never gonna stop I guess. Fact is cars are being built better and more reliable with each new model year.
@@adamharris2674 your use of the word "implimented" is misleading. Boshe was granted patents etc by 1986, but the 1st automobile to make use of can bus was a 1991 Mercedes.
Also, Can FD (flexible data rate) is just faster higher data volume version of Can 2.0, completely compatible and only now (in 2019 forward) getting into all cars.
Can 2.0 has been a problem for long time, but it has not been around since the 80s. And is not even as old as obd2 in most cars.
So 2011 is when display screens and other cross-talking proprietary crap starts showing up. Speed sensors that talk to volume control etc...those sorts of cool features are fun, but even basic stuff is getting over-controlled.
You can't even bleed the brakes on a 2011 or newer car without getting someone with a very expensive gizmo to reset your ABS system.
Hell, a blown headlight will cause a module to shut off power to that circuit and require a factory reset too. Another trip to the dealer...
The nightmare stories are endless and they are only going to get worse and this applies to all cars. Including Toyotas and Hondas.
Toyota was the last holdout for the big shiny Start Button ignition. That was a 2014 Rav4. And when one of those goes on a 10 year old car in 2025 that will potentially "write off" the car.
This is not like any other development in the last 100 years. It is a full proprietary high-security lock downs. Shug and off to the dealer. These gangsters are not going let up. And hey let's talk about keeping a 10 year old electric around.
Yeah, not so smug now.
Moe Sizlac brother I’m sorry if you think I’m being smug here. You simply don’t have correct information. I didn’t even really know what Can bus was until you posted the word and I literally did a five minute Google search on it. My 93 Lexus LS 400 has to have the brakes bled properly on account of the ABS module. I just had a shop do it. What ever is installed in a car, people will learn how to repair it from now until the cows come home.
Well said. Nothing lasts forever. Everything eventually wears out.
You love your car? you repair over the vehicle value.
Is it an appliance to you? you don't.
Thats about it
Repair over vehicle value---not if it's a car that could be replaced with the same model but in better condition
justsomeguytoyou there is some of us that get attached to one particular car after going through stuff with it, my grandads merc van could have been bought for the money fixing the actual one, but it is the last thing from my grandma, so it stays
But how can you be sure that other vehicle is in better condition and not have soe hidden flaws? I crashed my 2007 mazda6. Repairs cost 1300$, used models sell between 500$ to 3500$. I'm thinking I rather fix my car than gamble on a new one. ( and get a better/more expensive insurance plan too )
@@sulev111Same
Any car is not going to be worth the repairs at times needed , I have a 2001 Toyota Camry , I don't want any car payments , and my car payments are just keeping my car running well , I'm on the OCD side , yeah , IV spend much more than my car is worth , I just don't want a car payment , just to keep moble gives me peace of mind , thanks for all you do ,
My wife cost me $1000. including a ring job. Each year, an extra grand. She is a bit shopworn. Should I keep her, or trade her in? Please help me!
Love this guy comes across as a genuine guy, who knows his stuff about cars. I have also see some of the cars he’s had in He’s garage on UA-cam videos Lamborghini. So he must know he’s stuff 👏🏾👍🏾
Im still driving my first car. i have had my 2003 Mitsubishi outlander since 2010. the engine and trans have been very reliable. other issues have been popping up over the past 18 months and i have put over 3 grand into it since mid 2022. how ever with 223,000+ miles its still going strong.
Yep. And new parts on ebay are so cheap. I enjoy watching the how to videos on UA-cam and doing the repair myself on my days off. I am also saving my brain from not rotting by doing this instead of watching TikTok.
i feel like it also depends somewhat on the car, like id way rather put 4k into a 4k Landcruiser or something if it means ill get it absolutely sorted (obviously no quarantees) and drive it for over 100k miles than buy a new car for 30-40k and drive it the same amount and possibly already have same 4 grand into repairs outside of maintenance, but depends alot on if you buy a toyota or a bmw
Correct? 4k or 30 to 40k ?… what’s cheaper 🤷♂️…. Plus at the end of the 40k you start repairs again…
Nice XJ Cherokees have doubled in value in the past couple years. I have no regrets rebuilding the engine for the rust free one I just acquired.
We love the car wizard
What about a golf mk6,2011. 94,000 miles. Gearbox and clutch gone, cost to repair 2.5k. Repair or buy used new?
My little car is 16 years old now with 100,000 miles, it's got no rust and is reliable enough, but things do have to be fixed from time to time. It's a basic model, there's plenty of cheap spare parts from the local 'scrappie' and the guys from the village garage say they can keep it going indefinitely. A recent repair - rebuilding the brake system, the most expensive job yet, cost the value of the car, about £500 ($700). I could have bought the exact same model used car for that, but there could be a hefty bill for something on that as well soon enough. At least with my old car I know what's been done over the years and perhaps better the devil you know than the one you don't. Maybe there is a sentimental attachment as well. That's the problem if you give your car a name. ('Buttercup')
'Bangernomics' - keeping an old car going whilst trying not to bankrupt yourself, can be a difficult skill. But when the time comes to say goodbye to an old car - say, due to a worn engine with overheating and head gasket issues, like with the 2 previous cars I had, then I take the advice of the garage and scrap it. Mind you, if you have some space, there is probably something to be said for buying the exact same car and using your old broken car for parts.
I have 4 90s rangers 2 of which are parts trucks. I have 2k in them all and my 96 daily has all new electronics, tires,brakes,and a new topend on the motor. The 11 a month insurance is nice and it cost under 20 to tag.
Good advice, I haven't heard it put like that before.
I just by all my cars new, drive them for 10 to 12 years until I’m bored and ready for something new, and sell them to a private party. Mechanics who have a shop almost never buy used cars, they wait to pick up a loyal customer car that was well maintained. A mechanic can take chances on used exotic cars because they save on full price labor, but even a mechanic can get burned on exotic car parts prices, even at wholesale.
i selected a kia forte a few years ago because it has a steel timing chain. parts are cheap for it. it's at 145,000 miles and so far i only did the plugs, serp belt, shocks, struts, battery, tires and brakes pads and rotors. figure it's got at leat up to 200k miles to go.
News flash: many people just like the car they already have and don't welcome change.
On the flipside, sometimes, the pile of crap you know is better than spending money on someone else's pile of crap.
I always tell everyone to never buy a used vehicle without thinking that they are going to have to do $1000.00 worth of repairs.
Well if you have a $7000 repair on a $5000 car then it is easy to see what decision makes financial sense. Problem is when you have a $5000 car that needs a $300 repair here and then a $1000 repair there. How long should you let an older car nickel and dime you before you throw in the towel and say that if you keep the car another few years you are going to still spend more than it is worth in repairs.
Hmm, maybe when it gets over 300k miles, the electronics and everything will start to break down, you can replace the engine but the rest will need to be replaced due to how old it is... maybe?
How about a 2000 Ford Taurus with 235k miles in good condition (engine, transmission, no check engine light issue), with worn out suspension (e.g front and rear struts, control arms)?
Until the repairs equal a car payment per month.
2012 camry se failed torque converter should I fix or buy new car? mechanic said after fixing that one piece other piecing the transmission might start going
Thanks and best wishes.
I currently have a 97 Chevy lumina. Had for about 7 years paid $2,000. It's been good to me, and I have driven it daily. But now I have a blow head gasket, and it will cost me around 2,700 to repair. Should I fix it or let it go?
Fix it. And rustproof it. The last cars that are remotely repairable.
definetely the 1st one
Excellent advice
Going 10 years with my Civic paid for in cash. Avoiding car payments but probably over 3500 in repairs/maintenance over the years…
My main concern is buying a newer car and having the expense of newer car repairs😪
Also a bought a new van I suspected was good, so far I've put a thousand into it as a house and it's been six months and all I've spent functional wise was bulbs for dash, a belt an O2 sensor, couple intake plenum and throttle body gaskets to remove the reason why the 02 sensor was failing because of the silicone seal that was used. Fixed fuel injector gaskets and all that happened after I successfully repaired it, a belt broke on. Trip. Replaced it in the desert and I've had no further issues. A reliable car is a reliable car if you know what to look for
What if after the repair you could get another 80,000 miles out of the vehicle, do you repair then?
I don't agree with this advice. I have a beater van that's worth about $2k with a blown up engine, and I'm about to spend $7k on a new engine with new water pump, belts, sparkplugs, coils, also struts, etc.
Sure, the van will only be worth about $6-7k after the repairs, but it's still a good decision to fix it.
"You could buy another one with that money" Ok, sure. But would the one I buy have as many things done? Would it be that dependable because of it? Probably not.
Dropping $7K on a van that’s valued at $2K is crazy and won’t make it worth more after the extensive repairs! You can’t recoup the cost of parts and labor especially on a vehicle like that. It’ll still be a $2K beater van and will certainly have more issues down the road….
Yes I totally see the point the car is only worth so much and then of course the repairs May outweigh the value of it however that kind of depends on how you apply the value because if you don't plot to sell it then what do you care it's really worth furthermore it could be worth $10,000 but the truth of it is, is nobody in their right mind ever going to pay you that sticker price no matter the sticker price so either way you're technically looking at a loss....
But then of course most of us end up buying used cars so the truth of it is it's like for instance I have a 1996 Jeep Grand Cherokee Laredo got the inline 6 cylinder in it that he does not necessarily worth a lot of money however I'm pondering whether or not to put money in it I'm leaning more toward I really should even if it's going to cost me $3,000 and the reason being is because if you go and look at the market right now specifically admire it which I'm in central Ohio perhaps it's the time of the year but on the other hand I have noticed that automobile prices even in the use sector has for no reason at all seemingly shot up it's like they're just inflating a bubble....
So my point is this I have owned my current vehicle for 11 years I know what that vehicle is like I know what it needs I know what it doesn't mean I know the vehicle inside and out so even though it's going to take a lot more money to bring it back to a decent condition the problem is is I'm still going to end up spending much more money to buy yet another used vehicle that at this point is going to be about 11 to 13 years old that I know nothing about I could drive it for six months and to be honest the repairs that it might need after that time could far outstrip what it would have taken to fix my current vehicle now it's true I only carry liability insurance on my vehicle I supposed it if I went and had a nice paint job done and I really decided to more than fix it up and take it out it may be worthy of full coverage insurance but just to get it back on the road is a good old daily driver I probably wouldn't bother that is the risk you take but then again that's the risk you take no matter what kind of vehicle in no matter what kind of value it has!!
so even as an ex mechanic myself I still more than advocate it may be better in the long run to fix what you currently have even if it does cost 2 or $3,000 more than the vehicle is worth it depends on how far you want to go in terms of fixing up if you just want the vehicle mechanically sound most of the time you may be able to do that for less than $1,500 whereas if you try to buy another car it's going to cost you five to $8,000 and there again. Car that you would purchase particularly used it could have a whole host of problems all its own so in the long run you're probably further had to just fix what you've been driving it's a matter of thrift for the long run not exactly the short-term value of things!!
The book value the insurance company pays out is oftentimes way lower than what it would cost to buy the same vehicle in the secondary market. So ...no, you can't just go out and buy a new vehicle with the money the insurance company pays on a totaled vehicle.
Can't argue the insurance math but with the price of good used cars going up it can make sense to pay for repairs as long the vehicle is in good shape other than the needed repairs. An Autotrader search for cars under $5k turns up some high mileage examples with Hoovie like repairs in their future.
At what point do I need to consider another vehicle? I have a 2012 Prius. Great gas mileage. Made a few repairs outside the tires and regular maintenance) that cost less than 1000. It has 140,000 on it
The cost may be worth it depending on what the car or truck is and the condition of the vehicle . If its a truck and needs a new engine, probably worth the cost of replacing the engine if truck is in great condition. If any vehicle is falling apart then not worth it.
I use a cost of a note formula. If $1000 in repairs can get you 1 year of use I would choose the repairs. No one will give you a note less than $100 a month. More than $1000 and I would choose another car.
I have a 07 Honda Accord lx with 217,973 miles on it. I just not long ago paid $339.00 for the alternator. Now I'm faced with with another $500 repair because the steering pump and pressure needs to be replaced. I'm trying to decide to fix it or replace it. I feel like its not worth it. What do you think? Soon I'll need tires which is more money.
It is highly unlikely that you will be able to buy a second hand car in similar condition for $500 - $1000, that you know has had work done on it. Therefore, I would say keep it and drive it close to 300,000miles depending on future repair bills, the car has already lost around 90% value, so will still fetch maybe $1000 when you sell it (if you can show it has been well maintained). Save your money for the next 80,000 miles and then buy a newer and better one with cash. Honda Accord is reliable and should get you to 300k with the work you've had done. If it was going to cost you perhaps $2,000-$3,000 then I would suggest putting that money into a newer vehicle.
When does an old car become collector's status? Wouldn't a car ever achieve that status by someone taking care of it between the "slightly outdated" phase to the collector's antique phase?
It could, but most cars have to go through a shitbox phase first. The UK classic car community is having problems because the government pushed classic registration out to 40 years which pretty much cars that reach the shitbox phase don't get kept on the road, they get junked.
Consider this: A car bought used now worth $5,000 requires $7,00 in repairs. It gets totaled. Insurance pays $5,00, you lose $2,000. Buy new car $400 per month. 2 years later, totaled, insurance pays balance of what is owed. You have lost $9,600 real money. 24 payments at $400 per month. In this case, potential loss of fewer $ repairing current car.
That really only takes effect that you are getting a car loan. If you have a little saved, and could just buy a slightly better car for 7-10k cash it might be better, as long as the car doesn't depreciate more. Even if you fixed the car, it would still no longer be worth 5k, you would probably have to buy it back from insurance, and would in this situation still get in another accident and lose the now worth less car.
In a situation where the car is 5k and it gets hit, you would have to just repair it always cheaper than buying another in order to not lose more money, and avoid insurance taking possession of it, and at 5k thats going to be hard.
I still plan on keeping my first car on the road. Not that many m37 out there and the newer cars still use the same parts. having to rebuy the car cost just as much as replacing the engine and trans together plus some, not to mention taxes and fee's for purchasing a new one I might take it in for work maybe once a year and still takes a beating. Plus sentimental value, call me a fool.
I think a big part of if you should replace a car is if its reliable (outside of accident damage). Sure you might be able to replace your car with a newer model, but if you go from a lexus to a bmw wouldnt it been cheaper to replace the engine in a lexus in the long run?
Going to throw this out there. So far I buy only new so I keep repairing my cars since I know if I sell for like what you say, I won't buy a similar, I will buy new. And new costs far more. Do i need new, no. But at the same time I treat my vehicles well so I know I won't get a nicer used vehicle of the same model. I get the rationale for "everyone" else but isn't true for all.
That’s a valid argument but at he same time, new car prices are through the roof.
keep in mind a newer car will have higher registration fees, insurance and sales tax. plus you dont know vehicle history as well. this is really true with pickups.
Me and my ford focus ses 2009 have been through a lot. Totaled twice officially, and if insurance was involved for another incident, it would have been totaled three times. Collisions on every side from a red light running mac truck, cell phone texting liar tboned after running a stop sign, random deer even flinging itself at my beloved's headlights. Hit and run mirror smash incident to a lady not paying attention rear ending me and other damages. Most were repaired by the offenders. I felt like a queen in that car. I can't believe I'm down this road now considering letting...you go???. I love that car, we've been stranded and had quality time together. The serpentine belt snap on that dangerous highway while listening to Pitbull...Those fiery hot summer days and nights with no working AC after several repair attempts. The wonderful sound system, Bluetooth aux capabilities and tinted windows. You have taken me to the Mars and back, mercury even. It was a fantastic ride my dear dear focus friend. Bwahhhh😭😭😭
What do you do with a car thats not worth fixing but the car still works?
Drive it till the wheels fall off!
At least where i live insurance is run by our province. If your vehicle is wrecked they will honor any repair or mod or accessory within 1 year as long as you have the reciets. If the repair is older than year then we outta luck
The term used in a business is the Escalation of Commitment. While nice to have the car paid off, vs $500 a month payment, higher insurance, higher tabs...etc. Guess if you think this month's $800 repair will not be followed by next month's $800 repair....etc.
My car is 20 year old...no valeu....but i repair it all the time.
I just pay the Bill and done.
Why? I love my car...so it got valeu for myself.
I keep it....so long as possibel .
All depents what the car,means for Yourself.
Danny Helderdenkende exactly. People thinks only about what does it worth. But they forget the relationship between you and your car all these years. This is the nature of humans
value
value
Gary S sorry for my bad english....i try. ;)
Great advice. Thanks Wizard.
I have spent more than a vehicle is worth on repairs and modifications but that is hotroding. Back when my 72 GMC wasn’t worth much in the early 2000s I built a $5,000 engine for it, the truck was maybe worth $1500 at the time but I wanted 500hp and I wanted to have fun. I wouldn’t do something like that to a Honda Civic or Toyota camery although with those cars you rarely are put in that position.
GreT new video
OMG Car Wizard!!!😊
Would you put $500 into a 78 Plymouth volare?
Not even in 1978
Why wouldn't you? Whatever the KBB says a good working car is worth $1000. Particularly if it had a 318/727, cause those were pretty much indestructible
Yes
Make sure the $500 is locked in the glove box or trunk.
James Nasto hahaha good one!
Wizard is wise, thx wizard
Uff, and I just restored a 93 Ford Ranger... welp, family heirloom now 😅
I don't really like new cars, I'd rather own a 90s shitbox, because I love how they look and feel. Plus I have a better chance of getting a manual transmission.
Not so sure I agree with this. If you put in $5,000 into your $3,000 car it could be a good thing. At least you know your car's history and how much you have put into it previously. If you go buy a cheap car somewhere else you don't know what you are getting. You may be buying a worse headache. Now, if you were going to not fix your car and take that $5,000 and put it as a down payment on a new car, maybe that would make sense. However, now you have a car payment that maybe you didn't want. So sometimes it might be a better idea to hang on to what you have rather than taking on a car payment or another used car that could be worse than the one you just fixed.
With the cost of pick ups right now. It’s better to pay $5,000 to fix my truck that is worth $2,500 than pay $60,000 for a truck.
What...??? if you're truck is only worth 2,500 then why don't you go buy a new one if you have 5000?
This car market that doesn't seem to be getting better anytime new makes it a difficult choice. For reference, I paid $4000 for my car after trade-in etc. I spent so far in 13-month ownership I spent OVER $5000 on repairs. I got the car inspected before buying and they told me nothing was wrong with it and oh boy were they wrong. Heck, even right now there are things that need to be fixed. I would have normally offloaded this car but I am in no position to get another car with how bad the used market is right now. It's a 2008 Honda Civic. You would think Hondas of all cars would be reliable... But nope. I am going to drive the car till the wheels fall off because I don't think I'll get even a $1000 bucks on this car. I got burned on my first car when the engine went Kaput in the middle of the night coming back from work and this car also the engine went kaput. I would have been better off in hindsight just saving more and buying a $10,000 car upfront!
A car worth 10k can still have the same problems.... probably would be more expensive to fix as well. endless you have constant oil leaks I dont understand how you've had 2 cars back to back blow engines.
I’m going to just repair my 4Runner regardless of what it costs because I know it will last forever and I love my 4Runner. But it won’t ever cost me that much.
If your replace all the wear parts of say a 93 ford ranger with a good frame and rust free body and it has 240k. You have about 10k in doing that. You now have a new truck that cost you 10k and insurance is $11 a month tag is 20 a year and you are getting 18 to 28mpg it does everything you need. How would a newer (but still has all the wear on it) $10000 vehicle be cheaper? With higher insurance by up to 100 a month and the tag up to 100 a year, repair parts that are more costly and that you will most likely have to buy over time do to it having 75 to 150k on it as where you have a 100k before your basically new 93 ranger has any problems. If you want luxury it can be added to it for pennys on the dollar compared to a new ford maverick.
$10K?!!! It’s a high mileage 93 Ford Ranger with no airbags or other safety features and to top it off it’s certainly not a sought after collector vehicle. Ouch!!!
@user-wt3rt5bs1h you are looking at the resale value and safety not cost per mile. I was looking for a cheap vehicle that i dont have to pay on that isn't already had a goat living in it or cost over 10k with 100k plus miles on it plus $50 dollars a month insurance. A new 93 ranger for 10k, yes, please. And why not add a 2.3eco and 10speed auto so you get close to 30mpg instead of rebuilding replacing an old motor design? I have done the math, and once you add all the factors and you can do the work yourself, you can't beat an old rebuilt proven vehicle mile per dollar. Safety? Freedom isn't safe, so I rely on my own abilities for that and in many things.
@user-wt3rt5bs1h and I have a 19 f350 6.7 duelly that I pay dearly for every month for hauling equipment. Also had a 2010 shelby gt500 for a time. And a 15 focus as well. So lots of data on cost per miles on different vehicles.
Is it a wise decision to put 6k into a car you only paid 13k for?
You could change your car and the newer one has faults previous owner sold car because of. Atleast with your car you know it's history and what has been repaired
Pro grade advice! Thanks Car Wizzard!!
I have a nissan frontier 2018 paid off..... 40k++ to replace. A transmission isn't looking that bad lol
why u buy an other car u need couple weeks to look for the car u like if can fix it slowly
like every year spen 2500 on maintanence ok for old car
well not paying the payment which cost 6000 to 8000 a year i think 2500 maintanece per year ok no problem for a old car
You must have seen some bad cars but good reliable engines are cheap. 2k is more than my Honda is worth but it's reliable and doesn't need fixing often and I pay attention to a lot to it's condition and I know everything that's wrong with it. Perfect never lasts but shoddy is forever
There is the time factor. Missing work because of a car repair being done is obviously stupid, but even dealing with bullshit 20 hours a month is a waste of time. Just get a 3-5 year old midrange car from the used car dept. of a new car dealer, and set up automatic payments.
Bad advice. You can't run just the numbers, if it's worth fixing your old vehicle or not. There are so many factors that come into play. Most times, if you properly maintained your vehicle, it's better to repair/fix it. You won't find a better maintained vehicle for the price of yours when fixed.
What I don't get, why spend all that money to restore an old vehicle to restore it. Just for show and it can't be driven as a daily driver. (That's a waste of money) I would put that money into my daily driver.
I do my own repairs and maintenance, so I only have to pay for parts. (DIY for over 30 yrs.) Dealerships/mechanics charge way too much money in labor and for parts. Learn how to fix and maintain things yourself, if your able, and you won't regret it. You not only will learn a new trade but will have some new tools to show for it. Now that's an investment.
If the repair cost half of what the car or product is worth, don't fix it.
I think he should restore the front bumper.
classic cars can get 200 dollar/year insurance vs 1400/year
🚗 🧙♂️
I would argue that even a repair for 40% of the value of the car is - with some exceptions - risky. Because it will not be just that one repair. You can almost bet your life that other things will creep up over time. A $1000 here, a few hundreds there etcetera. This can build up to lots and lots of money within just a couple of years - money that could have been down payments on a newer and better car.
On the other hand - last summer I payed just about as much as the value of a car for parts alone. My brother had the car, and our baby sister was out of a car. She is also bancrupt due to health issues. So I fixed the car up, and my twin donated the thing. It only needed new breaks, but I got a little silly ordering things. Now she has a car that is extremley cheap to drive, reliable and has - for no good reasonother other then it was kind of old and I felt for it - new chocks and springs among lots of other goodies.
… a bird in the hand … - and so on … you already have a car, and it’s paid-off … - it either needs refurbished or replaced … - I don’t care what it’s worth, you have it in your garage and it’s paid-off … - you can do an awful lot of repair/refurbishment for $8k to $10k and as long as it’s physically sound, ie no significant rust, it would be cheaper to pay-off a repair than buy a new vehicle … - or even a late-model used vehicle … 🤷🏽
This video is a joke. Its much easier to think the way this bozo does, but in reality, wether its used or new, vehicles have issues and eventually you'll be sinking time, money, etc into maintaining a vehicle. Automatically vehicles are bottomless money pits. Everyone seems to be trying to always buy a vehicle to think about its resale value. Vehicles are not like other items where you should think of resale value, AKA a house or gold/silver. I for one don't have $10,000 + cash to spend on a car up front..plus taxes, titles, fees, etc. If I can buy a vehicle for $5,000 in cash used and over time put the needed money and time into that vehicle, even if it comes out to be where I am $10,000 into the vehicle, it was still easier because it was done over time slowly and you had time to save for those failing parts. PLUS, if you want to save more money...buy some tools and the parts yourself and learn a skill. Learn how to replace your alternator, tires, etc. IDK. This is all my opinion of course, but I just think its funny this "mechanic" had to keep reenforcing that he has been a mechanic for 20 years....okay....and.... your point? Plenty of people do jobs for years and suck at them. Cheers!
$80,000 for a new Suburban vs $13,000 for a new engine or $25,000 for another 2007-2014 Suburban. help !
Car wizard!
So I guess it's cheaper to buy a new car ?
if a car cost me $100 or less for repairs and maintenance im gonna keep it.
Or you could spend $5K on a used Toyota or Honda and drive it for the next 5-10 years with only minor repairs
Loool, where do you find a used Toyota or Honda for 5k nowadays 😂
@@adanlopez1011 I guess you haven't been looking too hard, because you can find them on places like Craigslist all day long
After years of driving $500 shitboxes, my general rule now is:
Daily driver
Mr Anderson project car: miata
2nd
Bib deal!
I wish this channel didn't talk to me like I was 5 years old. I love who be in the car with her just as much as everybody else but this is stuff that My Cat Knows already
Your comment makes no sense.
This is the wrong question or the wrong approach, the question should be "how much does it cost replace versus repair". How much is it worth is only a concern when you sell it. I, for instance, need a nice vehicle for my job and currently have an Audi A8L. Transmission recently went bad on it and I'll spend close to what the car is worth (it's not worth it because the mileage is high), but for me to replace the car is at least $20k for a car that is nice enough to be appropriate for my job. Transmission is cheaper than to replace it.
Since I've recently replaced the entire suspension and the engine is in good shape, the car will likely last a long time with only a couple minor things, why spend the money on a replacement? Even if I replace it at $20k, it will be very sued and I would likely have to rebuild the suspension etc. all over again on a used replacement.
I love my car. I will repair it even if it cost me a leg and arm.
What kind of car do you drive?
Swag Yo chevy captiva
So you're saying your car has an automatic transmission?
Doctor Smith yep it’s auto
It’s a arm and a leg lol
🧢 new cars don’t last as the OG cars
No
Autotrader, please stop taking time away from these youtubers to answer your dumb, amateur questions. You're channel is not going anywhere, just stop. Stipulations like this, cause youtubers to slow down on their normal content. The youtubers you feature look like they feel so unnatural and uncomfortable talking for you guys. Please stop
Wiiiiiiizardd
Car wizard
Car wizz kid.
WEEEEEEEEEEEEEZARD!!!