When a vehicle hits the 100,000 mile mark and is moving into being a 7 or 8 year old car many consumers wonder if the vehicle is worth a major repair like a replacement engine, transmission, transfer case or other large expensive repairs. The average age of a vehicle on the road per the US Highway Administration is 12 years old.
We recommend that you look at many things when facing that decision:
- Has the vehicle been well maintained up to this point?
- What kind of shape is the vehicle in, exterior, interior and mechanically?
- What is the current value of the vehicle? (This is figured on a car that runs and operates)
- Are there other major issues brewing with the vehicle that will need repaired in the near future?
- How much do you like the vehicle does it do everything you want and have all the options you want and need?
- Are you willing to keep it another 5 years to get the value of the repair back out of the vehicle by using it longer?
A well taken care of and maintained vehicle can hold a more enhanced value, and have greater longevity. It is a stronger candidate for investing in a major repair. If there are a lot of other things wrong with the vehicle you would want to look at those costs also in making the decision. Repairs can exceed the current value of the vehicle, and are not worth it if you choose not to keep the vehicle.
It is usually less expensive to repair a vehicle than to buy a new or sometimes even newer vehicle. But a major repair does not increase the value of the vehicle. If the vehicle were to get stolen or totaled in a car accident you might not get the full amount of the repair factored into the vehicle value.
The average consumer spends about $800 to $1000 annually maintaining, repairing and replacing tires on a vehicle that is over 5 years old. If you are spending more than that, it might be time to consider replacing that vehicle. If you are under that then your current vehicle might be worth investing in and considering a major repair. Happy Motoring!