Saving Money on Cars: To Buy or To Repair?

To buy or not to buy? You usually ask this question when: your car has been acting up badly but you’re not on a favourable financial situation right now. Each answer has its pros and cons. If you decide to buy, whether brand new or used, congratulations you have ditched your problematic car. If you decide to optimize your old car and make major repairs, kudos to your wise choice. You just saved yourself thousands of dollars and years of interest rates.

When it comes to deciding on your car, it all depends on your goal actually. Are you willing to pay for a new car for years? Is driving a new car very significant to you? Can you afford the personal loan rates? Do you want to save more than spend? Don’t you mind driving an old car?

A brand new car can cost up to $20,000. Now you’ll pay for that with interest rate for five years. Not to mention that you have to pay 20% for down payment. If your personal loans can afford it and you don’t mind these rates then go ahead and buy. However, if you all you could dig out of your pocket is a few thousand bucks, then go for repair. But don’t go for it with disdain. Repairing a car is far practical even if you have to buy a completely new engine. Whatever you’ll pay monthly for a new car, you can pool 3 months of it to afford major repairs on your car. Once your car is as good as new, leave at least $50 monthly for maintenance and other repairs. Trust me, you won’t use up this amount every month.

In instances you badly need to drive a trouble-free car, just rent. If you’re going on a winter vacation with your family, rent a SUV. If you want to visit your parents or friends in other states, rent a fly sports car. No need to buy a new car if your only concerns are these travels. You won’t be on a vacation everyday so there’s no need to blow your account.

But years of constant using and your car will inevitably fail part by part. So p