If you're looking at a major engine rebuild in the near future, you are probably wondering whether it would be better to sell or trade-in your old vehicle or to have that needed engine repair. For most people, it is tempting to purchase a new car or truck instead of putting out the money on an engine rebuild. But, a new vehicle requires a financial commitment in terms of a monthly payment that maybe you really don't want either.
Should you buy that gorgeous new truck or car or should you go with the engine rebuild? Here are few questions to consider that may help you in making a decision:
1) How much will a new vehicle cost? Will your standard of living, or savings and retirement accounts be compromised if you purchase a new vehicle? It may be smarter to go with the engine rebuild if a monthly car payment or cash purchase restricts your budget or decreases your savings significantly.
2) Do you have any major financial expenses coming up in the near future? If you have any pending expenses that would drain your financial nest egg (such as sending kids to college, a new roof on your house, or close to retirement age), take them into consideration as you make your decision.
3) What is the ratio between the current value of your vehicle and the cost of the engine repair? As you know, maintaining a vehicle gets relatively more expensive as it ages. While the value decreases, repair costs increase. (Here's a little tip: if the required engine repair costs more than 30% of the value of your vehicle, and if it is financially possible, you may want to go ahead and purchase that new vehicle you have been admiring.)
4) What is the life expectancy of your current vehicle? Consider how many miles you drive a year, the major repairs that have already been paid for, repairs that are pending, and the depreciation of your vehicle before you make your final decision.
For expert advice about a needed engine repair, contact our ASE Certified Technicians at Gary's Quality Automotive. Call (308) 381-2295 or go online at https://www.garysautoinc.com/ for more information. Our auto shop proudly serves vehicle owners in Grand Island, NE, Wood River, NE and Doniphan, NE.
If you're looking at a major engine rebuild in the near future, you are probably wondering whether it would be better to sell or trade-in your old vehicle or to have that needed engine repair. For most people, it is tempting to purchase a new car or truck instead of putting out the money on an engine rebuild. But, a new vehicle requires a financial commitment in terms of a monthly payment that maybe you really don't want either.
Should you buy that gorgeous new truck or car or should you go with the engine rebuild? Here are few questions to consider that may help you in making a decision:
1) How much will a new vehicle cost? Will your standard of living, or savings and retirement accounts be compromised if you purchase a new vehicle? It may be smarter to go with the engine rebuild if a monthly car payment or cash purchase restricts your budget or decreases your savings significantly.
2) Do you have any major financial expenses coming up in the near future? If you have any pending expenses that would drain your financial nest egg (such as sending kids to college, a new roof on your house, or close to retirement age), take them into consideration as you make your decision.
3) What is the ratio between the current value of your vehicle and the cost of the engine repair? As you know, maintaining a vehicle gets relatively more expensive as it ages. While the value decreases, repair costs increase. (Here's a little tip: if the required engine repair costs more than 30% of the value of your vehicle, and if it is financially possible, you may want to go ahead and purchase that new vehicle you have been admiring.)
4) What is the life expectancy of your current vehicle? Consider how many miles you drive a year, the major repairs that have already been paid for, repairs that are pending, and the depreciation of your vehicle before you make your final decision.
For expert advice about a needed engine repair, contact our ASE Certified Technicians at Gary's Quality Automotive. Call (308) 381-2295 or go online at https://www.garysautoinc.com/ for more information. Our auto shop proudly serves vehicle owners in Grand Island, NE, Wood River, NE and Doniphan, NE.
