In general, people struggle with the decision to cut their losses, whether it’s a toxic relationship with a person or their vehicle. While putting smaller amounts of money regularly into the car you already own may seem like it saves you money, you could be putting an unnecessary hole in your wallet. Eventually you need to decide if it makes more sense to sell your car for cash than to keep putting money into a clunker.
So how do you know when it’s time to sell your car? There are some key indicators that a new ride will save you money and aggravation over the long-run.
The first step in considering whether it is better to sell or fix your car is to evaluate how much you are spending each month. Don’t just look at what each fix costs; consider the overall impact on your finances. For instance, would a different car save you a considerable amount in gas or insurance? Sometimes the savings on the two can add up to a monthly payment on a newer car, depending on what you are looking for.
Do you dread driving your car because you’re waiting for the next thing to break? Accepting constant anxiety over your means of transportation is seldom a fair trade-off for finances. If you can budget a new car into your finances, there is no reason to choose stress over a new investment.
Bigger problems could be sending you signals of their presence on the horizon. If you see blue smoke coming out of your tailpipe, it shows you are starting to burn oil. Most often, this means an engine replacement will soon be needed. Check out these 8 Signs and Symptoms of Engine Damage to see how severe your engine issue is. Keep in mind buying a whole new engine often doesn’t make sense if there are tons of other issues with the vehicle and those costs could instead be put into a vehicle that will last much longer.
Slipping between gear shifts and a revving engine without increase in speed are other indicators of impending issues. These signal a failing transmission. While this is not nearly as urgent as an engine replacement, there are seldom any bargains when it comes to a new transmission, used transmissions are worth the investment. Once again, this is only true if you don’t have multiple issues with the vehicle already. When you start to feel it slipping along with the other issues it has, start shopping around for a new vehicle while time is still on your side.
My Auto Store is a great option to sell your car. We’re always looking for vehicles. We will give you a firm and fair offer and take the car off your hands immediately. Contact us today!