Be Wealthy & Smart | Money | Millionaire | Personal Finance | Invest | Stock Market | Mindset | Entrepreneur | Investing
207: Should I Repair My Car or Buy a New One?
- Autor: Vários
- Narrador: Vários
- Editor: Podcast
- Duración: 0:08:53
- Mas informaciones
Informações:
Sinopsis
Q. Linda, I bought a 2002 Porsche Boxster in 2013 for $13,000, low mileage, not much to repair until this year, I think my repair cost became 4K. I guess my car still worth about $8000, do you think I should trade in for another car? or drive to the ground? The engine is still very good, no problem in driving, but a little here and there problems are annoying. First, good for you for buying a used car! You saved yourself thousands of dollars and I hope you were able to invest some of that extra savings. When a large repair bill occurs, it can create a crossroads - fix or trade in? Here are some things to consider: 1. A $4,000 repair is still a lot cheaper than buying a new car, especially a new Porsche! New cars lose about 20% the first year, so that’s a big hit. 2. Often a larger bill will occur every 3 to 5 years. If it’s more frequent than that, consider a trade. Paying $4,000 every 5 years is still a lot cheaper than buying a new car. 3. If you feel like you’re being nickled and dimed to death, consider a