Should I repair my car or buy a new one ?

Something goes wrong with your car and you’re faced with a high repair bill. It would be nice to get a new car, but is that the smartest decision? Would you be better off fixing your current ride, or is it really time to buy a new one? The answers to these questions will vary, so let me give you some information that might help you make a more informed decision.

REASON TO FIX YOUR CURRENT VEHICLE.

If you aren’t sure if fixing it is the right thing to do, here are a few reasons why it is a good idea to bite the bullet and get the repairs done.

  • It is almost always less expensive to repair a car than buy a new one.
  • Although something as severe as a blown motor or failed transmission will run you in the thousands of dollars to replace, it still isn’t enough to buy a new car. (It would certainly make a nice down payment, but then there are the monthly payments to consider.)
  • Insurance and registration fees will go up with a new car.
  • A new car typically loses an estimated 20 percent of its value the moment you drive it off the dealer lot. Your existing car has already taken that depreciation hit
  • Repairing it now will keep you on the road and give you more time to save up and get your finances in order.
  • You have a sentimental attachment to your car. Maybe it was your first car, a gift from a loved one, or a dream car you finally were able to purchase. For you, buying a new car means giving up an old friend.

REASON TO BUY A NEW CAR.

There are times when it’s time to buy that new vehicle. Here are some reasons for it:

  • You don’t want to worry constantly about future breakdowns. Your mechanic told you to expect more things to go wrong with your vehicle.
  • You’re tired of the back-and-forth to the repair shop. Some things are fixed the first time around, while others seem to need constant attention or do not get fixed right the first time. Either way, trips to the mechanic are costing you too much time away from work or family, in addition to money.
  • You’re tired of your old car. Perhaps it embarrasses you, it rattles like crazy or you have to bang on the A/C to get it working. Every morning when you walk outside and see the neighbor’s car, you long for something new. That’s perfectly normal. Just take a good look at your budget and make an honest assessment of your financial situation.
  • You want something safer. Your car is old enough where it’s simply not safe to drive.

A good rule of thumb to estimate when it’s time to throw in the towel, is if the cost of repairs is greater than either the value of the vehicle or one year’s worth of monthly payments and increased insurance payments.

GET AN HONEST ESTIMATE.

The only way to make an accurate decision, is to know what to expect. Ask your mechanic to fully inspect the vehicle and let you know what it really needs to run like new.

Top 10 Best Engines for 2015

It’s the end of the year, which in the auto industry means various ‘of the year’ lists are appearing to sum up the most significant new cars and trucks of the past 12 months. In addition, one of the most watched parts of this automotive award season is the annual Ward’s Auto 10 Best Engines list.

The jurors at Ward’s evaluated 37 new or improved powertrains and showing automakers’ current emphasis on fuel economy that group included 15 turbocharged four-cylinder engines, four electric powertrains, and the first-ever hydrogen fuel-cell powertrain to be eligible for the award. They made up what the jurors called the most diverse field ever.

Here are Ward’s 10 best engines for 2015:

  • 127-kilowatt electric motor (BMW i3)
  • 6.2-liter OHV V-8 (Chevrolet Corvette Stingray)
  • 6.2-liter Supercharged OHV V-8 (Dodge Challenger SRT Hellcat)
  • 1.0-liter Turbocharged DOHC 3-cylinder (Ford Fiesta)
  • 100-kW Fuel Cell (Hyundai Tucson Fuel Cell Vehicle)
  • 1.5-liter Turbocharged DOHC 3-cylinder (MINI Cooper)
  • 3.0-liter Turbodiesel DOHC V-6 (Ram 1500 EcoDiesel)
  • 2.0-liter Turbocharged H-4 (Subaru WRX)
  • 1.8-liter Turbocharged DOHC I-4 (Volkswagen Golf)
  • 2.0-liter Turbocharged DOHC I-4 (Volvo S60)

The supercharged 6.2-liter Hellcat V-8 from Dodge has generated plenty of buzz everywhere else, and with 707 horsepower it certainly has the muscle to be considered a great engine. It’s joined by another 6.2-liter V-8, the naturally-aspirated small block from the Chevrolet Corvette Stingray, which was eligible again because it made the list last year. The 2015 Subaru WRX’s boxer four also made the cut.