If you’re debating whether or not to get the repairs your car needs (finally!) or to simply sell your car for the best offer, you’re not the first to need to weigh the pros and cons of each. And with the market rising in demand whilst there are limited numbers of cars for sale at dealerships since last year, this helps the decision-making process all the easier for you and your family.

Since June 2020, there has been a 45% surge in pricing in the consumer price index for used cars, reflecting just how in demand vehicles are now that families are ready to hit the road and travel once more. So that begs the question, is it actually smarter for you and your budget to go through with the repairs? Let’s consider a few concerns before your decision.

The Unavoidable Costs of Wear and Tear

Despite good car maintenance, the timing belt often needs to be replaced once your mileage reaches 100,000 miles. And at this point, service advisors will also recommend replacing the car’s water pump and drive belts while taking care of the first. This can cost between $600- $1000, but once fixed, this will not need to be fixed for another 100,000 miles, so you’ll be good to go for a long time.  

Failed Transmissions Are Pricy, But.....

True, when looking at a major repair such as a failed transmission or a blown motor, you may think it is smartest to buy a new or used car at this point. Though these costs can run between $3,000 and $7,000, this still is much less than the cost of purchasing a new car. That $3000 to $7000 can serve as a good down payment for a new or used car, but that doesn’t consider in the other monthly payments after your initial purchase.

What Else Comes With a New Car

Though getting a new car can be exciting, keep in mind that your insurance and registration fees will be higher on a new car versus your current vehicle. This is especially true in Utah, as it is a no-fault state with traffic fatalities being higher than the national average. This is one of the reasons that your rates will go up each time you renew your policy.

Another thing that is often overlooked is the fact that new cars lose an estimated 22% of its value in the first year, a hit your car has already taken. Plus, by making these repairs now, you won’t need to make any hasty decisions about purchasing a new car for your family.

Instead of spending the time researching car prices and new insurance policies, you can get back on the road more quickly and safely for that road trip (or even an away game for your children’s soccer league). This keeps your mind at ease, allowing you more time to simply be able to enjoy the now.