PHOENIX — Your car broke down and you're facing a major repair bill. On top of that, it may not be the first time this has happened. So, where do you put your money?
Oil changes and tire rotations are expected when owning a car, but a blown radiator or faulty transmission can come with thousand-dollar price tags.
"It's gonna be like $4,000 to replace," said Kelley Blue Book's Matt Degen. "You can do it, but then it's like, okay, then what's next, right?"
So, when do you stop fixing and just sell?
As the Let Joe Know Team explained, car prices are sky-high for new or used.
Degen says to consider the cost of repairs versus the cost of a new car's monthly payment - and add in the new car's new safety features.
"If this car is just gonna be bleeding you dry, it's probably time to consider other options," said Degen.
You want to consider these options before you're forced to make that decision. Especially if it's an older car that can have hidden, pricey repairs.
Tanya writes she purchased a 2011 Honda Pilot just this month and a week later, it was in the shop needing thousands of dollars worth of repairs.
Frank writes he bought a used car a few years back, only finding out recently the car had structural damage and was worth nothing.
If you do decide on making a purchase in this market, Degen says to consider a certified pre-owned or a base-model new car with all of its new safety features.
Even though used cars are in demand, don't sacrifice having a mechanic check it out before you buy. That is crucial and can save you a ton of cash.
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