Keep an annual budget for repair depending on how much you want your car. That budget should just include parts and tools since you’re providing labor. Now, take into account the time you’ll have to spend repairing your car and time taken away doing other things with your family. If you think you’re going over your budgeted cost and time then it’s time to call it quits. You could be doing other things and spending on other things like cleaning materials for a newer car.
When do you stop?
- Thread starter Ifixyawata
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Originally Posted By: Olas
I stop when the cost of repairs exceeds the depreciation on a new car in its first year.
That works for me, since as far as I can tell, its never likely to happen, cetainly not on a DIY basis.
Probably not if you employ a mechanic either, at least not here.
Assuming a total engine rebuild would be amoung the biggest ticket items, still wouldn't cost that much according to quotes I've seen.
(An engine swap would be cheaper most places but isn't legally practical here).
I stop when the cost of repairs exceeds the depreciation on a new car in its first year.
That works for me, since as far as I can tell, its never likely to happen, cetainly not on a DIY basis.
Probably not if you employ a mechanic either, at least not here.
Assuming a total engine rebuild would be amoung the biggest ticket items, still wouldn't cost that much according to quotes I've seen.
(An engine swap would be cheaper most places but isn't legally practical here).
I figure my time is worth $45 per hour. If I can earn money faster (example: doing a side job for someone at the airport) than the car repairs take in time or money, I purchase another car.
It really depends on the vehicle and it's condition. The decision to repair a vehicle is much easier for something that is enjoyable and has been maintained. Also makes sense for something that is difficult or expensive to find a reasonable replacement for.
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