Tips

Financing Auto Repair

It’s overwhelming to face an expensive automobile repair. The hit to your budget is devastating. Where will you find the money if you don’t have it already? What bills can you extend until next month? None, which is why Checkpoint Motors always lives by the motto prevention is the best medicine for your vehicle. If you just received bad news from your auto mechanic, financing auto repair is a great option.

Assess the Entire Situation First

Before you give your mechanic the go-ahead with the repairs, sit down and do some math. Ask yourself the following questions:

  • How old is my car?
  • How many miles does it have on it?
  • How much do I owe on it?
  • How many repairs have I had to do in the past?
  • How much money do I have saved?
  • What monthly payment can I afford to add to my budget?

These are a lot of questions but here’s why you need to ask them. If your vehicle is old, high-mileage, paid off and consistently in the shop, why have it repaired again? It’s becoming a cash cow and it might not be worth the repair – literally. You don’t want to spend $5,000 on a new engine for an old car that won’t sell for $1,000. This just doesn’t make financial sense.

If your car is new and you have a lot of life left in it and/or if you still owe quite a bit on the contract, then you’re better off getting it repaired. It makes more sense to spend $5,000 on a car valued at $10,000 or $15,000 unless the repair is the result of serious damage. You don’t want your new car to become a cash cow, even though it doesn’t have many miles on it.

The Last Two Questions

The reason you need to ask yourself the last two questions is to see if you can afford to buy a new car. You may have to have your older car repaired if you don’t have money saved for a new car down payment or room left in your budget for a car payment. If your vehicle isn’t paid off, the dealer may add your existing contract into the new one if it doesn’t feel your trade-in is worth what’s left owing.

Seem like a lot to think about and stress over? It is, so avoid expensive car repairs by bringing your vehicle into Checkpoint Motors in Oregon City, OR, for preventative maintenance. You can set up an appointment by calling 503-974-3302.

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