It can be hard to let go of your current vehicle. Maybe you don’t have the cash to get a new car, or you’re sentimental and want to hold on to it.
Or perhaps you think that there’s no reason to get a new vehicle if you can fix your current car instead.
But some repairs might be too expensive to justify. So, if you want to avoid wasting money, consider skipping the following repairs and replacing your old car instead.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Bad brake rotors and drums
New brake pads are a relatively inexpensive fix and should be a regular part of your maintenance schedule.
However, you might face higher costs to replace rotors and drums. If your car is getting long in the tooth, it might be a smart car owner move to get a new car instead of paying for this repair.
A faulty alternator
The alternator provides the juice for most of your car’s electronics. A bad alternator can lead to an even worse repair.
Alternators may need to be replaced every 50,000 miles to 100,000 miles. But if your car is especially old, it might make sense to skip this fix and head to the dealer lot.
An engine that needs a rebuild or replacement
A bad engine is pretty much the end of your car unless you are willing to dig deeply into your wallet.
An engine rebuild or replacement will likely cost you several thousand dollars — money that could be used for the down payment on a new car.
Pro tip: If buying a new car makes more sense than fixing an old one, consider a side hustle to make extra money so you'll have cash for a down payment.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
A bad head gasket
The head gasket is a specific engine component that could also cost you serious cash if it needs replacing.
The head gasket seals the engine cylinders. That protects the rest of the car from leaking fluids and coolants.
This fix can cost you $2,000, which might not make sense in a car that is not worth much more than that.
A wonky transmission
Transmission replacements or major transmission repairs can be costly in terms of both parts and labor.
Don’t be surprised if you have to pay $5,000 for the repair. At that point, it’s probably better to use the cash as a down payment on a new car.
Trending Stories
A stolen catalytic converter
Catalytic converters contain precious metals such as platinum, palladium, and rhodium, which makes them a prime target for thieves.
Repairing a catalytic converter, which reduces harmful emissions, can be a costly fix of a couple of thousand dollars.
If your catalytic converter is stolen, you may want to check with your car insurance company to find out if it will cover the replacement cost. If not, it might be time to shop for a new vehicle.
A deployed air bag
If your airbags go off in a crash, the replacement cost can easily run you around $3,000. That’s expensive enough to make you think twice about keeping your car.
In addition, it’s likely that an accident caused your airbags, so you might be facing other repair costs.
A bent frame
The frame is the foundation that the car sits on. Issues with a bent frame could lead to problems with the rest of the vehicle.
You might easily face a $10,000 bill to repair the frame, so your best bet might be to get a new car.
A cracked engine block
Cracks in your engine block are a serious issue and aren’t easy to fix.
The bill can add up to thousands of dollars, and most people will likely opt for a new car instead.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
A bad radiator
A radiator helps to cool your engine. So, issues with your radiator can cause you serious problems.
Replacing a radiator can cost at least $1,000. That’s not hugely expensive, but repairing a very old car might not be cost-effective.
Steering rack issues
If you’re having trouble steering your car, it could be a sign of issues with your steering rack.
But a repair can cost up to $2,000. So, think long and hard about whether this repair is worth making on an old car.
An electric car battery that needs replacement
The batteries that run an electric car are not as quick and easy to replace as that little car battery under the hood of a vehicle with a combustion engine.
You don’t have to worry about oil changes, but you should factor in the cost of replacing electric car batteries. That cost can be anywhere from $5,000 to upward of $20,000.
Bottom line
Many car fixes are worthwhile. But if your car is especially old or a repair is costly, it might be time to buy a new vehicle.
So don’t be afraid to get a new car if repairs become too expensive. Counterintuitive as it might seem, it is possible that buying a new vehicle could save you money on your car and keep more money in your pocket over the long haul.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.