When old cars get near the end of the road: What next?
There is a quite specific market price for almost every model these days based principally on its age.
What you need to know:
- There is a quite specific market price for almost every model these days based principally on its age.
- Your decision should be guided by which course of action will give you adequate motoring now.
If an old car with modest resale value needs a major repair, is it ever worth fixing properly?
Or is it better to do a cheap jua kali repair to get it going again and then sell, or not to fix at all and sell for scrap parts?
There are lots of things to consider in making this calculation – whether you like the car, how difficult it will be to find the repair money, what is the malfunction and what caused the failure, and whether the fix will not only get the car going again but also give it a reliable extension of life (and perhaps even enhance its resale value).
And there are the two fundamental questions of any car change: First, by each of the alternative methods you suggest, what would you then be able to replace it with?
What are the odds of selling off one problem and buying another?
What would be the repair cost, for what gain in viable life and quality…and at what ongoing risk?
Specific market price
Second, and perhaps most important, what could be the impact of those decisions on your budget for the “next” car you buy? And the one after that?
The story of most people’s motoring lives has a lot more than one chapter. The choices you make today could have a significant impact on your tomorrows, again and again, and determine whether you keep climbing up the ladder of quality or stumble and struggle towards the scrapyard.
If the car's mileage is low and its condition is good, buyers might be ready to pay a premium.
There is a quite specific market price for almost every model these days based principally on its age.
If its mileage is unusually low and/or its condition is unusually good, buyers might be ready to pay a premium.
If those factors are average, the going market price will be the benchmark for both sides. If mileage is especially high or condition is poor (or dubious), a discount will probably be required.
Spooky part for motorists
In both this context and generally, temporary or sub-standard fixes are “emergency” measures, and rarely good economics in the long-term. If you are spending to fix, spend enough to repair with quality parts and competent workmanship if you can.
The spooky part for motorists on a tight budget is what a new, original part can cost!
A major component – a back axle, an engine, a gearbox – can easily cost a high proportion of an old car’s total value! That money might be worth spending, but only if the rest of the vehicle can live with the new parts for a long time, and satisfy the next owner.
On an old car, where budget cannot run to a new original part, good quality repair will often be a better bet than a cheap “unknown” replacement…or a fudge-fix.
Bottom line: your decision should be guided by which course of action will give you adequate motoring now and the best budget for your next car, whether now or later.
