No matter who does the repair, our long-standing advice remains. Spend no more than 50 percent of the cost of a new product on repairing an old one. And if an item has already broken down once, replacement may make more sense. Royce Palmer, president of Columbia Appliance, a retailer in Columbia, Missouri, says he should consider replacing an appliance if the cost of repairing it is more than 50 percent of the cost of a new one.
The cost and availability of spare parts are also an important consideration when deciding whether to repair or replace appliances. You should consider replacing an appliance if the cost of repairing it is more than 50 percent of the cost of a new one. Once again, as Montoya points out, replacing that car is likely to cost you much more than annual repairs. Also, if you keep the car, its market value doesn't matter.
The goal is to have a working car, which you can have if you repair it. If an appliance lasts more than 50% of its service life, and if the cost of a repair is more than 50% of the cost of buying a new one, then you should replace it rather than repair it. Consult online tools, such as Kelley Blue Book's Fair Repair Range, to estimate the reasonable cost of repairs and the current redemption or retail value of cars like yours. If the repaired value of your car is worth as much or more than the cost of the repair, it's probably worth repairing rather than replacing it.
If you are going down the repair route and you like DIY fashion, consider that there are some home repairs that you should never do yourself.
