It may be time to sell the car

Pricey Dave,

We have a 2008 Honda Accord that desires a new timing chain. Our mechanic claims the restore will value about $2,200. The automobile is well worth about $4,500. Is it time to get yet another vehicle, or ought to we have it repaired?

Susan

Dear Susan,

That appears a small large for a timing chain deal with to me. Maybe I’m mistaken about that, but let us glimpse at the math of your problem.

You say the worth of the auto is $4,500 if preset and operating thoroughly. Let us say for the sake of argument the price of the automobile if you market it as-is — essentially salvage — is $1,500. If you just take the value of the automobile as-is, moreover the mend, and the amount you appear up with is extra than the benefit of the auto right after it’s mounted, you really do not restore the vehicle.

So, if this car is basically well worth $1,500, the thought of repairing it is pretty questionable. If you can get $1,500 for this point as-is, I’d sell it and place the $2,200 I would’ve thrown into fixing that aged thing toward a far better motor vehicle.

You’re chatting about a large fix on an outdated vehicle, Susan. If the repair service value you bought is appropriate, and it was from an genuine mechanic — not some padded, overblown quote from a seller — I consider it is time for that aged beater to go!

— Dave

 

Dave Ramsey is a seven-time #1 nationwide best-selling author, personalized finance skilled, and host of The Ramsey Clearly show, read by additional than 18 million listeners each week. He has appeared on Fantastic Morning The united states, CBS This Early morning, Nowadays Present, Fox News, CNN, Fox Organization, and quite a few a lot more. Considering the fact that 1992, Dave has helped folks regain control of their funds, construct wealth and greatly enhance their life. He also serves as CEO for Ramsey Options.

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