How do you determine when stop repairing a car and just replace it?
1) when the cost to fix is more than cost to replace
2) when the cost of downtime, not having use of the car, is more than cost to replace
3) when you’ve finally HAD IT!!!
Its the 5th throw of the tool for me.
If you're spending more money on repairing the car then you would be on a lease
when you're no longer getting out what you put in.
the limit is going to be different for every person. It depends on your financial situation, your handiness with a wrench, etc.
I’m probably the worst person to ask because I keep cars longer than most. Hahahahaha.
If the “repair” is just basic maintenance, then I just go with the flow. Because basic maintenance is basic maintenance.
I like @dad2lm2 advice. That’s pretty good.
when the repair costs more than the value of the car
Here are some sad stories about people who didn't know when to throw in the towel due to an inherently bad vehicle, lack of funds, or just not recognizing when enough is enough (the Sunk Cost Fallacy):
https://www.youtube.com/watch?v=v1AasUYyb8A
I would say if it is a classic car, no more than the car can be worth. If its a standard car no more than 50% of its worth, good idea is to trash it if the repairs go above 30% of its value. I actualy bought a car for 3k $, put into it around 15k $, but it is worth now around 15-25k $.
