Letting go of an old car can be a difficult decision; many car owners want to use their car for as long as possible to avoid the cost and hassle of getting a new one. However, an older car can be just as costly and inconvenient if it's not in good repair and is always breaking down or refusing to start. If you're facing yet another set of repair bills for your older car, how can you determine when it's a good time to just junk the car? Note a few factors to keep in mind.
Major components keep breaking
If your older car is starting to see wear and tear on parts that are relatively inexpensive to repair, such as gears, bearings, and wiring, you may not be ready to junk it just yet. However, if the engine, transmission, or steering systems are starting to wear down, or have already suffered major damage, this often means that the car is getting near the end of its usable lifespan. While you can replace the engine, transmission, steering column, and other such major parts, remember that these are very expensive repairs; note, too, that when one major system breaks down completely, the other major systems are usually soon to follow. Consider the cost of replacing all these major components together, and that might tell you if it's time to simply get rid of the car.
Breakdowns are causing inconvenience
If you're self-employed and work from home, an older car may not be much of an inconvenience. However, if you work outside the home or have kids to take to school, and your older car consistently refuses to start in the morning, breaks down repeatedly, and otherwise interferes with your day, it's time to get rid of it. Think seriously if you could lose your job, if your child's school attendance suffers, or if your older car is otherwise causing tremendous difficulty in your life, and this can tell you if it's time to let it go rather than always trying to deal with these inconveniences.
It's time for a tax write-off
Very often, you can qualify for a tax credit if you donate your old car to a charity. Many of these types of charitable companies work with tow truck drivers and scrap yards that will arrange to pick up your car, and also give you a receipt for it, which you can then use when filing your taxes. Talk to your accountant about this arrangement to note if it would work for you and be beneficial, come tax time.Share
11 July 2017
Hello, my name is Erin and this is my auto blog. For many years now, I have been buying, selling and modifying automobiles. I am not an auto professional. I work in a large bank in Sydney. However, at the weekends, I like to spend time looking for classic cars which need some love and care. I learnt my skills from my dad when I was growing up. He worked in an auto repair shop and even though he didn't collect cars himself, he knew a good deal when he saw one. I hope this blog is useful to those looking to find out more about automobiles.