![]() This means that it is more lucrative for you to fix up the engine problems instead of buying a bright and shiny vehicle that will only lose value after the first 12 months. The car that you currently own has already taken its hit in terms of depreciation – however, your new car will not. Depreciation Concernsįourthly, a new car loses over 20% of its value every year after the first. In this case, keeping the car that is already registered and insured will save you tens of thousands of dollars in the span of one year. When weighing the pros and cons of whether to replace the engine or buy a new car, registration can even sometimes cost more per month than the fees to get the car eventually in your name. Thirdly, insurance and registration fees will add to the costs of purchasing a new car. We know that $7,000 sounds like a lot of money to pay out of pocket, but keep in mind that another used car that you buy for less than 7 grand will come with its own set of issues, adding to the argument of whether to replace the engine or buy a new car. ![]() Even with this price range, it will still not cost as much as buying a new car from a dealership. ![]() Secondly, although you may have severe engine damage like a blown motor or failed torque converter, it will cost you between $3,000 and $7,000 to replace this part at a dealership. You will be hard pressed to find a long-lasting, durable, and high-quality vehicle for less than $5,000 when it comes to reputable cars on the market. Even though engine replacement can cost owners around $5,000 on the high end, it could be worth it for a vehicle that is only slightly used and fairly new. ![]() Less Expensiveįirstly, it is almost always less expensive for drivers to repair a car instead of purchasing a new one. Furthermore, we will tell you a few reasons why it might be best for you to pay the hefty sum for an engine replacement. Buying a new vehicle may not be the right choice for you, whether it is due to monetary reasons, personal feelings about the vehicle, or you have a lack of options when it comes to purchasing a new car in your area. Pros of Engine Replacement – Should You Replace The Engine Or Buy A New Car?Īs a car owner, you need to decide if it is worth it to replace the engine or buy a new car. ![]()
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