Should You Fix Your Old Car? Is it Worth It?

Summary

This video guides car owners through deciding whether an old car is worth repairing. The host argues mechanics should diagnose and advise—not decide—while owners must weigh costs, safety, and long-term plans. Key points: cars aren’t investments, repairing can be sensible if you plan to keep the vehicle for years, but piling repairs, rusted frames, or hidden issues can make replacement wiser. Consider insurance payouts, the total cost now versus buying a similar used car, and upcoming maintenance needs. Gather three data points—repair cost today, likely problems over the next few years, and current market value—before choosing to fix or move on.

Takeaways

• 😀 Before deciding whether your car is worth fixing, always get a full diagnosis and cost estimate from a mechanic. The final decision should be yours, not the mechanic's.
• 😀 A car is never truly an investment. Most people lose money when buying and selling cars, except in rare cases (e.g., luxury cars or flipping).
• 😀 If your car needs multiple repairs piling up at once, don’t just pick and choose repairs. You either fix it properly or move on from it.
• 😀 Always ask yourself: 'What will I buy next?' If you're spending more on repairs than your car's worth, consider what your next vehicle will cost and whether it’ll be any better in the long run.
• 😀 The choice to keep an old car is personal. You need to decide whether you're the type of person who wants to keep a car for 10–20 years or prefers to trade it in frequently.
• 😀 If your car is 10-15 years old, be prepared for major repair bills to pile up. The key is to decide what the plan for the car is going forward.
• 😀 Insurance is a big consideration when fixing an old car. If your car is totaled after you've spent a lot on repairs, the insurance payout may only reflect the car's original value, not the repair costs.
• 😀 Never ignore the structural integrity of your car. If the frame is rusted or damaged beyond repair, it’s probably time to move on. Don't just hide the rust; replacing the frame is too costly and impractical.
• 😀 Be aware of the full picture when considering car repairs. If you're repairing the engine, but other parts like suspension, tires, or transmission are in bad shape, you'll likely face more repairs soon after.
• 😀 A car is a tool, not an investment. Don’t expect to make money on it. Rather, view it logically: If you can reliably use it for a few more years with repairs, it might be worth fixing.
• 😀 Have a long-term plan for your car. Don’t just let things pile up until the car is worth less than the repairs. Understand the expected lifespan and how much money you’re willing to invest before making a decision to repair or replace.

Q & A

What should a mechanic's role be when advising on whether to fix an old car?

A mechanic should provide a diagnosis, give a cost estimate, and offer professional advice, but ultimately the decision of whether to fix the car or not should be made by the car owner. It's important that the mechanic gives all relevant information and lets the owner decide based on their personal circumstances.

Is a car considered an investment?

No, unless you're buying rare or exotic cars, a regular car is not an investment. Most people lose money on cars because they depreciate over time, and it's rare to sell a car for a profit after using it.

What happens when a car requires multiple repairs at once?

When multiple essential repairs pile up on an old car, it's crucial to either fix the car properly or move on from it. Cutting corners or opting for temporary fixes could waste time and compromise safety, and in the long run, could cost more.

How should you assess whether to fix or replace an old car?

When deciding whether to fix or replace a car, it's important to consider the cost of repairs compared to the car's current value. Additionally, you should assess the condition of the car beyond just the repairs, including its long-term reliability and potential future issues.

What should you consider when deciding whether to keep repairing an old car?

You should think about the car's overall reliability, safety, and what the car will need in the future. If you're consistently investing in repairs without getting a return in terms of reliability and performance, it might be time to move on.

Why might repairing an old car still be a good option?

Repairing an old car can be a good option if you're avoiding monthly car payments and already know the car's history. If you're planning to keep it for a few more years, repairs might make sense if the car doesn't have major structural issues or if its value is stable.

What is the biggest con of spending money to repair an old car?

The biggest con is the risk of total loss if the car is in an accident. Insurance will only pay out the car's market value, which might be much less than what you spent on repairs. This means you could lose the money you've invested in repairs.

What factors should be considered before repairing an old car with multiple issues?

Before proceeding with repairs, consider how much the car is worth, how much repairs will cost, and what potential future issues could arise. It's also important to assess the car's long-term reliability and whether you're ready to continue investing in it.

Should you always follow through with repairing a car that needs significant work?

No, it's important to evaluate whether the repairs are worth it in the long run. If the car has significant issues like rusted frames or a failing engine, it may be more cost-effective to replace it. A mechanic's inspection can help determine the car's true condition.

What is the best way to approach making a decision on whether to fix or replace an old car?

The best approach is to have a clear plan for the car's future. Consider the car's current condition, the cost of repairs, its value, and your plans for the next few years. You should also shop around to see what similar cars cost to help inform your decision.