When a vehicle hits the 100,000 mile mark and is moving into being a 7 or 8 year old car many consumers wonder if the vehicle is worth a major repair like a replacement engine, transmission, transfer case or other large expensive repairs.
We recommend that you look at many things when facing that decision:
A well taken care of and maintained vehicle can hold a more enhanced value, and have greater longevity. It is a stronger candidate for investing in a major repair. If there are a lot of other things wrong with the vehicle you would want to look at those costs also in making the decision. Repairs can exceed the current value of the vehicle and are not worth it if you chose not to keep the vehicle.
It is usually less expensive to repair a vehicle than to buy a new or sometimes even newer vehicle. But a major repair does not increase the value of the vehicle. If the vehicle were to get stolen or totaled in a car accident you might not get the full amount of the repair factored into the vehicle value.
The average consumer spends about $800 to $1000 annually maintaining, repairing and replacing tires on a vehicle that is over 5 years old. If you are spending more than that, it might be time to consider replacing that vehicle. If you are under that then your current vehicle might be worth investing in and considering a major repair. Happy Motoring!