I am trying to decide if I should fix up my minivan and keep it or trade it in. It is a Chrysler Voyager minivan, 2000, 123K miles, in fair condition, and needs some cosmetic work as well as fixing the air conditioning, plus other work. I saw somewhere that repairs totaling 15 - 25% were reasonable if I was going to keep it, and a higher amount would be my clue to trade it in. What do you think? Thanks.
The answer to your question is, "It depends." A few things to consider include the cost of a "new" car, which when computed will need to include sales tax and registration, as well as insurance for a more expensive vehicle. You also mentioned "...plus other work," and I wonder what that work entails and how much it would cost to get it done?
A reasonable short answer to your question would be, if the needed repairs will cost more than 30% of the vehicle*s value, and there is a likelihood that additional repairs will be needed in the near future (aging vehicle), then it may be better to trade it in for something newer with less miles....Good luck with your decision.
Thunder Valley Racing
〉 Answered on May 26th, 2009 by Karen Salvaggio, Owner/ Editor Thunder Valley Racing and Professional Race Car Driver at Thunder Valley Racing