With High Used-Car Prices, Consider Fixing Your Older Car

Don’t defer repairs and maintenance. It can be tempting to put off certain services—such as getting the cooling system flushed or the spark plugs replaced—if you’re going to get rid of your car anyway. But if you’re planning to keep it for a while longer—either because the new car you want isn’t available or you can’t find a less expensive used car you like—consider getting these kinds of services. Proper maintenance will help keep your vehicle more reliable and safer to operate. This can be as simple as remembering to get the oil and other fluids changed according to the schedule in the owner’s manual. Proper upkeep could also include more involved procedures, such as fixing worn suspension and driveline components, which tend to cause damage to other parts if left unchecked. You should also fix oil and coolant leaks, which can damage the car.

Research repair shops. Going to the dealership usually ensures high-quality service work, but there are many comparable independent shops that charge less. Once you find a shop you like, CR recommends developing a rapport. Regular visits will help them get to know you and your car, and they may be able to tell you in advance if your car will need a big repair. That can help you plan for the expense. (Find quality shops in your area.)

Ask about financing. It’s always better to pay for repairs at the time of service, but according to bankrate.com, 56 percent of Americans don’t have enough saved up to pay for a $1,000 emergency. If you fall into this category, paying with a credit card—which may have a high interest rate—can be an expensive option. But according to RepairPal, some shops offer 0 percent financing over a period of 90 days or so to help people get rolling again.

Consider extending your warranty. In general, extended warranties aren’t usually a good deal. For starters, they don’t offer the same protection as a factory warranty. But if your car is reaching the end of its factory warranty and you don’t have enough saved up to cover the cost of a major repair, an extended warranty can, at the very least, offer peace of mind. Just make sure to carefully review the details of the warranty contract. You don’t want to go in for an engine or a transmission replacement only to find that it’s not covered.