If you own a vehicle that is in excellent condition and it just needs the engine replaced or repaired, consider getting the work done and keeping the car. Once the repairs are done, you will still have a great vehicle, and you may end up saving money, considering what you would spend on purchasing a different car.
If your vehicle has sentimental value or is unique. You may have rebuilt your vehicle by yourself, or someone gave it to you after college! An engine replacement may get it back into prime condition, and you’ll have it for years to come.
If you don’t have the funds to purchase a different vehicle, you may be able to save the money or borrow it easier for repairs on your current car or truck. Consider the long-term expense of paying off a loan and getting another vehicle or obtaining a new loan with high interest rates. If your car isn’t financed, you could save a lot of money replacing the engine instead of buying a different vehicle.
A replacement engine should last as long as the original engine. So, if you need a new engine at 160,000 miles, then your new engine should last just as long. Be sure to have your vehicle regularly serviced to extend its lifespan!
If your vehicle is older, your insurance rates may go up with a newer vehicle. Consider keeping your monthly insurance payments lower by replacing the engine in the car you already own.
You won’t have the added expense of taxes and license fees when you purchase a different vehicle.