When Enough is Enough
Written by Randy Gerdin in July, 2010
I have a good friend who purchased a brand new van in 1998 for his business. He has been extremely diligent about maintaining his vehicle when the need arises. He does haul heavy loads and has taken extra precautions and extra care to make sure that he is not caught unaware with an unexpected breakdown. Not to say that he has not had an unexpected problem, but they have been few. Especially considering the severe use that this vehicle has endured over its life. Well now, 12 years and 344,000 hard miles later, it may be time to “update” his van. It came in last week not running; we performed the needed testing to determine that its needs may be too great to consider repairing. It has served him well for these many years, but like an old friend, it is hard to let go.
This is a quandary that, at some point, you may find yourself in. Some say that if the cost of repair exceeds the value of the vehicle, the vehicle should be abandoned. We run into this issue many times each month as people are keeping their vehicles longer and longer. My perspective may be a bit different. Just because your vehicle may need an expensive repair, even if it exceeds its value, it still may be less expensive in the long run.
When considering this dilemma, there are a lot of things to think about:
- What shape is the body in, is it rusted badly?
- What about the other major components of the vehicle, like the engine and transmission, are they sound?
- How about the tires, brakes, exhaust system?
- Has the vehicle had other work done to it recently?
- What is the expected life and future costs if the vehicle is repaired and driven?
- What is the history of the type of vehicle that you drive, how long do they usually last?
Perhaps you may want to have a good solid discussion with your service adviser or technician. The experience these people have can be invaluable. Perhaps they will bring up something that you have not thought about?
With all these things to consider, only you can really make the final decision. Only you really know you own financial situation. Yes, a repair may be expensive, but if you buy a new or used vehicle and have to finance it, there is that nasty payment that is due every month. There usually is an increase in the cost of insurance, license tabs, etc. And remember that your new vehicle will still need periodic repairs and maintenance.
Vehicles do last a long time these days. 200,000 mile is not uncommon and they are still pretty nice cars and trucks. And of course you may just plain want a new vehicle, for whatever reason. I know from personal experience, I also know when enough is enough. I Hate When That Happens!
