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February 19, 2004
2:07 PM EST (1907 GMT)
How often have you heard someone say "The old car needs another muffler or a couple of tires. It's nickel and diming me to death!" This raises the question, when is enough enough?
The Car Care Council says the answer may be found in simple arithmetic. How much does it really cost to trade up? If needed repairs on your old vehicle, added to the vehicle's market value, exceed the cost of trading, your best bet may be to sell or trade. But be sure you've included such expenses as finance charges, sales tax and a higher insurance rate. What kind of warranty coverage comes with the newer car? Might it soon need repairs or replacements such as tires or battery not covered in the warranty?
If you buy from a private party, it's buyer beware. Consider a pre-purchase inspection by an impartial expert who can evaluate the vehicle and estimate what repairs, if any, might be needed.
More often than not your best automotive bargain will be the one you own, properly upgraded as needed. The monthly payments you save can cover the repairs the old car needs with plenty left over for the next set of tires, battery or other needs.
For more auto maintenance tips log on www.carcarecouncil.org.
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