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When should you stop putting money into a car?
I have an old clunker car that's been pretty reliable, but I feel like it's on its last leg. When should I stop putting money into a car and buy a new one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It sounds like you have a trusty vehicle, but it may be time to say goodbye.
As a general rule, you should continue to do maintenance on your vehicle for as long as it’s economically feasible. Most experts suggest following the 50% rule. This means that you should do any repairs that cost 50% or less of the value of the vehicle. If costs are higher than this, you may want to start looking for a new or used car.
It is always a good idea to get a professional opinion on big decisions like this. Bring your car to a trusted mechanic for advice and direction. They can give you an idea of what parts might need to be replaced next and how much future repairs could cost you.
If you do purchase a new car, you’ll need a new
car insurance
policy. Save money on a new policy by shopping with Jerry
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