If you’ve been saving for car repairs, your tax refund can be the answer. However, it may make more sense to buy a new vehicle instead. We’re outlining how to decide where your tax refund goes at Lunghamer Buick GMC.
Assess the Vehicle’s Condition
Before you decide whether you should schedule car repairs, we recommend that you get an estimate of your repair costs. Our technicians are happy to review your Buick service with you and the repairs that you need. We can also provide an estimate of your vehicle’s value. As a general rule of thumb, if your repair costs exceed 50 percent of your vehicle’s value, you should consider replacing it instead.
Consider the Future
It can be easier to schedule repairs than to start shopping for a new car in Waterford. However, is your vehicle’s condition declining? If you believe this repair is going to be the first of many, it may be smarter and more affordable to buy a new vehicle instead. Plus, you don’t want to drive a vehicle that isn't reliable.
Review Your Expenses
It’s never a good idea to purchase a new vehicle if you can’t afford one. Even if it may seem smarter to buy a vehicle, make sure that you consider your existing expenses. Experts typically recommend that you keep your auto expenses under 20 percent of your take-home pay. This includes your monthly payment, as well as your insurance, fuel, and maintenance costs. Don’t forget that you can finance car repairs, which might be more cost-effective in the short term.
Shop Our New Vehicles in Waterford, MI
We have an extensive selection of new and pre-owned vehicles, so we can help you find a vehicle that suits your needs and budget. We’re also your go-to for repairs if you prefer to repair your vehicle. Visit Lunghamer Buick GMC to get started today!