PTT: To repair or not to repair?

Professional Tip Tuesday

I decked out my Lucky Bamboo for the holidays.

Who else is counting down until Christmas? It's just a few short weeks away. As I write this, I am drinking hot cocoa and watching The Santa Claus (one of my holiday favs!).

Even tough I am giddy about the holiday season - I did have a little misfortune this past weekend. My poor 2003 Chevy Cav hasn't been doing so hot. This is nothing new. I haven't been in an accident - yet I have gone through 3 cars since I started driving. As you can imagine, those 3 cars have racked up a number of repair bills.

So the I'm-an-adult-now question of the day is: How do you know when to keep putting money into repairs, and when do you give in and buy a new car?

I have been doing my research - and a great website to utilize is edmunds.com. This site is loaded with info on everything you need to know when making these big decisions. I found an article weighing out pros and cons of getting a new car.

I was hoping to put this huge life step off for a year or two while I get my big-girl-finances figured out. But I have to think about what will be more cost effective in the long run. So after doing some research, here is some food for thought for anyone in my position.

The repair bill is almost always cheaper than a car payment.
 - It's not just the new car you will be committing to.. a new car means more expensive insurance, and license and registration depending on the state.

Time and energy is something to keep in mind. 
- A reliable car can hold a lot more value when taking into account the time I have spent in repair shops and making ride arrangements. Constantly worrying about what's next in my car repair saga adds a whole new level of stress.

New vs. New to me. 
- A new car will lose 20-30% of it's value when you drive it off the lot. A lot of articles advocate for buying a used car. The trick is, buying a used car that is certified and still under factory warranty.

Know what you have to offer.
- If you do begin the looming task of car shopping, go in with confidence. I have my car as a trade-in for the down payment, I am a first-time car buyer, I have a steady income, and pretty good credit. The dealerships want your business - so play your cards right!

These were the things that really stuck out to me. I am still on the fence when it comes to the future of my Chevy Cav. If you have bought a new or used car recently, what was your experience? What advice do you have? Comment below!