Should I Sell My Junk Car?

Should I Sell My Junk Car?

Do you have an eyesore of a car taking up space in your garage or on your front lawn? Are you consistently making costly repairs to your vehicle just to have it break down a week later? Are you starting to wonder if it is worth it to keep funneling money into your car? If this sounds like you then it may be time to consider selling your junk car. 

If you’re unsure about whether to sell your junk car, read on to learn if your car is a good fit or not. It can be a hard and scary decision to sell a junk car. However, there are a few things that you can look for when starting to think about what to do with your junk car. 

Your first step is to calculate how much you are paying monthly in repairs for your car. To do this you need to calculate how much money you spent over the last year on your car. This means any minor and major repairs. This step may seem tedious but you might be surprised by how large the number is.

After you have added up the total costs of your junk car, take that number and divide by 12. This gives you a monthly cost of keeping your junk car. If the monthly cost is comparable or larger than a monthly car payment for a car, then it is definitely time to sell. 

You also can use an online calculator like Kelly Blue Book, to determine the value of your vehicle. If your car is too old or too worn down to find a value on Kelley Blue Book, then you can contact your local junkyards to get a good estimate. 

You can use this estimate to decide how worth certain repairs are. If you need a $2000 repair but your car is only worth $700 then it may not be a good idea to go through with the repair.

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