Published On: Wed, Jun 26th, 2019

Repair vs. Replace: What Should I do with my Car?

What used to be a faint whisper from your dashboard has turned into a deafening rattle every time you turn on the ignition. And bit by bit, the premium you used to pay for car insurance in UAE has doubled up. After years of turning a blind eye to your vehicle’s steady deterioration, the question finally crosses your mind: should I sell my car?

But making this decision is not an easy one. After spending so much time and money on the maintenance of your vehicle, paying a premium for car insurance in UAE, buying a new car seems like a big deal. Often, people have second thoughts about replacing their old car. There are no clearly defined rules for when to repair and when to replace. It all boils down to a choice, one that can be made easier by considering the following questions.

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How much would you make by Selling your Car?

The very first thing you need to consider is how much you would make by selling the car. A variety of factors can influence the current market value of the vehicle. As car engine depreciates, its value decreases. Other factors that influence the value of your car are the severity of claims filed for your car insurance in UAE, a number of years the car has not been used (if any), the frequency of services and much more.

How much will Repairs Cost?

While repairing a vehicle does increase its market value, the returns aren’t that great. This happens when repairs begin to cost as much, if not more than the actual appreciation in value of the car. This is also why the premium for any vehicle insurance in UAE rises every year as it becomes and costlier to repair the car.

How frequently does the car need Repair?

It’s barely been a week since you got your car repaired and already the suspension has started to show wear & tear, leaving you with no comfort & loose handling. If your car faces issues on a regular basis, it is better to consider getting yourself a new car. Instead of paying for the repair costs every other week, it is wise to replace it with a new one. This way, you will save a lot of money and have much-needed peace of mind.

How much will the Car be Worth after Repairs?

Despite having the best car insurance in UAE and regular maintenance across top-notch service garages, a vehicle may still see a fall in its value. Time takes a toll on a car. Consult the service garage for an estimate of how much your car would be worth after repairs. If the cost of repairs is more than half of what you’d get after the sale, it’s not worth it.

How reliable is the Car?

Indirect factors such as the vehicle’s effect on your life can influence this decision as well. For example, if your car breaks down regularly, as a result you are late for work every other day. It will be a valid reason to sell the car. On the other hand, if the owner has an emotional connection or a pleasant memory associated with the car, they are more likely to opt for repairs. These decisions aren’t always rational in nature.

How Outdated your Car is?

With new technology rendering older features obsolete, certain aspects of your car may now be considered outdated. If safety features, braking systems, air conditioning and other such characteristics of your car are now redundant, replacing your car is a good idea. Also, consider the fact that car insurance in UAE becomes much costlier when safety features become outdated.

Over to you

If you do decide to sell your car, there are two routes that you can take. 

  1. Selling to a Private Party
    Some vehicle owners prefer selling their car to a private party. If you opt for this option, you can set the price and get great offers on your car. Since it is a time-consuming process, you need to be patient. 
  2. Selling to a Dealership
    As compared to the aforementioned option, it is an easier option. Selling your car to a dealership is very simple. The downside is that dealers offer the minimum value of your car. This is the go-to option for vehicle owners who have a poor claim history with car insurance in UAE, or those having a car in poor condition.

Author: Pardeep Garg

On the DISPATCH: Headlines  Local  Opinion

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