My car needs $4,000 in repairs. The car's current value's $11,000. The car's paid off. Would it be better to repair or trade in for new car?
My car is only 4 years old and there is an issue with it that will cost $4,000 to repair which is almost close to half the value of the vehicle itself ($11,000). The car doesn't get used much so this has to be some kind of manufacturing issue,but as of today, there is no recall on this issue, so it would be a risk to pay the amount in hopes of getting reimbursed later if there is a recall. It's a 2015 Chevy Impala and it seems those who have it from the same year are experiencing the same issue in this year also. We own it in full and don't have to pay monthly payments anymore. But another option we have is to trade it in for a newer vehicle with low payments and less headache? What would you do in my situation, is my question?
- 3 weeks ago
It's not close to half the value - it's a little over 1/3rd. I would fix it. With the problem solved, how many more years/miles is the car reasonably good for, vs how much you would spend in car payments every month for that same time period? Do you have the cash to fix it, or would it be a credit card payment? Either way, it's very likely to be cheaper in the long run to keep it vs buying new.
- zipperLv 64 weeks ago
That is up to you? It all depends on can you afford the payments or not!
- Huh?Lv 74 weeks ago
A car only 4 years old and "doesn't get used much, should be still under warrantee.
- 4 weeks ago
Send this same message to Chevy and GM corporate. Don't go by what your dealer says. There's never been a recall on your problem and that's fine, but maybe it's already described in a 'bulletin' or many other reasons you don't know. Try to stay with middle management corporate with this (above the dealership level). Stay away from non-profit consumer groups, stick with just the corporate chain of command with it and you'll see results. I've known a lot of people get their auto/truck bills paid this way. This will give you good experience on how big organizations work if you've never been in one.
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- 4 weeks ago
You could probably hire s private mechanic
- pit bulls biteLv 74 weeks ago
i would avoid another gm vehicle
- Lynne WLv 64 weeks ago
General Motors honors the TREAD act; if you've repaired a vehicle that later has a recall that has to do with the exact repair, you'll have to contact GM for reimbursement. They'll ask for the repair ticket from the shop you used and proof of payment. The part numbers and repair and concern must match the recall/service bulletin. If there's no recall or bulletin, though, you will not be reimbursed. On the good side, there's no time limit.
- thebax2006Lv 74 weeks ago
Try telling us what the problem is!
- AlCaponeLv 71 month ago
Your car is not worth $11,000 if it needs $4000 in repairs.
- artherLv 41 month ago
what will the car be worth in 2 years if the manufacturer can't make it reliable what hope does a workshop have of fixing to be reliable for a long time, cut your loses and get rid of it stop throwing good money after bad. GM pox can't be cured its designed to empty your wallet.