How Much Money are You Wasting by Keeping Your Junk Car?

Experts from the automotive research firm IHS Markits say the average lifespan of a car or truck is eleven years old. Cars dating back to 2009 and older are considered to be outdated. Driving an older vehicle with over 100,000 miles can lead to various mechanical issues, such as engine failure. Fixing these issues can become quite costly and hurt your finances in the long run.

The average cost to fix an engine in a 10-year-old car ranges from $3,000 to $4,000. Even after those repairs, your old car is susceptible to more problems, further taking money out of your pocket. With the average cost of a repair at $217, the constant back-and-forth trips to the repair shop add up over time.

Experts at motor1.com report that, if you are on the fence about getting rid of your old car, you should assess the “50 Percent” rule. The “50 Percent” rule states that, when the cost of a repair on an old car is 50% of the car’s resale value, then it is time to sell your old car.

Instead of spending thousands of dollars on costly repairs, it may be best to say goodbye to your old junk car and sell it to Gershow Recycling for cash. That cash, and the money you saved, can go toward buying a newer car.  After that, you won’t have to worry about repairs for a long time.

If you are looking to sell your Long Island junk car for cash, call Gershow Recycling. To sell your junk car, or for more information, call (631) 371-2031 or visit https://clunkersintocash.com.

Sources:

https://www.prnewswire.com/news-releases/average-new-vehicle-prices-up-4-year-over-year-in-may-2020-according-to-kelley-blue-book-301069167.html

https://www.motor1.com/features/178071/keep-car-or-buy-new/#:~:text=The%20%2250%20Percent%22%20Rule,to%20purchase%20a%20new%20one.&text=Given%20proper%20maintenance%20and%20needed,cars%20can%20exceed%20200%2C000%20miles.

https://www.edmunds.com/car-maintenance/fix-up-or-trade-up.html#:~:text=Old%20cars%20can%20be%20unpredictable.&text=If%20you%20buy%20a%20new,back%20some%20peace%20of%20mind.

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