My vehicle is almost paid off but is in need of a lot of repairs. Trade it in or stick it out?

My vehicle is almost paid off but is in need of a lot of repairs. Trade it in or stick it out?
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#1

I am 33 years old, with 4 kids. Registered nurse. Credit score in the 560s. Trying to rebuild but need a reliable vehicle.


#2

You’ll need to estimate the repair and maintenance cost to determine if it’s worth keeping your current car. If you have a high mileage car, you must also consider future cost. It will likely be less expensive than buying another car due to the high interest rates. If at all possible and if the numbers/cost permit it, keep the car and pay off other debts that will increase your credit score. This will eventually allow you to buy another car without overpaying. I hope that this helps!


#3

At that credit score, you will likely pay more in annual interest if buy a new or used car than it will cost you to repair your current car. Fix your car and fix your credit will be much better for your net worth long term. Once your current car is paid off, bank the monthly savings towards emergency funds and for deposit for eventual newer car in future. - The Savings Coach


#4

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