Repair or replace: When it’s time to break up with your old car

Source: Michelle Singletary, Washington Post (Paid Registration)

Is there a sweet spot that tells you when it’s time to stop putting money into an old car and when to purchase a new or used one?"

The key is being able to plan repairs. When I detect a problem, I call my mechanic and get the repair taken care of as soon as possible. This of course means having a car repair cash cushion, which I do and so should you.

Once you finish paying off your auto loan, don’t incorporate that money back into your budget. Take that monthly payment and stash it into a savings account. You can then use that money for repairs or eventually to pay cash for your next car — in 10 or 15 years.

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