When thinking about your next step in terms of what car you want to purchase, you first need to know if you can salvage the one you currently have. Even if your vehicle is giving you problems, one of the most important components is determining if you should replace the engine or buy a new car.
You may have encountered a time when your car broke down, and you didn’t know whether to pay the high repair or replacement cost, or just bite the bullet and sell your old vehicle. In some cases, you may find that selling your car to a reputable used car salesman – like CashCarsBuyer – will make your life easier, and your wallet bigger.
However, first you need to determine if you should replace the engine or buy a new car. Even when something goes wrong, like engine jerking, hesitating, or bucking, it can be fixed and salvage your vehicle that is in good condition. Although there is no clear-cut answer to these situations since every car is different, we will go over the pros and cons of keeping your engine and trying to repair your vehicle.
Pros of Engine Replacement – Should You Replace The Engine Or Buy A New Car?
As a car owner, you need to decide if it is worth it to replace the engine or buy a new car. Buying a new vehicle may not be the right choice for you, whether it is due to monetary reasons, personal feelings about the vehicle, or you have a lack of options when it comes to purchasing a new car in your area. Furthermore, we will tell you a few reasons why it might be best for you to pay the hefty sum for an engine replacement.
Firstly, it is almost always less expensive for drivers to repair a car instead of purchasing a new one. Even though engine replacement can cost owners around $5,000 on the high end, it could be worth it for a vehicle that is only slightly used and fairly new. You will be hard pressed to find a long-lasting, durable, and high-quality vehicle for less than $5,000 when it comes to reputable cars on the market.
Repair Costs Are Cheaper
Secondly, although you may have severe engine damage like a blown motor or failed torque converter, it will cost you between $3,000 and $7,000 to replace this part at a dealership. Even with this price range, it will still not cost as much as buying a new car from a dealership. We know that $7,000 sounds like a lot of money to pay out of pocket, but keep in mind that another used car that you buy for less than 7 grand will come with its own set of issues, adding to the argument of whether to replace the engine or buy a new car.
Thirdly, insurance and registration fees will add to the costs of purchasing a new car. When weighing the pros and cons of whether to replace the engine or buy a new car, registration can even sometimes cost more per month than the fees to get the car eventually in your name. In this case, keeping the car that is already registered and insured will save you tens of thousands of dollars in the span of one year.
Fourthly, a new car loses over 20% of its value every year after the first. The car that you currently own has already taken its hit in terms of depreciation – however, your new car will not. This means that it is more lucrative for you to fix up the engine problems instead of buying a bright and shiny vehicle that will only lose value after the first 12 months.
Fifth, you are already having engine concerns and car troubles with the vehicle you own now – so why buy a used car that could eventually give you the same issues? Sometimes spending money on a new vehicle feels like you are leaving all of your problems behind. Unfortunately, in the case of whether to replace the engine or buy a new car, purchasing a new or used vehicle will only prolong the engine and transmission concerns instead of dealing with them right away.
Lastly, you may really have a sentimental attachment to the vehicle you own now and want to keep it for personal reasons. In this case when deciding whether to replace the engine or buy a new car, it would be worth it to spend a few thousand dollars on a new engine to keep the car you have worked so hard to pay for in the past.
Pros for Buying a New Car – Should You Replace The Engine Or Buy A New Car?
In the argument of whether you should replace the engine or buy a new car, there are valid reasons for junking the scrap vehicle and purchasing a new, trustworthy, and reliable vehicle. Although this may seem intimidating to get rid of your used or scrap vehicle, it can be worth it to sell your car to CashCarsBuyer and earn money in hand for a new car.
Lack of Engine Concerns
Firstly, you don’t want to worry about engine problems in the future. If you feel like the engine repair or engine replacement didn't quite do the long-term trick and the car’s durability is failing, then buying a new vehicle might save you thousands of dollars in repairing engine damage – again. Just because you fix one problem in your old car doesn't mean that other problems wont’ spring up along the way. Buying a new car will help resolve any future issues down the line.
Reduce the Repair Trips
Secondly, you could be tired of the constant trips to the repair shop or your local mechanic to deal with engine and transmission issues. Since humans are prone to error, some things may not get completely fixed the first time around. This means that when weighing the pros and cons of whether to replace the engine or buy a new car, a new vehicle might be the way to go.
No More Worrying!
Thirdly, you could just be plain old sick of worrying about your current junk or scrap car. Perhaps it is so beat up that you don't enjoy driving it, it doesn’t look good while driving on the road, and you are always worried about whether it will make it from point A to point B. Either way, all of the concerns are not worth it for you to be constantly worrying about – in this case, getting a new car could be the best choice.
Lastly, you may be concerned about having a safe and reliable vehicle that will not give you any engine problems. New cars have modern safety equipment, high-tech reliability mechanisms, and features like emergency braking, rear cameras, and blind-spot monitoring to help increase safety and security of the driver. Since these are more standard on new cars, you may find that buying a new vehicle could help your confidence and safety on the road.
When should I buy a new car? – Replace The Engine Or Buy A New Car?
When deciding whether you need to replace the engine or buy a new car, you could be wondering when is the best time to purchase a new vehicle. Luckily, we have put together some scenarios that could be the tipping point for drivers as to when they should purchase a new car compared to when they should just repair or replace the engine.
If the repairs are becoming more frequent and you are constantly worried about your engine, the costs would be hard to keep up with and could be hurting your wallet. In this case, when debating between whether to replace the engine or buy a new car, a new car is the way to go.
In addition, if the car leaves you stranded, you can’t get from point A to point B, and you are always stressed while driving, this could put you in a potentially dangerous and unsafe position. Not to mention, if you are on a schedule like most people and need to get to work or school, a car that constantly breaks down is not reliable or smart to own.
Furthermore, the repair in question could cost more than half the value of the car. In this case, the vehicle is not worth the repair cost, meaning that the engine replacement will outweigh the benefits of keeping your current car.
Lastly, if you have already planned on getting something new, you need to be upfront with your mechanic about your plans and what you want for the future. If you are thinking about paying for a major repair on your car but just want to get a new vehicle instead, then hold off and let the next owner handle the current problem.
How to extend the life of your car – Replace The Engine Or Buy A New Car
When looking at whether to replace the engine or buy a new car, you can extend the life of your current vehicle by taking some precautionary and maintenance steps to keep your car on the road for a longer period of time.
The most important piece of the puzzle is to get your new car maintained as often as possible and sticking to a rigorous schedule. Although it may seem inconvenient at the time, adhering to a maintenance plan at your local mechanic shop can ensure that the costly repairs from your engine or transmission are far and few between.
Use a pre-planned maintenance guide to learn the recommended intervals for service for your particular vehicle based on the make, model, and year. Keeping a much older car running for a long period of time includes paying close attention to items that break down, like expensive parts in the engine or transmission. Try finding a good and reliable local mechanic that does not overcharge you and keeps your car on the road.
In addition, if you are experiencing concerns with your car and don’t know whether the problem m is worsening over time or staying the same, look for advice online that pertains to the specific issue or part. If you find that you don't know whether to replace the engine or buy a new car, owners online will typically have experienced a similar issue at some point and can help give you advice.
Engine Replacement Cost – Replace The Engine Or Buy A New Car
Since the labor is not quite as easy as other internal mechanisms to repair on time, drivers can expect the hours of skilled labor to also run at a higher rate than repairing simpler parts. Although every engine is different, most drivers will need the help of a skilled mechanic to take apart – and put back together – their car’s power mechanism.
A typical engine rebuild will typically run between $2,500 and $4,000 in parts and labor costs, with the type of engine repair depending on which parts need to be removed and replaced. In some cases, the bearings and seals may need to be removed, while in other cases, the entire engine may need to be taken apart.
When finding out how much an engine replacement costs, you need to take into account the make, model, and year of your car. Although it differs between models, you can still expect to spend over $3,000 for a replacement. In some cases, engine replacement’s total cost will cost the driver around $7,500 for parts and labor.
The Bottom Line
Replacing the engine in your car typically runs between $3,000 and $4,000 in most vehicles, with luxury and performance-oriented cars costing at least 50% more. Keep in mind that rarer and older cars are more expensive to fix, while newer cars have more parts availability and can be replaced for a lower cost.
However, you may find that as a car owner that you are debating whether to replace the engine or buy a new car. In this case, purchasing a brand new vehicle could be worth it in the long run by preventing future durability issues, engine concerns, and other problems that spring up with driving used vehicles.