Hi Dave! My husband has a 2002 Mazda 626 that has been a great car and it is paid off and worth approx $3500. We have been hearing some rattling in the front and grinding. We were told that it needed new brakes and struts. We got new brakes put on. We also have gotten quotes for the struts ranging from $1200 to $450. Big discrepancy! We have several questions, but a big one is how much should you spend on repair for a car, related to its value. Or do you sell the car now while it is still worth something? Also, is leasing a car ever a good idea? Thanks for your advice! Katy
Katy, in relation to a cars value I have always kept between 10 and 15 percent on repairs if I was going to sell the vehicle in the near future.
After all the vehicle may be hard to sell if it is making some terrible noises or doesn’t handle properly unless you are selling to a 16 yr old who doesn’t really care but just wants the car.
I would go for the lesser cost on the repairs since you are going to sell the car. Make sure the strut replacement includes an alignment. Also the vehicle is a front wheel drive and hopefully the CV joints are not going bad. They will chatter when turning at a slow rate of speed.
You could also try to sell the car as is, letting the buyer know what the problems are and discounting the price by the cost of repairs. (Remember that 16 year old boy.)
There are pros and cons to leasing a car. You may want to check with your accountant about whether or not that’s a good option for you and your husband.
Good luck and drive safe Katy.
Dave
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