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What should I do with a car that's worth less than the repairs are to fix it?
I have a car with over 250,000 miles. It started running a bit strange, so I took it into the repair shop. They quoted me a price to fix it that's more than the value of the car itself. What should I do with this car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is a crossroad that every car owner faces at some point: Is it time to sell your beloved car or should you pay to keep it?
If your car is worth less than the repairs necessary to fix it, you have numerous options. You can:
- sell the car to a salvage company.
- sell it to a scrapyard or junkyard.
- sell it to another private buyer or restorer.
Those are your best bets to recoup at least a bit of money.
Of course, keeping the vehicle is also an option. Depending on the repairs the car requires, there might not be parts that will break again anytime soon once everything is fixed. If you are emotionally attached to the car, ask your mechanic what the next potential pitfalls of keeping the vehicle might be.
Just remember that if you decide to sell your car that you will also need to
cancel your insurance
so you’re not overspending or overpaying unnecessarily.If you want help canceling your insurance, the
Jerry
app can help. Jerry helps with all the paperwork, from signing a new policy, to transfering your information to a different carrier, and canceling your current policy. And the best part–Jerry does this for free.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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