Fix It, Sell It Or Keep It?

Jason just paid off a vehicle, and now the engine is going out. The car is worth about $4,500 and he has received an as-is offer for $1,600. Should he fix it or sell it?

QUESTION: Jason in Wake Forest just paid off a vehicle, and now the engine is going out. The car is worth about $4,500 and he has received an as-is offer for $1,600. Should he fix it or sell it? Dave says it depends on what the repair cost is going to be.

ANSWER: Figure out what it will take to fix the car. If you can get $4,500 by investing that thousand bucks into it, then it’s worth selling, but you would not invest $2,000 in it.

If you have your $1,000 baby emergency fund set up, you need to decide if you are going to sell your car and put that money with it to buy another car, or put that $1,000 into this car and fix it and keep it, or repair this car and sell it.

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