Should you repair a car which is worth less than the repair costs?

If you own an older vehicle and take it in for an MOT, there may come a time when the work that is needed to get it through the MOT is going to cost more than the value of the vehicle. You have a tough decision to make as there are pros and cons to repairing it.

You need to think about what repairs need doing, the overall condition on the vehicle, the mileage, and what funds you have and how much you have already spent on it. If you have had the car a little while and had quite a bit of work done on it already you may think that it is better to spend the extra money giving you peace of mind then that certain things have already been done and therefore shouldn’t need doing again soon. Is the vehicle has relatively low mileage and has been serviced regularly then it may be worth holding on to it and paying for the repairs to be done.

The other option is to scrap or sell the car and then buy something else. You will likely have to spend more to buy another car and if you are spending less than £3000 on the vehicle you can expect to have to spend money on it again through out the year.