Skip to main content

Eagle Blog

Should I Repair or Replace My Car?

Aug 10, 2020, 09:35 AM
Money, calculator and car

At what point do you call it quits with your rusted out, leaking and temperamental car? How long do you continue to patch up old faithful? Sometimes it is a tough decision to make when deciding whether to repair or replace your car. Here are some things to consider  to help make a decision:

Find out how much it will cost for the repairs. Take your car to a mechanic you trust and get an estimate. Ask if the repairs are things that need to be done immediately, or if they are things that can wait. Also, ask if there is any way to cut down the repair costs.

Look at your options after you have an idea of how much it will cost to repair your car.

Are the repairs that your mechanic quoted you a good deal when compared with the cost of replacement? It is also important to look at whether the repairs will increase the car's value, or if they will cost the same amount as the car is worth.

You can also think about how much money your car is worth as is, before making repairs, and consider trading it in towards a new car.

Life changes. If your family has grown since you bought your last car, you may need to consider upsizing. In this instance, repairs may not be the best way to go. You may also be commuting further than you did when you originally bought your car, and it may not be reliable to go as far as you are going now, or may not get as good of gas mileage as you’d like.

Your Budget. Can you afford a car payment if you don’t currently have one? On the other hand, is repairing your car something that is practical for your current budget? Do you have the money to repair your car again down the road if needed?

When considering whether to replace or repair, it can be a difficult decision, and we recognize that everyone’s situation is different from the next. If you decide replacing your vehicle is the way to go, we encourage you to talk to your credit union and look at auto loan rates to make sure you're getting the best deal.

Visit or call 505.342.8957 to see if you can save. It doesn’t cost you anything to find out. With rates starting at just 1.99%1, you could get a great deal. For a limited time, we’re making the savings even better with a $250 cash bonus2 when you set up automatic payments with your U.S. Eagle checking account. You’ll also enjoy 90 days with no payments!3

Have questions about auto loans? Learn about car financing tips like: different options, interest rates, and how to calculate monthly payments.

 11.99% APR (Annual Percentage Rate) available for 36 months with approved credit (payment example: $20,000 loan for a term of 36 months with a 1.99% APR, the monthly payment will be $573). Used vehicle models 2016 and newer. $5,000 minimum loan amount for refinance option. 2$250 cash bonus available by establishing monthly auto pay from US Eagle checking account at time of finance. Bonus credited to auto pay designated US Eagle checking account within thirty (30) days after first auto payment. 3Interest accrues if payment deferral period elected (example: $4.97 for first 90 days per $1,000 borrowed at 1.99% APR). All loans subject to credit approval. Special loan offer does not qualify toward MemPerx. Monthly fees may apply with US Eagle checking. Offer available through 8/31/20. Must meet US Eagle membership qualifications during loan term including minimum $5 share account deposit. See US Eagle for complete details.

  • US Eagle Facebook
  • US Eagle Twitter
  • US Eagle Instagram
  • US Eagle Linkedin
  • US Eagle Snapchat