Was involved in a minor car accident recently. I have received $1500 to either repair my car or to use this money towards buying another used car.
My car is a 2003 Daewoo Lacetti, valued at approximately $2-2.5k. The car only has approximately 120,000km on it, low for its age.
The repairs are only cosmetic; being to repair damages to the quarter panel, repainting, replacing a rim, and replacing my driver's side mirror. These repairs will cost $1500. I have had the car looked at and there's no frame damage or damage to the steering and suspension. The car also currently has oil seepage but I believe this to be minor and was a pre-existing condition. Because of this, should I choose the repairs option, I believe that I'll get a lot of mileage out of the car for at last a few more years.
If I choose to get another used car, I could get a slightly younger car with 20k less on it, for an extra $1-1.5k on top of the repair money. I'd also have to go through all the steps with stamp duty, rego, inspection etc all over again.
I believe that the first option is more viable given the damage is seemingly comestic only. That said, these damages are nearly worth the car itself. Just looking to see which of these choices would be the more economically sound.
December 19, 2018 at 07:25AM
