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Should I
keep my car or buy a new one?
Those repair bills are really adding up.
Then do the math. Does the cost of
repairs exceed the cost of a new car? A
typical new car is $21,000, about $350 a
month for five years after 20% down. A
rebuilt transmission might run $1,500, a
huge outlay in one chunk, but far less
than the $4,200 a year you'd spend on
new-car payments alone. If you can't
afford repairs twice a year, it's
unlikely you can afford a new car
payment every month. In any case,
anybody with a car older than three
years should be tucking aside $50 a
month for repairs and maintenance. If
the gods smile, you'll never use most of
it and you'll have a tidy sum to blow on
your next car.
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