As your vehicle ages, certain problems can become more common. For many car owners, one of the worst issues that can occur involve the transmission. Repairing or replacing this component can be quite expensive. This is why it’s important for vehicle owners to be able to weigh the pros and cons of replacing the transmission entirely or purchase a different vehicle instead.
.jpg?width=300&height=200&name=Blog%2040418100ftl%20-%20Transmission%20Replacement%20vs%20Vehicle%20Replacement%20(1).jpg)
Cost Over Time
Many people worry about the overall cost of transmission replacement. On average, replacing your transmission will cost about $5000. This can seem like a large amount when you consider the cost of purchasing a new car. However, most auto repair shops that offer this service also include a warranty on the work, which can average at either three years or 100,000 miles warranty. When you divide up the cost of the replacement over the extended life of your vehicle, replacing the transmission will be more cost effective than purchasing a new vehicle, unless you are planning to buy used.
A Lower Monthly Payment
Once you spread out the cost of your transmission replacement over the extended life of your vehicle, you are likely spending $200 per month or less. For most people, the monthly payment on a new or used vehicle will be significantly higher, even when you put the $5000 you would spend on a transmission replacement toward the down payment. This means you may find it less expensive to replace the transmission now and save up to buy a new car later.
Little Maintenance
One of the advantages of choosing to invest in a new vehicle versus repairing or replacing the transmission in your current car is the reduction in maintenance. Even if your transmission will last an additional two to three years, there may be other issues that pop up during this timeframe. This will lead to higher maintenance costs just to keep your vehicle in good operating order. Even though you can spend less over the course of two to three years than you will spend on car payments, you may find the cost of maintaining and repairing other issues makes buying a new car make more sense.
Warranty Coverage
Chances are by the time your transmission needs a full replacement, your vehicle is no longer under warranty. This means you will be responsible for the full cost of replacing this important component. However, when you purchase a new vehicle, even if you choose to buy used, you will often have a manufacturer’s warranty or some form of warranty from the dealer that will help you pay for any repairs for problems that occur during a set period of time or before you reach a certain mileage. This can give you peace of mind you will have a reliable vehicle.
If you’re experiencing transmission issues, you are facing a serious decision. You have to consider the cost of replacing this important component versus buying a new vehicle. It can be beneficial to talk to an auto repair shop about what option will be best for you and your budget.
If you’re looking for help with your transmission, contact us. We can help, whether you choose to replace your transmission or you decide to purchase a different vehicle.
