Is the old car still worth keeping?
A worked example
Starting figures
- Repair cost
- $2,400
- Car value
- $5,200
- Payment on a replacement
- $480
- Months the repair buys
- 18
What it returns
- Repair it
- $346.67/mo difference
- Repair cost per month
- $133.33
- Repair vs value
- 46%
- Replacement cost over the same period
- $8,640
How to read the results
With the defaults above, repair it works out at $346.67/mo difference.