It is hard to know when to stop putting money into repairing an old beater car. Beaters can seem like bottomless pits, always draining your cash flow as year after year another component of the car gets worn out. There comes a time when it is best to just stop putting more money into it, but just when exactly is that?
The answer really depends on your goals for the present and the future. My husband and I recently faced just such a dilemma. Here’s our situation: We have a newer car that we rely on for our road trips as well as to commute to work, go camping, etc. We also have a much older and less reliable car that we use to get from point A to point B, which from now on will be referred to as our beater car. Since we both work at different locations, we each require our own car.
Unfortunately our beater car recently had some major issues that required us to cough up just under $1000 for repairs. At first we thought we wouldn’t bother doing the repairs and we would just donate it to a local mission organization to sell for parts. However, we ended up changing our minds and fixing it after all because for us, the alternative would be to simply buy yet another beater car.