As vehicles age (or face expensive repairs), many people weigh repair costs against the vehicle’s worth. If the repair cost exceeds the vehicle’s worth, they will often sell or trade in the vehicle. By “worth” here, we’re referring to resale value.
I recommend a different approach. Blue Book and Edmunds (etc.) can help you decide what to sell your car for, or what you might pay for a used car. But they can’t quantify what the car is worth to you.
I’m not talking about emotions and memories here either. I’m coming from a practical point of view. (more…)