Have you ever been faced with a major car repair or even worse a bunch of ongoing car repairs and sat there and said to yourself

man I am just wasting all of my money on this thing.

Maybe I should go get a new car.

Well, I've been there, and a lot of people are there, and it's not easy to know what to do in that

situation.

So today, I'm going to share with you some thoughts

about how I would answer the question of when to decide whether to fix your car

or replace it. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your host. Thank you so much for being

with me today. Today we're going to talk about cars. Probably the ultimate whipping

post of the personal finance industry. We love to get mad about them and talk about how much money we spend on them, but they're kind of important

And I tell you I've struggled with this decision

Struggled to figure out how to give you good advice so take my my advice today, test it, and then let me know what you think.

Specifically today we're gonna pull apart this this question. This is a question that

has always bothered me a little bit. I like to have a framework for most decisions

if I can ever create one I really like to have a framework for financial decisions

that will give me the opportunity to be able to know

what to do in most situations. But the question of what to do when your car breaks is not an easy question

to answer. It's really, really not. And I've heard various pieces of advice, but even

on this subject, there's not a continuity of advice. Probably I guess the only major piece of

advice that I have often heard is the idea that if your car gets

to the point where you owe, where the cost of repairing it is going to be more than half of the

cost of the value of the car, then you should replace it.

...