A. Keep the clunker if it's paid for (or nearly paid for), and service and repairs are costing you less than new-car payments. For example, the average cost to replace a cylinder head assembly is $1,800, according to CarMD, a vehicle-repair information site. That's equal to four typical car payments. Also, because some repairs are elective, you can wait until you have the money to do them.
Buy a new car if you anticipate having to make expensive repairs that would cost close to what the vehicle is worth. For example, a failed transmission, which can cost more than $3,000 to repair, is usually a deal-breaker. Read more here…
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