It is worth noting from the start that cars are consumables, although a large purchase, in all but very few cases they depreciate and lose value. That being said, a purchase that should last many years, but each will have a use-by date. You can extend that date and help it hold its value by following the manufactures service schedule and maintaining it.

So when are you better off replacing it rather than repairing it? There’s no specific age or date for every car and car buyer’s situation. Some cars become uneconomical to repair many years or kilometres before others. And different buyers will have different expectations, budgets and priorities.

Although there’s no one-size-fits-all answer, here are some factors to consider that will hopefully help you decide whether to repair your car or replace it.

The cost of repairs: This is a major factor. If the repairs are going to cost more than the car’s value, it’s probably time to replace it. You can get a good estimate of your car’s value by checking online resources like Redbook.

The age and condition of your car: Older cars with high mileage are more likely to need repairs, and those repairs can be more expensive. If your car is constantly breaking down, it might be time to move on.

The severity of the repair: Some repairs are more serious than others. A blown engine or a damaged transmission is a much bigger deal than a new set of brakes.

Your safety: If your car has safety problems that can’t be repaired affordably, it’s time to get a new car.

Your budget: Can you afford the repairs, or would buying a new (or newer) car be a better financial decision for you in the long run? Consider how much a new car payment would be, along with insurance and other costs.

Your desired features: Do you want a car with better fuel mileage, to go electric or hybrid, more safety features, offroading capabilities, more seats or new technology? If so, a new car may be a better or the only option.

As a general rule, unless there is something special about the car, if the cost of repairs is greater than 70% of the car’s value, then it’s probably time to replace it. This is especially true if your car is already old (over 10 years old). Some cars do become collectable, but most do not.

Ultimately, the decision of whether to repair or replace your car is a personal one. You should also obviously talk to a trusted mechanic to get their advice about your car and its situation. Weigh the factors above and make the best decision for you and your wallet.