 So you've come to the conclusion man I'd really just want to trade this vehicle in whether it's been a vehicle that you've had for Multiple years or it's in the shop and it needs some major repairs kind of like this pro master here It needs a transmission and a flywheel and yeah, just a whole lot of stuff So you're thinking maybe it's time for me to get a new vehicle Well this video we're going to go through whether it's worth it or not to you from at least my perspective of a mechanic side I'm going to go through some of the reasons of why you either should trade that vehicle in or why you probably shouldn't Before I get started in today's video I really wanted to introduce the new GoFundMe account that I started for the Rust Belt Mechanics Scholarship Grant This is going to be a tool or scholarship grant for students that go to Sinclair Community College Located in Dayton, Ohio, which is the automotive technical college where I went to and owe a lot of my beginnings and training towards a Lot of the technicians these days when they get started into the industry They've got a whole lot of cost start-up tool costs and everything so I really wanted to alleviate that for a couple of the Better students some of the lucky ones who can show that they they have great attendants They get good grades and a couple of other little attributes to that as well So every single dollar that gets donated to that GoFundMe account will be going to that scholarship grant So we will be giving that one out probably after the first semester of this next year in the 2019-2020 school year So a great thing for you guys to give if you want to donate to the channel. That would be a fantastic way to get started Now let's get into the meat and potatoes of today's episode today I really wanted to bring up a couple of things that a lot of people have been asking me over not just my YouTube career But my career as a mechanic on whether I should trade my car in or not Now let's face it you guys if you're thinking about trading in your car in it's probably seen better days Or it's in the shop like a lot of the other vehicles in here And they need some really major repairs and you guys are trying to weigh the options whether should I trade it in Should I fix it? Do I need a payment? Do I not? So let's go through a couple of those scenarios Now for argument's sake let's say that you've already made the decision and you really want to trade your vehicle in and get another vehicle so Let's first talk about whether you want a new vehicle or use vehicle There's a couple of upsides and downsides to both of course the new vehicle is 90% of the time going to cost more when you're talking about the new vehicles They've got fantastic warranties Usually the bumper the bumper warranties are like three or 36,000 mile and then their powertrains are between 60,000 and 100,000 miles up to like five or six years Maybe even ten on the aspect of some of the key is so when you're thinking about that you've got your warranty aspect New ones, they're gonna carry the warranty right under the right off the bat and you're not gonna have to worry about Used one. They usually Right off the bat only have what the at that specific Dealership or shop has offer. So it's a three month 3000 mile warranty if you're buying low mileage It might have some of that manufacturer warranty leftover, but maybe not a lot So one of the things you have to think about is whether you want to get a warranty or not So you've got the cost of the used vehicle, which is going to be cheaper But if you want to get rid of the headaches, which you're already having when you have your used vehicle with a broken transmission So you want to get an aftermarket warranty These things cost anywhere between 600 bucks all the way up to like three to four grand depending on what you want them to cover You really need to ask your salesman on what kind of warranty would be best for you and what you're comfortable with paying for or not paying For within that warranty period When you're trading in these vehicles, it's usually always because something's broke now You have to take that into consideration when you're trading it in say It's at the dealership shop and you say I really don't want to fix it So you guys just take it off my hands. They're not going to give you nearly as much money because they have to put money into it Right off the bat. Yes, it's already in their shop. Yes, they'll be able to do discounts on fixing it But that's not how they're going to play it towards you They're going to play it towards you that you have a severely broken vehicle So we're going to give you subpar offerings for your vehicle Now if you're in a hurry on those lines where yes, I have a broken car But I want something new you are always going to take the short side of the stick if you're in a hurry You're going to spend more money or lose money Now if you're not in any kind of rush or your vehicle isn't really that broke and you are able to limp it along a little bit longer Then you're in a lot better position because you have the availability of Selling your car in the private market selling a vehicle privately puts a lot more effort on you You have to list it on craigslist or any kind of marketplace or anything But you're also able to get a lot better on the value for your vehicle when you trade a vehicle in You have to put it this way the dealership has to fix your vehicle. They have to detail it They have to totally clean it inside and out and they have to prep it for sale There's a whole lot of hands that touch your vehicle in those three steps So they have to be able to pay those employees to do so on top of that You're going to have all kinds of markup dock fees transferring of title, which they all have to make money in that line So they have to give you less money to be able to make a profit on that vehicle dealerships are not Non-for-profit Organizations, so they have to make money to be able to do that. They have to give you less for your vehicle So when you're thinking about those lines you have to think about do I need the vehicle right now? Or can I hold off and be able to privately sell my vehicle and Get a little bit more money for it Another thing to think about is going to be maintenance and upkeep costs Generally newer vehicles They are going to cost a little bit more when it comes to the way of doing maintenance oil changes Certain upgrades and upfits are going to be a little bit more costly Mostly just because some of the newer vehicles usually take more oil or synthetic oil But you have to keep that one in mind right there Some of the other things you might think about is when you're getting a newer vehicle Maybe try to throw that in when you're trying to negotiate for that vehicle like hey I'll do this, but will you throw in two or three oil change packages for that one? It's something that you know not a lot of people think about but might bite you down the long run Another one of the things to think about would be insurance costs some of your older vehicles They might be cheaper costs for insurance and when you go to get a quote on new insurance It might cost you an extra 30 to 40 bucks a month when it comes to insuring that brand new Dodge Challenger Hellcat, you know, maybe even more than that So keep that one in mind also insurance costs on new vehicles You also have to carry gap insurance if you're getting a vehicle loan out through so much or a new vehicle So you've got to carry a lot better insurance on top of everything else now let's take a twist around and Let's pull back to the other side of things Let's say I'm gonna be mindful of what I'm doing and I'm gonna fix my vehicle That's one of the things that's gonna end up probably saving you more money in the long run It's gonna cost you more right up front, but you have to look at the bigger picture When thinking about getting a major repair done on your vehicle you have to think about what the vehicle's overall value is if you're looking at a repair build that's gonna cause you upwards of two to three thousand dollars and then you look at the trade-in or Private sale value of your vehicle and it's only three to four thousand dollars with only a thousand dollars in between the two That might be something that sways you one way or another because you don't really want to put in 80% of the vehicle's value in a single repair on top of that You still have a used vehicle that you're still gonna have to maintain and upkeep over its, you know older life cycle But the biggest point about having a used vehicle is Either having a cheaper or you guys already have this vehicle paid off and you don't have to worry about a car payment Whereas if you traded the vehicle in now, you're gonna have to think about wow now I've got a four five six hundred dollar a month car payment That might be something that sways you guys one way or the other might strap you down too much for comfort But once you get into that negotiating room, that's where the dealerships try to get at you They try to give you a lots of incentives They try to give you showing you a better trade-in value, but really under the books It may not be so keep that one in mind on the value of the vehicle compared to what you're gonna be comfortable with paying for monthly payments as We talked about with some of the newer vehicles You're probably going to be able to save yourself also in insurance payments think about talking to your insurance Adjuster and see what kind of discounts that you can get for your vehicle as it already sits Some of your insurance companies they give you extra discounts for it either being good drivers We're adding things on to your vehicle that might be Safety helps that help to get you guys more discounts like adding a backup camera Park sensors park assist or maybe even adding a dash cam my personal insurance company They gave me like a ten dollar a month discount on having a dash cam in my vehicle Gives them a little bit more peace of mind saves me some dough at the same time. I like that one You know just saving me some money How many miles really though does your vehicle have? If your vehicle has under a hundred thousand miles and you still you know Either don't owe very much on the car payment or none at all You might think about adding an aftermarket warranty onto it You don't have to be purchasing a new vehicle to be able to get a new warranty on it a lot of aftermarket warranty companies carry Warranties for used vehicles usually up through at least a hundred and fifty thousand miles So that might be something you guys want to look into One of the best things that I would say when you go to look for an aftermarket warranty is call the repair shops that you Normally take your vehicle to ask them so the aftermarket warranties that a lot of people come in with what kind of Warranty companies work with you guys the best what kind of warranty companies are actually paying their claims and what kind of Coverage am I going to be looking for or at these aftermarket warranty adjustments? maybe one of those things to where the Technical service advisor at the dealership or shop is able to say yeah We never deal with this certain warranty company because they never really like to pay for anything or They just are never easy to deal with so we don't even deal with them at all That'd be a big waste of money to buy an aftermarket warranty and then find out your favorite shop Won't even take them for coverage Not to the biggest things of keeping your vehicle After you get your vehicle all fixed. It's fixed. It looks great But you go to get in it and you're like yeah, it's still the same old vehicle There's a couple of small things that you can do to at least change your mentality on the vehicle that you currently have One of the biggest things would be to do a couple of upgrades First is to get it detailed after you do a major repair get your vehicle fully inside Outside really well detailed. Yes, that might cost you a little bit more But tacking on to that service bill may not seem that it would be really that bad Some deep full details cost anywhere from like seventy five hundred dollars all the way up to like two hundred and seventy five Dollars for really good detail But after you get into the vehicle first off you feel fantastic that my car is fixed Everything is taken care of it's got a brand new Transmission ready roll down the road and you get into it and it's all nice squeaky clean everything's cleaned off We got it ceramic coated wax whatever it may be it just gives you a whole lot better mentality and Gives you a whole fresh look to that car and may help you to at least want to stay into it for a little while longer Another idea to try might be to do a couple of upgrades to your vehicle as well Wheels and tires are always a big change suspension on some of the guys with trucks I may know a thing or two about that one It just gives you a whole new perspective to the vehicle Maybe even a couple of smaller things such as getting better Floor mats or putting some LED lighting under your vehicle something to give you an extra sense of yeah This car seems a whole lot better now that I'm upgrading it and doing some outfits that may be worth something in time Money-wise down the road Now that you've got your car all nice fixed up Detailed maybe I've done a little couple additions to the vehicle also you're feeling really good about it But you want to keep in mind all the time that you still are driving a used vehicle There's more things that it's gonna need maintained on you're gonna have to keep up on services such as like transfer cases and diff Services getting tires new batteries. They only last like five to six years More bulbs whether it's easy to change those out or not You have to keep an eye on maintenance that not only is there right now and broken But maybe coming up here in the next couple of three six twelve months down the road When you go and get your vehicle service the next time make sure you ask your service writer service advisor Hey, you know today. I'm getting a tire rotation and oil change Maybe looking three to six months down the road have the technician look it over real good And let's see what kind of stuff that I'm gonna be getting into whether it be brakes whether it be tires that way you have something to plan out down the road of What you're gonna be looking at Now after you have a sense of What kind of cost I'm looking at for my vehicle over the next three to six months? Maybe even a year down the road You're gonna have an idea of how much money you're gonna need to set spend or save the average American We usually get three to four oil changes a year usually three If you're gonna throw in a tire rotation of that because you're going five or six thousand miles You're looking at fifty five to sixty dollars per time you're in the shop That's just the standard maintenance not counting if you need air filters fuel filters If you need some light bulbs cabin filters There's a whole lot of little things that are thrown in there on top of that We're gonna add the set of tires a standard set of tires here in the US usually average cost is about Five to seven hundred dollars for the normal passenger tire. That's pretty middle of the road now If you add that all up in a single year's time, you're looking at like 750 to 850 dollars Now whether that's gonna fit into your budget or not That's another thing you're gonna have to decide on whether that new car where it's gonna last for a year or two Down the road without having to do any of these things or whether this car is gonna be worth doing the repair And then keeping it up over the next year or so on top of that the maintenance is where Lots of people slack off on these things But that also is what takes the vehicles value down the most whereas if you don't keep up with the maintenance it really shows and Trying to do, you know Have a good resale value in a vehicle really starts to go downhill on a vehicle that's not maintained properly So think about maintenance and think about starting a maintenance safe savings account every single week Let's put 20 to $40 in per week to be able to save back for you guys to be able to have that funds saved in there And when you go into the shop the next time you're not gonna be hurting or you're not gonna be overly worried because well Maybe I have seven hundred eight hundred thousand dollars sitting into my maintenance account So might be something to look into to give you guys a better piece of mind on your used vehicle Hopefully this video has given you some insights on whether you want to trade your vehicle in Sell it privately or stick with it and maybe do some upgrades to make you feel better about keeping your used vehicle It's always a weighing the options whether you like to have the peace of mind But pay more for it or whether you like to have some savings and maybe some more maintenance costs down the road You have to look at your individual vehicle as you're going through it at the time and look about a year or two down the road one of those things where you guys need to look into what you have and See what kind of options you're looking at in the future Now over the last week or so I've done a couple of really awesome videos and one was The review over this sp tools mini half inch impact gun I'll put the link down below as well as the tag card up here for you to click over to that one We're doing a giveaway with this in conjunction with sp tools USA Make sure you guys click on over to that one where you have to be subscribed to the rust belt mechanic as well as sp tools USA Over on Instagram this giveaway is going to be running through the next week week and a half And we're going to draw the winner at two weeks after the Thursday that this one aired So you might get lucky and win yourself a $250 value sp tools half inch impact gun and socket set Thank you for tuning in today guys I appreciate all the effort and all the support that all of my viewers have given me over the last year year and a half The channel is coming up on 20,000 subscribers I never thought I would have gotten to that point But we are coming up on it and I've got some huge plans coming up for the channel for the Duramax for tools For a couple of really awesome builds and for a Taylor giveaway coming up at 20k So if you guys haven't subscribed to the channel make sure you do so and share it with a couple of your friends the faster We get to 20k the faster you guys get to see what kind of awesome giveaways we have Thanks for tuning in make sure you guys check out the next one and as always you guys stay awesome