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Iowa | I don't think there is a thing wrong with repairing something even if the repairs exceed it's market value, but you must realize that on vehicles you are gambling you won't have a serious wreck that "totals" it out--you're gonna get book value plus MAYBE a LITTLE bit more--but that's not a bad gamble. Most people probably have 20 vehicles or more in their lifetime and maybe "total" 1. I take that risk every day, anyway, if the accident is my fault, because I don't buy collision insurance, only liability.
I had a chore tractor that needed $7500 of repairs (engine and transmission done here at home). I could buy another one for about that--but it would also have a lot of hours on it and might fail in the same manner the day after I bought it. So I repaired it and used it trouble-free for ten more years.
At least if I fix my old one, I know what I've got, and its WAY cheaper than upgrading to something new or new enough to be fairly trouble-free with some degree of certainty. The "current" or "market" value enters into my decision only as a passing thought--the real question I ask is, "Is it worth it to me to do this repair? Will the repaired machine do what I need and will that be more cost-effective than buying something else?"
I don't want a "spare" setting around junking up the place. I'd rather be proud of my farmstead even if it means buying a few extra parts once in a while. | |
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Repairs that cost as much as the value of the piece?
