Repair or Replace: The Old-Car Dilemma

It's decision time. Do you keep your car or retire it from service?

As the median price of a new car pushes $24,000, car owners are keeping their vehicles longer than ever. Today's cars are more reliable and better equipped than their predecessors, thanks to an engineering and design revolution that took place eight to 10 years ago.

If you haven't maintained your vehicle, you may want to trade it in as the warranty expires. Schedule your car for a full inspection - it can clearly identify your vehicle's potential problem areas and how much repairs would cost.

Your driving habits will show how you'll likely use your vehicle over the next few years.

If you're unsure that your car will get you where you're going, you may place a premium on the reliability of a new one. If you value familiarity with how your vehicle handles and drives, your car may be worth repairing and keeping.

Also decide whether you have the financial resources to replace it, if it still fits your needs, and if you still like it. And when you're ready to talk car loan options, talk to a loan officer at your credit union.