For fixing up:
- Except for the most disastrous of damages, repairs are almost always cheaper than buying an entirely new car. You might be able to buy a used car for a few thousand dollars, but keep in mind that a used car comes with its own set of issues.
- Insurance premiums, registration fees, and personal-property taxes go up with new cars, and your financial situation might not be ideal.
- New cars depreciate drastically within its first couple years on the road. Your old car has already taken the hit.
- Everyone has a little sentimental attachment to their old cars. Perhaps it was your dream car, or your first car, or a gift from a beloved family member; your car can be like an old friend, associated with unforgettable memories of journeys long gone, and that can be something that is difficult to give up.
For buying a new car:
- You don't have to worry about future breakdowns, or at least not for a while.
- Trips to the mechanic cost you not only a hefty sum of money, but it also eats away at time better spent on work, friends, and family.
- You're tired of your old car and ready for a change. Perhaps it looks like it's scratched and banged up like it's gone through a war, or it rattles like it's about to fall apart at the next trip to the store, or you have to bang on A/C to get it to work.
- You want something safer, since new cars come the the most up-to-date safety features and equipment (side airbags, tire-pressure monitors, electronic stability control, and more).
- A nicer looking car might could potentially boost your credibility in the eyes of your clients, for certain professions such as lawyers or salesmen.