I am trying to decide whether to repair a car or sell it. The car is a 2007 Scion TC. The car has about 80,000 miles on it, and the KBB value is around $2700-$3700.
The engine of the car died while driving down the highway. The AAA service center said the engine will need to be replaced, at a cost of around $4100. I had it towed to a Toyota dealership for a second opinion, and they too have said the engine will need to be replaced. They will charge around $6200.
My dilemma is this - Since the cost of replacing the engine is more than the KBB value of the car, is this worth doing? - On the one hand I hear that Toyotas can go 200,000 miles, and this car has only 80,000 miles on it. So it might actually have a lot of life left in it. - On the other hand mileage is different from age. This car is 9 years old, meaning other parts like the transmission are 9 years old, even if the engine is new.
How many years do Toyotas last? Will I probably get another 4-5 years of use from this vehicle? Is it universally always wrong to spend more money fixing a car than its KBB value?
Also, any thoughts on whether it is better to spend 6K at a Toyota dealer versus $4K at a AAA service center? Toyota claims that their engine will be remanufactured, whereas engines at repair shops come out of crashed vehicles, and so are not good. Is this statement a fact?