So here’s my current situation:
– $3,600 left to pay off on my car (has about 104,000 miles)
– $2,000 worth in repairs need to be done (it’s currently not drivable as it’s engine related issues from normal wear and tear) I don’t have $2,000 just laying around so it’s going on a CC
My current car can sell for about $8,000-$10,000 after the repair.
I currently see 2 options.
1. Keep the car and get the repairs done. Hope that no other major repairs are needed in the next 3-4 years that will be required for me to pay off the remaining + the repair.
2. Get the repairs done, sell it for minimum $6,000 to break even. Buy another car and save up for a down payment.
I work remote and my girlfriend has a car which we already discussed about sharing for the time being.
Looking to see what others would do in this situation from a financial aspect.