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.
Used cars are selling for very high right now. Hence why yours is worth so much on the used market. That’s awesome for selling a car, not as awesome for buying another one. Have you priced out what you could afford with the money you make from selling yours? There may be some good options out there. There might not be.
If it were me, I’d probably get it fixed, and keep it for another 3-5 years. It doesn’t have very high mileage, all things considered, and it will most likely live 5+ years with nothing more than good routine maintenance. And not having a car payment is awesome.
I know you’re still going to be out $5k for the remaining cost and the repair cost, but I don’t know if I’d be happy with an old Kia with 150k miles on it I bought for $5k after selling my current car. And then there is still no guarantee THAT car won’t have major mechanical repairs needed.
My current car is about 12 years old and has k miles and I have no plans on selling for at least 3-5 more years.
Depending on what is wrong with your current car, you might be able to find someone to fix it cheaper. Like a mechanic who does repairs on the side out of his home, or a family friend. Hell if you live near me in the Midwest, bring it by my house and we can work on it over a weekend for a pizza and Mountain Dew. (I don’t really drink beer. ) my point is there might be options. But even if there aren’t, I’d still consider keeping the car as the repairs aren’t more than it’s worth.
Question: What make/model/year is this car? I’m just wondering what engine issues it has that are making it not driveable, but are “normal” wear and tear.
The first question I would ask myself, is, is this $2000 repair really going to fix my car?
Do you know enough about the car to know that this fix will certainly remedy the problems its having?
I will tell you right now that there are no engine related normal wear and tear problems that happen on engines at 100k miles and cost $2000 to repair. Most engines these days can get very close to 200k miles with regular maintenance.
So there’s certainly something missing in that equation.
If you will know that without a shadow of a doubt that this $2000 fix will remedy the situation and know for certain that this car isn’t a total lemon and will last another 100k miles (as it should) then it will be worth it.
I really feel like this is a lot more missing to this story.
anyways, the last thing you want to do is put another vehicle on a loan, that would be far worst than repairing a lemon
and I’m not trying to kick you while you’re down, but this is why you need an emergency fund, so when this stuff like this happens you dont have to put it all on a credit card and you could just buy a used car cash
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