Car Dilemma
So, I just dropped my car off at the shop because it was getting to the point where I couldn't ignore the problems anymore (mainly the fact that my brakes were starting to go). I hadn't brought it in in years because, well, I stopped really driving much about 2 years ago, and even back then it was overdue.
While the various issues are of varying importance (the brakes being the most important, with other issues like needing a clutch replacement, new belts, new struts, etc etc.), the total for all the repairs is $4600. Now, my car is a 95 Civic hatcback, probably worth less than that. Other than the current mechanical issues, the car is in apparently good shape (no structural issues, no problems with the engine itself, etc). So, my current dilemma is this: do I pay for the repairs? Or do I just pay for the really critical stuff so I can drive it home and then buy a new car?
Currently, my running favorite is the Honda Fit (sorry eingy and Seppo :P). It's cheap, it's got good fuel economy, and it is apparently actually fun to drive. But even that is about $14K~$15K. I can certainly afford it (though it puts a dent in my downpayment for a house...), but the question is - do I *need* a new car. On one hand, my Civic will likely last for another few more years. On the other hand, the car is 14 years old and has put in its time. Should I donate the old girl and get a new one? Or should I just stick with it?
9 Comments:
How soon until you buy a house? How many miles on the car? How many years do you think you could reasonably squeeze out of it after the repair? I ask these questions, because in my opinion the last thing you want *right* after buying a house are unforeseen car repair bills.
6:01 AM
Still undecided about the exact house date, but we were hoping to buy in about a year's time.
Got 170K miles on the car, and could probably squeeze another 2-3 years out of it, depending on whether or not I continue taking public transportation (I take the train to work right now).
And I'd thought about that, but on the other hand, I wouldn't want a car payment on top of a house payment, but I'll probably pay off most of the car up front anyway, so my monthly bill will likely only be $150~$200...
8:13 AM
Looks like they found one more issue. Sounds like the oil pan needs to be replaced, too. After tax and everything is said and done, $5100 in repairs O_O
Of that, I estimate about $3,800 is pretty necessary if I want to keep driving the car for the near future.
If I just want to drive it off the lot so I can donate it, probably about $500.
8:44 AM
Wow...My suggestion, get the FIT. While i bet you love that car you have, the cost of repairs to it far outweigh its value. IMHO i would get the new car.
9:47 AM
And new car it is!
I'm having them do the work that is crucial (primarily the brakes and clutch), which is still about $2K. I decided against donating it since I'd likely not get much in return due to the amount of work needed to make the care safe for resale, but I could probably get at least my $2K back by selling it (with full disclosure, of course).
Now I have to decide: Fit, Scion xD, Prius (which Nana would likely drive instead, and I'd inherit the xB), or Infinity G35 Coupe!!!1! Oh yeah!
...or maybe not :(
12:46 PM
Remember to talk to me before buying a new car!!! The best way to get a good price is to have multiple dealers get into a bidding war for your buck. And NOT face-to-face. Over email, phone, or fax is best.
You'd think they wouldn't get into a bidding war in the Bay Area, but they will. Even if they don't come down in price, they will probably throw some option in for free.
5:09 PM
Also, U & C were able to buy a used 2005? Prius with HOV stickers for around $17k, so that might be an option too.
5:10 PM
I'd suggest getting a used car, another Honda or Toyota, that's less than 100,000 miles in, and run that one into the ground instead. Minimal impact on your downpayment fund, and it would be just like turning back the clock on your old car.
11:45 PM
Thanks for the advice :) I'm actually in a good position right now, since my car still actually runs and we've got the second car, so I'm not in a terrible rush. The bargaining-over-email thing sounds like a great idea.
And by "new" car, I didn't necessarily mean brand new. Got that last car used and had no problems with it (from a dealer), so was actually considering doing the same again.
1:36 PM
Post a Comment
<< Home