Fix up the old car or get a new one?

Question

My old car broke down a few months ago and I have not had the money to fix it. Each time I have taken this car in, it costs me a lot because they have to replace all of the old parts. All signs point to me just getting a new car, but financially it would be extremely difficult since I am still in school.

Answer 1

You have to weigh out the short term and the long term. Will you be able to pay for another large repair all at once? Will you be able to handle monthly payments for 3-6 years in exchange for not having to come up with an unknown amount at an unknown time?

I guess the question really is... Should you make one big payment now (down payment), and then smaller monthly payments to ensure that you have a car to drive that most likely won't break down on you anytime soon, but if it does, you won't have to pay to get it fixed, or would you rather risk your current car to break down and have nothing until you can pay to get it fixed?

I say sell your current car now while it's running and you can get some money for it. Because if it breaks down and you can't afford the big lump sum to get it fixed, you will be stuck with a broken down car that's not worth anything. Cut your losses if you have a choice.

Find the most inexpensive car that is known for reliability. Honda or Toyota are my first choices, but Hyundai and Kia are getting much better (as long as find out before you buy one of those that you can get a rental car if you ever have a repair that you can't wait for at the dealership) and are worth considering.

Answer 2

Consider the cost of a new car plus any interest that you will have to pay per month. Then look at a repair bill and how many months it lasts without needing more repairs. It may seem like you are doing nothing but putting money into your car but if you look at the long term in many cases it is cheaper to put the money into the car. I also suggest that you shop around for other repair shops and if you have a male friend or relative that is a little familiar with cars ask him to bring the car in for you. Although you don't want to believe it happens sometimes, some repair shops want to boost the repair ticket on items that are bad but not necessary to replace yet. An unknowing young girl may seem like an easy ticket.

Answer 3

I understand your pain. I have an older car with 130+thousand mile s on her. Things are starting to need to be fixed now and then and sometimes its not so cheap. But, after it's fixed, it's fixed and I don't have to make a car payment. I couldn't make a car payment now if I had too!! But, if it gets to the point that you are taking it to the mechanics every months for major work, well, either go to a new mechanic or look at getting a used car. You have to really look at how much it is costing you to run and fix your current car and then look into how much you would spend a month on a payment. It's not an option where I live but to save up some money, look at local transportation options. You might be able to use public trans and a save up enough to get a car with low payments. But what ever you decide, I wish you luck!! My car is still hanging in there so I will keep babying her!!

Answer 4

Once a cars starts to nickle and dime you it's time to get another one. If you keep the old one you will spend just as much to keep it going as you would spend to buy a new one.

Do some searching. You may be able to find a car you can afford now. Try searching EBay or another on line auction. Many states have auto auctions, try them. Also there are police auctions. Police seize cars from dealers and criminals and people can buy them much cheaper then they would at a car lot.

I've been to auctions in my area and I've seen very nice cars going for just a few hundred dollars. Check them out you may find something.

Answer 5

How old is the car?,is it american built?,what repairs does it need?
a little bit more in the info department helps to answer your question.

As a guideline if the money spent is equal to a new/used car payment (do the math) each month,get a new car.

One other option,,,ask the local car new car dealership if the have any "wholesale" vehicles you could purchase,talk to the dealer principle and explain the situation,often times dealers will not put a high miliage vehicle on the lot for sale even though its in good condition,good luck!

Answer 6

I would look at the history of spending on your current car, and calculate the average cost per month. You can compare this to the cost per month to finance a new car. Then you will need to factor in the other factors, like to you think/know of a big problem likely to occur in the near future with current car, hassle factor of being without a car during repairs, etc.

Answer 7

trying taking your car too another repair shop for service related work. Also paying by check or cash for work done on it is the easy way for the mechanic too take dis advantage of you best too pay for all work done with a credit card this way you can make sure you get your car's problem correctly and not have too go back in a week time if it breaks down on you.

Answer 8

Dear, only you can know when to let the old car go to rest. If you are putting lots of money into it, I know you can get a run around car for under $1000 in most places, but do not know where you are at.

Answer 9

look into older(10-15yrs) used luxury cars, usually they are well taken care of and pretty cheap as ppl who buy this type of car get new ones..also bear in mind the parts you replaced are new and will outlast the rest of car so if you have already fixed major items keep it

Answer 10

Add up how much it has cost yo uto repair you car, and then consider if you can afford to keep doing that. Then consider if it would be cheaper to buy a newer car and not have to pay for repairs.