How much repair is a car worth....?

Question

I spent $1500 on a `999 Town and Country that has $150,000 miles on it - New Tires, Belt, Spark plugs, Oil tank rebuilding etc...the mechanic is someone I trusted and don't think took me for a ride. and still runs well. NADA value is about $6000. If there is further need for repair...how do I decide to spend the money or dump the car?
Is there a formula that says how much to spend on a car based upon milage and NADA price?

Answer 1

It depends on how much you want to keep it.

On the other hand, if you just want to drive it and forget about it. It may be better to replace it. Keeping a car running for extended milage takes a little planning, discipline, and of course money.

It is quite possible to keep a car running far beyond the 200K mark if you do normal service. Sure, you will have replaced nearly everything once, but your property taxes will be next to nothing. If it's paid for, then it's just money in your pocket.

I have a 98 Grand Prix with 150K, just spent around $1,200 on it for new brakes, coolant flush, transmission service, intake(common for this car), starter and I am confident it will last another 100K!!!! Sure, the radio clock doesn't work and there's a few rock chips on the front bumper, but it's paid off.

Bottom line. If you're happy with it, and you don't have to throw an excessive amount of money into it, then there's no reason it can't stay in your driveway.

Wayne

Answer 2

well I always weigh out my options when fixing my older cars. If you have had the car since new then you know exactly what has been done to it and what to expect to have to do. $1500 sounds like a lot of money for a car repair but go buy a new car and $1500 only gets you about 3 or 4 months worth of new car payments depending on how much you spend. So for me If I like my car and I know that it is reliable I go ahead and put money into it it is a 1 time thing and I still don't have a car payment every month.

Answer 3

When I have a Car with over 100,000 miles I expect normal maintenance for age. Things like Water Pump, Power Steering Pump, Alternator etc. This extra cost to me is much less than the cost of a New Vehicle. Plus, in time you can usually sell the older car for what you paid, especially in your situation, it already worth more than you paid. I had a Friend Totaled his new truck, he had $1,500 after the Insurace settled everything. He bought a used car for $1,500 and drove it 3 years when a lady hit him and totaled it! Her insurance company gave him $1,500. Over the 3 years he replaced the Alternator and water pump doing the work himself and it was around $150 Total!!!! Tires and Brakes are considered an expense any car will have, but, he did replace those when he bought the car, about $20 for the Brakes and $200 for new tires. Plus he only had to have Libility insurance so he saved $300 month Truck payment and about $40 on insurance; Total $340 extra a month in the Bank. When he Wrecked the car he had saved about $12,000 and with the $1,500 from the wreck bought a new truck for CASH! ;-)

Answer 4

i definately would not spend any more on a car with 150,000 miles . It can't go to much longer . And there is no way that car is worth $6000 if it haas that many miles