Should I keep my old car, or get a new one?

Question

I am $1,000.00 in debt from car repairs, and my old car is constantly breaking down. Should I let my debt keep me from selling my 1994 Olds and making high monthly payments on a brand-new or one-year-old car? I can't keep taking two days a week off work every time I break down. Yes, I do have vacation days to take but would rather take them off for rest and relaxation instead of constant breakdowns and tows. I'm stuck between a rock and a hard place. I can't afford to keep paying for repairs, and I can't afford a new car. But, I need to get to work every day which is about a half-hour drive. Since I love both my house and job job, I don't want to change either one of those. Thanks for any advice!

Answer 1

A car by effective definition is a money pit. When a car breaks down often like yours, it is a good sign that it is used up. When my cars get this way, I generally try to upgrade. There are a lot of good car deals out there. It sounds like you drive cars for a lengthy period of time, so here is what I would suggest - Go the dealership of your choice and explore the options. You might find a car with a relatively few miles on it still in warranty or you may choose a new one at a lower APR (which will save money). Get a cash price on the car of your choice (remember, you are in a buyer's market at this time). When the salesman has given you a cash price, bring the trade-in into discussion. On a '94 model anything, you will not get much (so you may want to sell it outside). Remember though that a trade-in reduces the amount that you pay sales tax on, acts as a down payment, and gets rid of the money pit all in one fell swoop. I personally would not put any more money into a car that is chronically breaking down. I learned the hard way, that the instant a car has a serious breakdown to begin looking at a replacement. Good luck.

Answer 2

I had a ford tempo that was breaking down once a week. Although it could be better in the long run to just buy a cheap without warrenty car off a lot or from someone else, in the long run it may break down and there goes that money too, I would look for something with superior gas mileage and options that you like. Do not buy a car that you do not love you will want to sell it in the first year or two and this is another way to loose money. I would say buying a new/ One to two car would be the best you want something that has at least a one to two year warrenty and sometimes you can get a extended warrenty and they will pay off if you have to get your car fixed than you will not be paying for it. Dont let the car place force you into buying a car or the highest price car on thier lot. Some places use the method where you can walk away with the car today and this appeals to customers as they may want a car fast. Get a car that you like and in your price range. You may be paying everymonth but the car will be yours and if you want to trade it in four to five years you can.

Answer 3

im sorry man... ive been there before with my SS Camaro.. 500 here 275 there 1100 there i said the heck with thisii borrowed the money to get a full engine rebuild,top and bottom end.it ran me 5,200 dollars i got a 70,000mi warenty with it thought and it runs like a jem. you engine would be a hell of a lot cheaper than mine.. your is about a 200+or-cu.in 6cyl right.with parts and labor u should be looking at about 2,700 to 3,600$ if you did that u wouldnt have to wory about the engine for a long time. or u know u can pick up a brand new Kia off the lot for $6000 not loaded but not striped, u know what i mean.... good luck if all else fails get a crotchrocket suzuki

Answer 4

Look at two cars 12,000 to 18,000 Nissan Versa and Nissan Sentra 16,000 to 21,000 either will get you out of your funk. There is something about the new car smell that makes people want to pay money each month. Besides we all have to be in debt don't we? Trade out while the oldsmobile is still able to make it to the dealership.

Answer 5

Unless u can pay cash for another car new or used, you will only be increasing your debt load. You will still have the 1000.00 to repay. Is public x'port available? I did that for 5 months 1 time when i was between cars.

Answer 6

Get a another car, maybe not new if you can't afford one but a used honda or nissan or toyota. They are very reliable.

Answer 7

try to buy a new car, save up for it. If you are looking for a reliable car, you will have to go with a japanese company like toyota, honda or nissan, even try getting a chevy

Answer 8

no u do not could desire to maintain them it is something some human beings did to verify the mechanic became into honest and did substitute the factors with the aid of fact u could desire to work out the previous ones. yet a criminal is a criminal and it does not somewhat cause them to honest, yet can cause them to do suitable.