Should I get a new car or keep my older car?

Question

I have a 1993 Toyota Camry with 200,000 miles. The only problems so far is the rear mount which cause my care to vibrate really bad, need oil pan gasket, valve covers, and rings replaced. The problem is I not sure how much longer it will last.. I have an option of purchasing a 2005 Pontiac Grand Am with 33,000 miles. I really don't want a car payment but I am trying to rebuild my credit after BK. I have 4 children and I want to make sure that I have a dependable car.

Answer 1

any car can break down. i think the time to get a new car is when it is not safe to drive the old one thats the first thing. next when you find that you are repeatedly paying more into repairs then the amount you would spend on a monthly payment of a new car.
i would also suggest you check out the cost of full insurance on the next car before you buy. i have been in taxi cars with over 500,000 km on them . so long as it meets the above requirement then keep the old thing going dont count routine matainence in the monthly cost ie oil change lube so on
if you keep the old one going and have many new parts on it you should either remove as many of the old parts as you can before sending it to the wreckers or keep it around and take parts off as needed . see the next car you get may as well be of the same kind since you have many new parts . parts are not cheap and you can save lots doing this.

Answer 2

Make sure to have the car checked out, before you buy it what ever car you choose. Making payments on a lemon sucks. I would say your Toyota has had it. It is probably better to look for something else instead of trying to keep something that worn out going. As much as some people think Honda's are the ultimate there anything but and very expensive to repair.

Answer 3

The best thing you could probably do to avoid a car payment is save up a bit and by an older honda accord used. They're very reliable and maintain their value very well. You can then keep saving your money and after a year or two sell the honda and get something newer or something you really like. it might not be the fun option but if you're serious about avoiding a car payment and still being able to move up to a more reliable car, it is a good way to go.

Answer 4

I would suggest getting another Toyota. I was in your boat about a year ago..broken down old car (mine was a 1985 240 Volvo with 275,000 miles) needing lots of repairs. Quite frankly, unless you are making these repairs yourself it will be too expensive. In my case, my dad and I fix our own vehicles, even with that the Volvo was far to expensive to fix and will still be expensive to maintain. I had the Volvo for 6 years. During that time I wanted to get a new car but was always afraid I couldn't afford it so I just wouldn't even try buying one. ...but I did some cost of ownership calculations on my Volvo vs a new car. I realized theoretically I could afford the new car, but I was still too afraid to take the plunge. The one fateful day came...when on my way home from work the brakes on the Volvo started to fail (brake system needed an overhaul...hoses, rotors, pads, etc). My dad and I did the calculations to find out how much $$$ we would need to get the Volvo safely back on the road (needed much more than just brakes)...total $4,000. Couldn't afford it. ..but I had been eyeing cars over at the local Toyota dealer so I made an appointment with the salesman. Next day I drove home in a nice new Corolla. :) ..and now I realize my fears were unfounded...I spend less on my car payment + gas than I did on the Volvo which had no car payment. Don't get me wrong...I really enjoyed the Volvo, great car, fun to drive. ...and now I'm enjoying my new car and not having to worry about what's gonna fail next. lol
Good luck!