Keep my current car or buy new one?

Question

My current car has 55000 miles on it, and needs new tires, brakes, and axels. It has been giving me problems from day 1. I now have the option to buy a new car that, with my negative equity, comes out to about $125 more monthly than what I pay now. On the other side of it, I will end up owing about 9000 more total on a car that has zero problems and zero miles, and that is four years newer than mine. additionally, this new car has several features I've always wanted in a car, and I wish I had gotten in mine. I plan on taking on a second job next year when I finish college anyways for a couple of months before starting law school, to help pay down my car even more so....


What should I do? I am leaving make/model stuff out of it to prevent manufacter bias from people.

Answer 1

If you saved that extra $125 per month on your maintainence, to do upkeep on your current car. At the end of the term (i'm going to guess 5 years), would you have spent MORE or LESS than $9000, which is how much MORE you have to pay total? If you only spend $6000 in repairs, then you would have saved $3000 by keeping the old car. Whereas if you spent MORE than $9000 in repairs, then you should get the new car.

$9000 over 5 years, about 1750 a year? (I'm guessing) Doesn't sound that bad. I don't think bumper to bumper warranty will affect it that much.

Since you sound exasperated with your current car, you may reduce that figure by $1000 or $2000 depending on how much it's worth to reduce your stress and deflate your pocketbook at the same time.

Now that is an objective assessment. :)

Answer 2

I would think it is cheaper to fix the old one than to buy a new one. Tires, brakes, and axles aren't that expensive. If you'd wait until you get out of law school and have a good paying job, you'd be in better shape.

It seems from the bias of the question, that you want some justification for buying the new one. If you want it that bad then get it, but repairs on the old one would be cheaper, also the insurance is cheaper too, less taxes to pay. Just some thought for your consideration.

Answer 3

First of all 55,000 miles is nothing on your auto. I own two cars and am retired and both of my cars have well over 110,000 miles. My recommendation to you is fix the old one and run that car until you either get that car that your driving paid off. this way here, you won't have negative equity. Negative equity is what salesmen thrive on by putting the consumer more in debt then what he would want to be. It always makes the original payment of the car that you want to drive an additional $100 to $150 higher then what the original loan was approved for. When your ready to trade this car in and its paid for, the salesman would be giving you money for your trade in and their fore giving you the benefit of the doubt by lowering the price of the car and maybe even your payments as well. The decision is yours and you must say to yourself, be gullible or not to be gullible.

Answer 4

i'd choose for the Honda or see if I cant detect a greater low priced automobile that has 4 cylinders. the rationalization your truck is killing you on gas is b/c that's in all likelihood a 6 or 8 cylinder and its a properly-known actuality that the greater cylinders a automobile/truck has, the bigger the engine, and the quantity of horseppower, all make contributions to how at as quickly as or slowly a automobile makes use of gas. That Honda sounds way too costly for the three hundred and sixty 5 days of the automobile. Im beneficial you need to discover something greater low priced, much less cylinders, much less mileage, and greater miles according to gallon. Gd success

Answer 5

I think you should stick with your current car, sounds like you need to get it seviced and it might require some new parts.

Answer 6

dang i would definetly get rid of it if your unhappy with it. it may cost you more then 125 a month if it keeps nickle dimming it. its definatly not a toyota

Answer 7

Buy the new car

Answer 8

try to fix old. if not, get new