Should I replace my 1989 Mercedes engine that just died?

Question

My 1989 Mercedes engine just broke, it had 200,000 miles on it and it is in great shape. I am the second owner. My mechainic has an engine for me that has only 35,000 miles on it to replace my old one, it will be $3,000 to fix and that is with labor. If I replace it I can have a few more years of my car. What should I do, should I get it fixed or buy a new car from my uncle who is a car dealer for toyota, but payments would be high for me? I only have a part time job and babysitting as well as a full time college schedule. Please help me decide.

Answer 1

Some things to consider:

1. Is the car worth it?

2. Are the brakes in need of a major expense?

3. Are the steering parts in good condition?

4. Is the body rotten?

5. Is the transmission in need of rebuild?

6. What is the condition of the electrical system?

7. Does it need new tires?

8. If I spend 3 grand now, how much money am I going to spend to travel another 20,000 miles?

Have a thorough vehicle inspection performed before committing to the engine repair.

Another scenario;
May want to consider selling the vehicle after it's repaired & use the cash on a down payment on a vehicle from your uncle.
_ _ _

Answer 2

Repair is always cheaper than replacement and probably makes the best sense in your situation of having only a part time job. Replacing an engine in your Mercedes for only $3,000 is pretty cheap. Whereas a new car will be 5 to 6 times more than that just for the price of the car and not considering the interest you would pay.

My suggestion is to go with the repair since you'll get another 100,000 to 200,000 miles out of the replacement engine. Make sure you get a warranty with the repair.

Answer 3

If you like the car, and you think it will be a reliable car and provide you with 3 years of use for $3,000 that equals only $1,000 per year or $80 per month. A new car will be much more expensive and may not provide any more enjoyment . The extra insurance , interest expense and depreciation really add up and force a long term commitment . A few months ago, I leased a BMW 530I for $750 per month and I am stuck for 3 years unless I want to pay a huge penality . So far the pleasure of driving this car has not warranted the extra expense compared to my 2002 Chevrolet Impala that was already paid for .

Answer 4

Put the engine in it that your mechanic has. It would be cheaper in the long run than to go out and buy a new car and if you get a used car you really don't know what you're getting. If you take care of your car properly you probably will get at least 100,000 more miles on your car.