I have a 2006 Kia Rio. I got into a wreck and totalled it and I only had liability insurance.
I am now paying 3500 dollars to fix it (although the repair costs are at 6K... I have a friend in the business). The car was purchased for 6K, although I recieved it for free as a gift. The car is still worth about 10-13k in good condition.
All of my friends are telling me that I should just buy a new car. The issue is that I am a full time college student who is a waitress and I don't have that kind of money, unless I finance the car and I have far too many other things to pay for.
I'm just curious.... What would you do in this situation?
2007-10-28 13:30:04 · 9 answers · asked by scary mary 4 in Cars & Transportation ➔ Buying & Selling
Have it repaired. At $3500 to repair it, it will at least keep you mobile until you can afford to buy a new vehicle. Don't forget that you won't get anywhere near the "book value" since it has been wrecked, but you should be able to recoup your investment. Good luck!
2007-10-28 13:42:46 · answer #1 · answered by Kiffin # 1 6 · 3⤊ 2⤋
Fix the car.
But what I want to know. The real question is. What sort of a fool would drive a brand new car without collision insurance.
If those are the kinds of financial decisions you make, I'd sell the Kia as soon as it's fixed and go out and buy a 10 year old beater. So that next time you get in a wreck you are throwing away $2500 and not $10K - $13K
2007-10-28 23:22:26 · answer #2 · answered by mccoyblues 7 · 0⤊ 0⤋
. $6000 is a lot of damage. even though you are only paying $3500 since you have a friend in the business ask them if they think the car will be ok after it is fixed. if the car has frame damage or unibody damage it may not hold a front end alignment and even if it does hold an alignment it may still wear tires out prematurely
2007-10-28 20:46:37 · answer #3 · answered by hermitofnorthdome 5 · 0⤊ 0⤋
this is just a basic economics question. bottom line is that you do not want any more debt than you need. fix the kia, as i am assuming you still have some kind of factory warranty left on it. just run it until it stops... start saving a down payment for a newer car when you graduate.
2007-10-28 21:19:02 · answer #4 · answered by Rafael P 4 · 0⤊ 0⤋
Junk it! No Kia is worth .05 cents let alone $10K in flawless condition. Take the $3500 and buy yourself another used car, don't forget to have it checked by a mechanic first!
2007-10-28 20:50:45 · answer #5 · answered by DialM4Speed 6 · 0⤊ 1⤋
Save up and get a good second hand car when you can afford it. Don't loan money cause it is really hard to pay it back and the interest is a killer.
2007-10-28 20:50:06 · answer #6 · answered by linda_corby 2 · 0⤊ 0⤋
If you can only afford to fix it then just fix it and drive it until it dies. Or once you do have a better job trade it in and buy a new car.
2007-10-28 20:40:44 · answer #7 · answered by ♥Kempa♥ 4 · 1⤊ 0⤋
New car would cost you way over 10K dollars. (more like 15K these days) If you can get it fixed for 3.5K, there is no question. I would get it fixed and drive it.
2007-10-28 20:34:29 · answer #8 · answered by tkquestion 7 · 0⤊ 0⤋
i would not finance/buy a new car right now.
2007-10-28 20:34:22 · answer #9 · answered by nickipettis 7 · 0⤊ 0⤋