Should I buy a new car or keep my old one?

Question

I have a 1994 toyota tercel with only 72,000 miles on it. I've owned it for under a year. I bought it for $3,000. I've so far put over $2000 in repairs into it. New gas tank (old rusted out), entire new exhaust (old rusted out), new radiator. I've been told I'm looking at another $700 in repairs because fuel lines are rusting out . I've found a 2003 Toyota echo for $8000; 60,000 miles on it, very good shape, one owner, no rust. Should I bite the bullet and buy a newer car? Or hold onto the 94 toyota because it has low miles?

Answer 1

A 2003 car is not a new car but a used car and should not be referred to as new.

But either way, if it has been well maintained and in good condition it probably would be an improvement over what you've got now (which is a lemon anyway).

Age and Distance travelled don't necessarily correlate well with how good a car is and it is the condition a car is in and its maintenance history that will determine whether it'll work when you need it to.

Answer 2

good question with lots of details that gives people like me an easier job at answering your question. Personally if it were me i would buy a new car. It doesnt hurt to have a reliable mode of transportation.

But beware your looking at over a $200 dollar monthly payment for about 5 years if you choose to finance this 8000 car. tell me more about your situation are you in school? Do you have a low paying job?

If your in school i would elect to go no more than 8000 dollars. Newer Cars these days can last up to 200,000 thousand miles! hey when you get out of school buy yourself a brand new car. Make sure you have your mechanic look at the car and spend more than a day thinking about it. 5 years is a long time to pay for a car that might only last your 5 1/2 years.If you can afford look for a better car with lower miles. Its a big decision but you can handle it

Answer 3

Seems you like Toyota's? Maybe a Camry would do you some justice? If it is a rusty heap it could only get worse. For many years I fixed cars for a dealer and many more drove Hoopty's. Don't throw good money after bad. Clean-up and sell it fast while it's still in working order. Sound advice from someone who knows about this kinda stuff. The stress alone should be reason enough.

Answer 4

Let's see, you are spending (counting the $700) over $200 a month for repairs. For that you could get a newer car that wouldn't have repairs, just maintenance for quite a while. Buy the newer car! I would get a Corolla though, not an Echo.

Answer 5

it has low miles cause it sat around rusting for most its life, might be smart to buy better car , maybe shop ard more, 8000 alot for a 2003, good luck and sorry , beware low miles on older car , probably quit running for part of that time , good luck

Answer 6

Keep the old plates,you know the plates by memory and if it's called over the PA for any reason you wont have to think about it.

Answer 7

GO FOR THE 2003 AND QUIT PUTTING GOOD MONEY INTO A BOTTOMLESS PIT.