My car is worth 1800 less than what it's worth, it's also having problems with its electrical system, I don't have the money to put into it, and I really don't have the money to buy a new car, but some people recommend I trade it in, and take the little extra car payment and deal with it. What should I do?
2007-12-10 15:59:57 · 5 answers · asked by bflee003 1 in Cars & Transportation ➔ Buying & Selling
My car is worth 1800 less than what i owe, it's also having problems with its electrical system, I don't have the money to put into it, and I really don't have the money to buy a new car, but some people recommend I trade it in, and take the little extra car payment and deal with it. What should I do?
2007-12-10 16:09:36 · update #1
if its your baby and ya can get around without her for awhile spend the money,if its just transportation ,time to get rid of it.1800 will get something that has less problems.
2007-12-10 16:08:21 · answer #1 · answered by Mike 2 · 0⤊ 0⤋
That is your call. I still think it will cost you less to have it repaired and drive it, instead of getting another one. You didn't mention the actual value of your present car. It could be worth 20K and you owe 21,800, Or it could be worth 500 and you owe 2,300.
If your car is worth a fair amount of money, then you can trade down and maybe even get lower payments, but it will be for a longer period of time.
Take the car to an automobile electrical repair shop and let them take a look at it. That is all they do, so they should be a little better at finding the problem.
good luck.
2007-12-11 00:42:50 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
Unless you get one of those really low rates (close to 0%), you should never finance a depreciating asset such as a car, and you definitely should not purchase a car if you can't afford to maintain it (ie. fund repairs when there are problems).
I see three options for you: trade it in and eat the $1800 on your next car (and end up even more upside down on your loan), charge the repairs on your credit card, or live with the situation as it is (use public transportation if you have to).
2007-12-11 00:10:57 · answer #3 · answered by machupi1 3 · 0⤊ 0⤋
I WOULD NOT BUY A NEW VEHICLE I WOULD TRY AND BORROW THE MONEY AND FIX IT SO THAT YOU CAN DRIVE IT AND SEE WHAT HAPPENS LATER.
2007-12-11 06:18:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Trade it in :]
2007-12-13 01:54:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋