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Pricey car repairs versus getting another one


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Dh's car is over 12 years old and has over 120000 on it. It is in the shop now for repairs. They told us what the issue is and are working up a quote. It will likely be an expensive job given the issue -- losing oil pressure coming from rods and bearings (UGH). So, what things do you factor in to making that decision to do the repairs or ditch it and go for a new vehicle entirely. Our other one is a van that is almost 8 years old with about 70+,000 on it.

 

Just trying to think this through as we will have to make a decision in the next few days or so. Ugh and double ugh. Advice please!

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BTDT with many a vehicle. What it came down to for us was...could we afford the monthly payments comfortable of a new/used vehicle? Then there is the issue of, "are you still paying on the current car". Take into consideration: how reliable is this car in general? Is it one of those makes/models that consistently functions well even over 100,000 miles? Also, how much will repairs cost? Can you afford the repairs? Typically...we just got it repaired when we could afford to b/c we didn't want to take on the monthly payment. If it was considerably expensive and the car was really on it's last legs (in need of more repair in the near future, etc.)...we'd ditch it and purchase a used vehicle.

 

Sorry I can't give you a definitive answer w/out knowing more. My dh's car has over 200,000 miles on it (it is a '97 Lexus that we purchased used about 2 yrs ago for a very good...read cheap...price). It's still going strong as most Lexuses do. Some cars are built to last...others are not. Do some digging into the make of car you own and how it typically holds us after 100,000. That might be a decision maker for you! Good luck...it's never a fun situation.

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Dh's car is over 12 years old and has over 120000 on it. It is in the shop now for repairs. They told us what the issue is and are working up a quote. It will likely be an expensive job given the issue -- losing oil pressure coming from rods and bearings (UGH). So, what things do you factor in to making that decision to do the repairs or ditch it and go for a new vehicle entirely. Our other one is a van that is almost 8 years old with about 70+,000 on it.

 

Just trying to think this through as we will have to make a decision in the next few days or so. Ugh and double ugh. Advice please!

 

Note before reading:

 

I am not a Dave Ramsey fanatic. I'm an advocate for financially smart and responsible decisions. I think car debt can qualify. So, my answer will come from a place of accepting that car debt can be a prudent choice.

 

I had a 13 year old vehicle that was quickly becoming unreliable and the repairs needed were snowballing and unpredictable. Our household spending was under control in almost every area; we have very little consumer debt (I don't consider our house in the same category as consumer debt). I carefully researched options for a vehicle that met our needs, chose well, and financed a new van.

 

No regrets.

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If it is totally paid up, as I imagine it must be , then would the price of repairing it be more or less than the monthly payment on a newer used car? Is it a model that is going to keep needed costly repairs now - factor in not just the cost but the inconvenience of having to deal with getting a car repaired a few times a year. It might be worth at least looking to see what used cars are around....

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We figure we'll sell our current van when it starts to cost us more than a car payment each month to repair. We also need it to be reliable, so in reality, it may be a bit before the monthly figure gets to that point. (It's currently 8 years old with 88,000 miles on it.)

 

Questions you don't have to answer, but may want to consider: Do you have the money for a new car? Can you afford a new payment on another car? Could you pay for this repair and then start setting aside money for another car? (Knowing that you have to repair it to sell it, so you might as well drive it for a while!) Has your current car been reliable to this point?

 

Just some rambling thoughts as I put off making dinner!

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Thanks. Good things to think about. We'll get an estimate today and then make a decision in the next few days, I guess. We are not a debt-carrying home other than mortgage. Money for a new one would not be an issue really. It is more about what is the smart thing to do. We try not to buy things on a whim. We try to be smart about our decisions. We don't buy what we cannot afford. What we don't want it to keep putting money into a car that may be a car that is not worth it. It is a Chevy Cavalier. Good car so far.

 

We are hoping to get a couple of more years out it. But we don't want to play the guessing game of fixing a possibility and then the bottom fall out, you know.

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Well, the decision has been made. The costs are far too much -- way more than it is worth. SO the poor little car is entering hospice care. Dh will still drive it -- only to work and back and around town. No leaving the city limits. He will try to nurse a bit more time out of it while we get our ducks in row to find a new one. My poor car -- our first one we bought together. Sad day for my dear purple car.

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Our old car is 14 years old with 170k miles on it.

 

We will replace it when the costs of repair exceed $2,500 in a single year. This makes sense because of the price of the car we intend to replace it with combined with the insurance uptick.

 

The car itself is worth roughly $1,700 at the moment. There are other considerations than just its worth.

 

OTOH, we replaced our Ford Tempo when it was 11 years old after the AC quit for the second time. It was a terrible, uncomfortable car, and we were glad to be rid of it.

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