gamedesignmom Posted August 16, 2012 Share Posted August 16, 2012 Unfortunately we have not been saving for a replacement car. Now our '03 Honda Odyssey with 116K needs its timing belt replaced and transmission rebuilt. Estimated cost =$5000. Looked at Kelly's Blue Book and van is only worth around $5000. Hubby is concerned we won't be able to find a replacement vehicle that will be any kind of improvement for that little, since we need something that seats 6. To replace it we would wind up spending $8-9K. Our emergency fund is already low but we have enough to cover the purchase. Should we pay the $5000 to fix the minivan or buy another car? BTW we are debt-free and plan to stay that way so a loan is out of the question. ^^; thank you in advance for the advice... Jen Quote Link to comment Share on other sites More sharing options...
thescrappyhomeschooler Posted August 16, 2012 Share Posted August 16, 2012 If you don't have the money for a newer car, I'd say just fix the old one. Quote Link to comment Share on other sites More sharing options...
fairfarmhand Posted August 16, 2012 Share Posted August 16, 2012 when my family has been in this exact situation, we fix the car.! Quote Link to comment Share on other sites More sharing options...
FairProspects Posted August 16, 2012 Share Posted August 16, 2012 Normally I'd say fix it, but if you have enough cash to purchase a better used car at this point that would save you some future repairs, I'd say it's probably worth it. Would you also get some trade in value on the van or could you sell it for parts and put it toward the cost of a newer vehicle? Quote Link to comment Share on other sites More sharing options...
She Reads a Lot Posted August 16, 2012 Share Posted August 16, 2012 Are our cars twins separated at birth? :D My 2001 Honda Odyssey with 128,000 miles on it decided to need a new transmission back in May (when hubby had been unemployed for three months to boot). It also needed a timing belt since we didn't have it done at 100,000 miles. B/c of hubby's work situation, it was not an option for us to buy another vehicle, so we sucked it up and got the work done. Van is running great now and our mechanic said we could easily get another 100,000 miles out of it, so I think it was worth the $$ given how reliable the vehicle has been. Something to think about: would you need the van as a trade in? If I had the $$, I might have considered swapping cars, but it wasn't an option for us. I would question the $5000 they quoted you, since we have a local mechanic who quoted us $2800 for the tranny with another ~$700 for the timing belt. A local dealer quoted $4000 just for the rebuilt transmission, which shows you what a disparity there can be in price! Sorry you are going through this! Hopefully it helps to know you are not alone ;). Christina Quote Link to comment Share on other sites More sharing options...
Jennifer in MI Posted August 16, 2012 Share Posted August 16, 2012 Not to hijack, but a question? Do all Hondas need those timing belts replaced at 100,000 miles? My sister and her dh have a Honda with 200,000 miles and are currently debating whether to replace the car or the belt. We will need to replace our car soon and we were considering a Honda. Quote Link to comment Share on other sites More sharing options...
Jpoy85 Posted August 16, 2012 Share Posted August 16, 2012 and you might want to check a junk yard because you could find the part a lot cheaper and just pay labor at the mechanic! Quote Link to comment Share on other sites More sharing options...
DawnM Posted August 16, 2012 Share Posted August 16, 2012 I am wondering this too. I have a friend who just turned in her Honda Odyssey for the same reason. It was going to cost about $3,000 in repairs and a new belt was part of that. It was only 5 years old. They opted for a new car. Dawn Not to hijack, but a question? Do all Hondas need those timing belts replaced at 100,000 miles? My sister and her dh have a Honda with 200,000 miles and are currently debating whether to replace the car or the belt. We will need to replace our car soon and we were considering a Honda. Quote Link to comment Share on other sites More sharing options...
Dinsfamily Posted August 16, 2012 Share Posted August 16, 2012 Not to hijack, but a question? Do all Hondas need those timing belts replaced at 100,000 miles? My sister and her dh have a Honda with 200,000 miles and are currently debating whether to replace the car or the belt. We will need to replace our car soon and we were considering a Honda. Earlier Oddyseys aren't as reliable as newer ones. We bought an '02 in 2008 for a good price knowing that and haven't had any trouble with it at all. I don't know much about timing belts, but they're known for spotty transmissions. Thankfully, we passed the 100,000 mile mark years ago and no problem. The newer ones get very high reliability ratings. Toyota Siennas are probably the best but the Hondas are rated a close 2nd last I looked. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted August 16, 2012 Share Posted August 16, 2012 I think a lot of your decision should be based upon whether you think this is a one-time repair and then it will be smooth sailing for quite a while, or if you think this is just the tip of the iceberg and other major problems are on the horizon. Have you checked online car forums, like the ones at Edmunds.com? (I'm sure there are others, as well -- you'd have to Google to find out.) If you check the forums for your particular vehicle, you can often see trends in things like repair issues. You can also join a forum and ask what the repairs you need should cost, to make sure you're not overpaying. Overall, I think if you've got a basically good vehicle that is otherwise very reliable, I would stick with that one until you save up for something that's a lot newer and nicer. Right now, with your budget, you might just end up with someone else's lemon. Quote Link to comment Share on other sites More sharing options...
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