Tuesday, February 11, 2014

Car trouble

A request for advice from my ten - maybe dozens! - of readers.  My wife's car needs repairs that equal the Kelly Blue Book value of the car.  I know that the Car Talk guys always say you should always keep a car until it turns to rust, but this seems like throwing good money after bad.

The main problem for me is that I can't commit to a big purchase now because I will need to pay for a much larger purchase in September (depending on scholarships.)  Should I bite the bullet on repairs?  Or find a junker for my wife's short commute?  Lease?  Make her ride the bus?  Anybody have a similar situation?

6 comments:

SR said...

I do not know what to tell you. If it were me I would probably buy a new Hyundai Elantra- cheap good car at really low interest rate, great gas mileage, no big one time layout if you finance, great warranty. However, with my husband in the decision mix, we've ended up with a Jeep, Mini Cooper Clubman, and a beautiful 3/4 ton RAM. Serious competition for tuition dollars.

Viktor Elefant said...

Here's both sides.

http://totalcandor.com/blog/2009/06/friday-q-a-should-i-repair-my-car-or-buy-another-one/

I'm personally more in favor of fixing until it catches on fire.

Anonymous said...

I think the questions to answer (is): what kind of longevity (of use) for the car can you expect given the cost of the required repairs?

Anonymous said...

How good a used car can you actually buy now, for the cost of those repairs? How much additional risk will you assume?

Chances are, if you want a car, repairing the one you have is your best bet.

Eric said...

Thanks, all.

That Total Candor link was eerily similar to my situation, even down to the mileage and repairs-to-value ratio.

Henry Dd said...

I live almost around the corner from BMW Woodcliff Lake, so I'd be a perfect candidate for a transplant!

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