Repair or Replace Car?

[Anonymous]

Exactly, unless you are living paycheck and no savings.

In my Leslie Chow voice "boring, very boring"

Anonymous wrote:You're too worried about having two loans at once for a few months concurrently. Don't be worried about that.

[Anonymous]

Craigslist. If you're military, most bases have a "lemon lot" where people can leave cars for sale and post phone numbers in the windows.

[Anonymous]

Anonymous wrote:Here is how I would approach it:

1). What's the repair for? Is it essential of just recommended? Could you get it done (or partially done) somewhere cheaper? Is it possible to sell the car without doing the repair?

2). I would not pay off a 0% loan early. There is no financial reason to do so. While it may "feel better" to have the payments gone, the better course is to just wait and pay them on time.

3). You're at the time of year where there may good deals on cars and competition between dealers. I'd consider shopping around and seeing if you can negotiate a value of trade in for your Camry. It may be you get more than $1500 credit. However, as PP notes, you'll likely get the most value selling privately. But selling privately requires time and patience - something you may not have right now.

4). If you really plan to buy the bigger car in a few months, I would cap any repair bills at the equivalent of one months new car payment (approx 400?).

Good advice. Do you need the repair to drive the car?

[Anonymous]

With a child on the way why would you want to have another car payment. I'd fix it and drive until it completely dies. Camry will give you another 100 if you do the maintenance."

+1. Assuming you don't know of any other possible repairs, I'd do the fix and plan to keep the car for another 18 months. A second child doesn't require a bigger car - that's a want, not a need, and since you're worried about car payments it sounds like you can't afford your want.

[Anonymous]

OP here:

Thanks for the advice. We decided to fix it and at least get through the next 6 months. Ideally, if it's still in good shape at that point, we'll keep it even longer.

Hopefully a double stroller will fit in the trunk

[Anonymous]

Anonymous wrote:OP here:

Thanks for the advice. We decided to fix it and at least get through the next 6 months. Ideally, if it's still in good shape at that point, we'll keep it even longer.

Hopefully a double stroller will fit in the trunk

Just make sure it is fixed well. Wouldn't want it to break down while you're out with the kids.

Older cars are more likely to break down than new ones, simply because all parts in the car have a usable life, and few parts have a usable life of less than 3 years (other than usual - oil, filters, pads, tires)

[Anonymous]

Anonymous wrote:OP here:

Thanks for the advice. We decided to fix it and at least get through the next 6 months. Ideally, if it's still in good shape at that point, we'll keep it even longer.

Hopefully a double stroller will fit in the trunk

Good choice. It gives the flexibility to buy a new one without being under pressure. Then you can sell your old one to Carmax, trade it in or privately sell it since it is in running order. It's hard to sell a car that isn't driveable.

[Anonymous]

Anonymous wrote:850 Is 3 car payments. Id fix it and drive it till it won't drive anymore.

Me too. We drove my 1999 Honda accord coupe until last year. 2 car seats fit just fine.

[Anonymous]

Anonymous wrote:OP here:

Thanks for the advice. We decided to fix it and at least get through the next 6 months. Ideally, if it's still in good shape at that point, we'll keep it even longer.

Hopefully a double stroller will fit in the trunk

get a compact double stroller. You would not want a big one anyway - they are really heavy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here:

Thanks for the advice. We decided to fix it and at least get through the next 6 months. Ideally, if it's still in good shape at that point, we'll keep it even longer.

Hopefully a double stroller will fit in the trunk

get a compact double stroller. You would not want a big one anyway - they are really heavy.

Wife wants a Bob Duallie...

[Anonymous]

CarMax totally lowballed you OP.

For a Toyota Camry, even with those miles on it, you could get probably triple or quadruple that if you sold it to a private party. It would be more effort on your part, but don't let Carmax rip you off. That quote they gave you is highway robbery to me. Way to low because Toyotas really hold their re-sale value and the Camry is a higher end design, above the Corolla and the Echo.

I would fix the problem and keep driving the vehicle until the engine or transmission go.

Keep up the oil changes and I am sure you will get many more miles from her.

[Anonymous]

As someone already mentioned, Carmax quotes are not competitive for older cars. I would guess the car in good running condition can sell for at least 3000.

What broke?