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WWYD - car repair/purchase?
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Anonymous
| We have an older Toyota (2001) and just found out it needs a new transmission, approximately $2500. The car has 80k miles on it and some serious dents, and we are probably two years away from buying another car to replace it. We've put probably $8k into repairing various problems in the past few years, and I'm hate the idea of pouring more money into it now (particularly since it's going to be basically worthless as a trade-in anyway.) My husband is extremely conservative with money, so we have lots of cash available, but he is totally opposed to spending more than we have to - ie., he just wants to do the repairs and suck it up for a few more years. I'm wondering what others would do? Could this be one of those rare occasions when it actually makes sense to lease a car? |
Anonymous
80K is incredibly low mileage to be having all these expensive problems. Have you gotten a 2nd opinion from another mechanic? I would fix and drive it another 2 years, but I am also very conservative with money. And no, it does not make sense to lease a car. Stop thinking in terms of payments. |
Anonymous
| Ugh! Don't do a new transmission! My husband and I tried to do a similar think with our 2002 Jeep 3 years ago (7 year old car, 80K miles) we went for the new transmission and it was really the beginning of the end in terms of repairs! About a year later our check engine light came on and we took it for a checkup and were quoted $6000 for various repairs. I would just go ahead and upgrade - with either new of certified used. Take the 2500 and use it as part of a down payment! |
Anonymous
| Yeah, $8K on a 10 year old Toyota witho nly 80K miles is NOT normal . . . those cars usually hold up like gold. Are you lumping in accident repairs? |
Anonymous
| Do you trust your mechanic? Your car must be a real lemon to already have spent 8k in repairs on it, especially on a toyota(?) When i got rid of my approx 90k, 10 yo chevy cavalier i hadnt spent more than a few hundred if that outside of wear and tear (oil changes and brake replacements). |
Anonymous
| Thanks for the feedback. Nope, the $8k doesn't count accident repairs. (We have dents because my husband can't navigate downtown DC parking garages.) The last batch was a few years back; I don't recall exactly (I'm obviously not a car person) but it was all engine related and we were shocked simply because we thought Toyotas were so reliable. I do realize that the lease thing is foolish; we normally budget to buy cars outright so it's not a question of avoiding payments, it's just that we were planning to wait a few more years before doing so. I'm trying to calculate the risks that the PP indicated - pouring money into the car only to find more problems in another year. Ugh. We also have tons of house/fence/tree damage from the storms, and it just kills me to spend all this money and have essentially nothing to show for it, beyond a dented car of questionable reliability. |
Anonymous
Normally I'd say repair it. But the $8,000 over 80,000 sounds really suspicious. A lemon or a bad/unethical mechanic, or both. I'd go for buying something super-reliable. Come on over to the Honda side of things.  You can buy used to blunt the pain a bit.
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Anonymous
| If you like the car I would fix it. Toyotas in running order are worth a lot more than their domestic equivalent. Especially with these miles. Even if you decide to sell car in 60 days, you will get 80% of tranny repair back because the car runs. That is if you sell on your own and do not get snookered by a dealer as a trade. This car is worth $2500+ easily. I am in auto business. |
Anonymous
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You could get another shop to look at it for a relatively low charge.
I've also put a bunch of money into our old car, which has been frustrating, but not as frustrating as the money spent on roof repairs with nothing to show except the occasional indoor waterfall. Hopefully you'll get a break from major expenses soon! |
Anonymous
| I'm a cheapo when it comes to cars as well and have been faced with similar questions recently. I'll be selling my old car at the end of the year. When I was younger and in college and needed to buy cars over time, my Dad always used to say that with a car if your repairs in a year, divided by 12 are more than a car payment would have been then you should buy a new car. This is when I would "finance" my car through my Dad (he'd give the money, I'd pay equal, no interest installments over a year). I don't know what good guidance would be when you buy a car outright...we just do it when we need to. |
Anonymous
| Sounds like throwing good money after bad to me. I'd off load the car ASAP and BUY a new/newer car sooner rather than later. I drove a camry for 12 years/almost 200K miles with nothing more than regular oil changes, brake pads and new tires as needed. If you're in this position after "only" 80K miles, I don't think your car has much life left, even w/ new $2500 transmission. |
Anonymous
| I'd go to the edmunds.com website, click on used cars, appraisal, and see your car's TMV (their version, usually quite accurate, of true market value). That's one useful datapoint to consider when faced with a large repair. Another is what's the decline in value between your current car, and that same model two years older with an additional two years of mileage added on. That can also easily be checked on edmunds. I'm sure there are other sites that offer the same general information, but edmunds is and has been well regarded even in the pre internet days. |