Fix broken car or trade in and have 2 auto loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

Ok I see what you are doing here. Came to increase your self-esteem I see.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP we are in the same position practically only maybe will get 5k for a car. We have BMW X3 2010. Loan will be paid off in October.

You bought a used BMW because you just needed to have a luxury brand, used a 5-year loan, and now have a car with little to no resale value (entirely predictable) that has broken (not predictable but something you should have considered) and you don't know what to do - and repairs are expensive because it's a BMW (again, entirely predictable). Am I close?

And the worst part is, when you need to get another car, you'll make the same mistake and buy another luxury vehicle that is expensive to maintain and repair with little to no resale value, and repeat the same cycle in 4 years.

People like you befuddle me.

Yeah, i agree with ^. I know many folks like this. BUT they get to drive BMW, lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

DP. There is nothing irresponsible about getting a used vehicle. Just because they got a car with problems it does mean it was a bad decision. I had a Toyota with tons of repairs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

DP. There is nothing irresponsible about getting a used vehicle. Just because they got a car with problems it does mean it was a bad decision. I had a Toyota with tons of repairs.

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

DP. There is nothing irresponsible about getting a used vehicle. Just because they got a car with problems it does mean it was a bad decision. I had a Toyota with tons of repairs.

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

Lol we could def afford this car and could pay cash for it. I choose 6 year loan because the payment was extremely low with low interest.
Whatever dude you want to feel good about yourself go ahead. We are at the income of 350k and DINKs and having one car. Call us irresponsible if you wish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

DP. There is nothing irresponsible about getting a used vehicle. Just because they got a car with problems it does mean it was a bad decision. I had a Toyota with tons of repairs.

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

Lol we could def afford this car and could pay cash for it. I choose 6 year loan because the payment was extremely low with low interest.
Whatever dude you want to feel good about yourself go ahead. We are at the income of 350k and DINKs and having one car. Call us irresponsible if you wish.

First, if you are so flush, why do you need to wait for June to get your small bonus to pay it off? (Your words - "We can also pay in off in June-I have small bonus of 5k(after taxes) coming.")

Second, even if it's true that you have a high income, I'm not sure what your point is. Plenty of people with high incomes are financially irresponsible. No matter what you make, you bought a crappy car (one that is known to have quality issues, not just bad luck) with bad resale value on a 6 year loan. You just needed the BMW moniker. You bought it used (perhaps to keep the costs down, perhaps to avoid the depreciation hit), so you ensured you'd be hit with significant maintenance while the loan was still outstanding. Now you're on the internet complaining that you have to pay $4000/year in repair costs, and asking whether it's worth it to keep it. And you still believe you aren't financially irresponsible? Who's trying to make himself feel better again?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you know this is a car that needs to go in a year, can you pay off the car loan, trade in the old car and buy a new one so you only have one car note? You are half way there with the $1800.

That said, 2010 isn’t that old, is it really on its last legs or will it drive well for a couple of years with this fix?

I had a SAAB that was a money pit, should have donated it 3 $2K repairs earlier than I did, but my 2010 Acura is running strong. I have spent some money on brakes and I have a repair I know is coming that will likely run me $1800 this summer, but I expect many more years out of this car. It really depends on the car.

I am a PP with 2010 BMW. We have one major repair about every 6 month usually costs us 2k. Do you think it's worth it to drive for another year especially since it will be paid off in October.
We can also pay in off in June-I have small bonus of 5k(after taxes) coming.
Worth it?

why do you still owe money on an 8 year old BMW?

Because we didn't buy it new and took 6 year loan. Any more questions ?

Yes - are you this irresponsible in all areas of your life, or is it just with cars?

DP. There is nothing irresponsible about getting a used vehicle. Just because they got a car with problems it does mean it was a bad decision. I had a Toyota with tons of repairs.

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

Lol we could def afford this car and could pay cash for it. I choose 6 year loan because the payment was extremely low with low interest.
Whatever dude you want to feel good about yourself go ahead. We are at the income of 350k and DINKs and having one car. Call us irresponsible if you wish.

First, if you are so flush, why do you need to wait for June to get your small bonus to pay it off? (Your words - "We can also pay in off in June-I have small bonus of 5k(after taxes) coming.")

Second, even if it's true that you have a high income, I'm not sure what your point is. Plenty of people with high incomes are financially irresponsible. No matter what you make, you bought a crappy car (one that is known to have quality issues, not just bad luck) with bad resale value on a 6 year loan. You just needed the BMW moniker. You bought it used (perhaps to keep the costs down, perhaps to avoid the depreciation hit), so you ensured you'd be hit with significant maintenance while the loan was still outstanding. Now you're on the internet complaining that you have to pay $4000/year in repair costs, and asking whether it's worth it to keep it. And you still believe you aren't financially irresponsible? Who's trying to make himself feel better again?

Because this month we are installing new kitchen in our fixer upper. And I am
not touching cash for emergency funds. Look I don't have to explain you what I do with my money -mister financial expert. I asked the forum if it makes sense to keep the car or trade it in. If you have no answer go spew your anger somewhere else.

[Anonymous]

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

I am not getting your point. A problematic car would lose the value regardless of its brand. I had those stupid computer problems on a "reliable" Japanese car. Turned out to be it was a slowly failing catalytic converter, but the diagnostic wasn't showing it. When it failed completely then somehow all the other problems fixed themselves.
You are confusing being frugal with financially responsible. Though, if you are frugal, then you buy an American vehicle: cheaper parts and easier to work on (after all, I assume you do work on your car yourself as you are financially responsible).

[Anonymous]

Anonymous wrote:

Buying a used Toyota is a fiscally responsible decision, and of course sometimes cars have unforeseen problems.

Buying a used luxury SUV (which was probably close to the same price as a *new* Toyota or Honda), with a six year loan (which signals you can't really afford the vehicle in the first place) is a different decision altogether. Especially when said vehicle isn't the most reliable car on the planet anyway, is known to have a low resale value, and the purchaser intentionally sets up a situation where she will still be paying on the loan when the car has plummeted in value and likely will have significant repairs. It screams "I have to have a luxury brand" rather than "I am making a responsible decision."

I am not getting your point. A problematic car would lose the value regardless of its brand. I had those stupid computer problems on a "reliable" Japanese car. Turned out to be it was a slowly failing catalytic converter, but the diagnostic wasn't showing it. When it failed completely then somehow all the other problems fixed themselves.
You are confusing being frugal with financially responsible. Though, if you are frugal, then you buy an American vehicle: cheaper parts and easier to work on (after all, I assume you do work on your car yourself as you are financially responsible).

He is just mad that he lived till his late 50s and can't buy the car he always wanted, because it will automatically make him financially irresponsible.

[Anonymous]

This thread got nasty quick!

[Anonymous]

OP, next time if you want a nice car with a bit more reliability, buy a used Acura. Mine and my friends' Acuras are a little more upscale than a Honda, but they seem to have the Honda reliability. And you can get a decent used one for a decent price.

[Anonymous]

Anonymous wrote:OP, next time if you want a nice car with a bit more reliability, buy a used Acura. Mine and my friends' Acuras are a little more upscale than a Honda, but they seem to have the Honda reliability. And you can get a decent used one for a decent price.

NP here, wedidthis and it worked out great! Love my mdx and zero problems!