(Another) fix vs buy car

[Anonymous]

On a recent wet day I took a turn too fast and the car skidded hard against a curb, resulting in a bent rear axle (yes, i hit that curb very hard). Mechanic said I can still drive it for a month (longer if I'm really easy on it) but I'll have to get it fixed or get a new car.

The car is a 2001 Toyota Prius; KBB values it at about $3500; it would cost $2500 to fix. It averages about 35 miles per gallon. I drive to work 5 times a week, about 9 miles each direction. If I get another car, I'd like it to be a hybrid, so about $15k price tag. But we have the savings to do that.

My wife is concerned that if we stick with the car, something else wrong will come up. But this car runs well at the end of the day and I fear we could get problems, even with a more recent model.

[Anonymous]

I'm the OP on the other thread. I am getting my car fixed (for $800, not the $2200). But, in your case, I wouldn't. I just wouldn't be able to part with $2500 for a car that is worth $3500.

But, it sounds like you might have an attachment to the Prius... so maybe it is worth it to you. From an outsider's perspective, I wouldn't do it.

[Anonymous]

Definitely not. Even if you fix it, your battery is likely to need replacement soon (~10yr lifespan). Those are expensive.

[Anonymous]

Batteries are not expensive. What are you talking about?

[Anonymous]

Hybrid batteries are. ~4000.

[Anonymous]

Why aren't you making a claim on your insurance?

[Anonymous]

Anonymous wrote:Hybrid batteries are. ~4000.

The hybrid battery was replaced (for free, under waranty) in 2008. So, while otherwise that would be a big factor, it isn't for our situation.

[Anonymous]

Anonymous wrote:Why aren't you making a claim on your insurance?

Wouldn't our rates just go up? No other cars were involved so it's basically just my fault.

[Anonymous]

Will the repairs cost the same as a 15k car?

Probably not.

[Anonymous]

Anonymous wrote:Will the repairs cost the same as a 15k car?

Probably not.

Well, it will depend on how many more years they expect to get out of the Prius. If they can keep it going for two to three more years without any other money being spent then I'd fix it. If they expect to sell it within two years or if it's costing money every year over normal maintaince to keep it running I'd sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why aren't you making a claim on your insurance?

Wouldn't our rates just go up? No other cars were involved so it's basically just my fault.

With that repair-to-value ratio, it's likely the insurance company would deem it a total loss, and would not repair it.

[Anonymous]

Not sure what hybrid costs $15,000?

[Anonymous]

Anonymous wrote:Not sure what hybrid costs $15,000?

Assume a used one.

[Anonymous]

I would buy a new car, a brand new car with a warranty

[Anonymous]

We're in a similar situation with a 2002 prius. Same cost for a different repair, plus whether or not to fix cosmetic body damage. We also had the hybrid battery replaced already a couple of years ago, so not a concern. We just decided to fix it and keep driving. We're going to spend nearly the car's value in repairs, but for that we're hoping we'll have a reliable payment-free driver for another couple years.

If we had the time to do the homework and shopping, we'd probably lease an electric or plug-in hybrid. But we don't have time for that now. Dropping it off for a fix is the quicker easier answer.