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

[Anonymous]

So much for being responsible...

We stagger our cars so no more than one loan at a time. But we have 1 year left on the current loan and the older car is starting to go. It will require $1200-$1800 in repairs and has a trade in value of $3k.

Does it make sense to buy a car a year early, get full trade in value and 0% financing. Or, pay for the repairs and try a year later. Assume lower trade in value and who knows if 0% financing is available.

We can swing 2 car payments. We don’t get anything fancy.

Which is the better move? Assume roughly $300/month on car almost paid off and then $300/month on new car payment...

[Anonymous]

If you fix the older car now for that low amount can you get 2 years out of it and one full year with NO car payments to put into savings?

[Anonymous]

Fix the older car.

[Anonymous]

Before you pay that amount, get more than one mechanic to look at it. Not everyone is honest.

[Anonymous]

The value of the car is irrelevant. If fixing it for that amount means it is safe and reliable and you will get 6+ months (or years) of use than the math says repair it.

[Anonymous]

What’s the payoff left on the current loan?

[Anonymous]

How old is the car needing repairs? What make/model? It matters.

[Anonymous]

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.

[Anonymous]

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.

A 2010 is pretty new. Fix

[Anonymous]

Op here - also have a 2010 but a hyundai.. the car with a loan has $4k left on it

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

Hyundai? I would definitely fix. DH has an ‘11 Sonata that we are not getting rid of anytime soon. 2010 is not that old. And next time do a shorter loan - 36 or 48 months max so you don’t have this issue again.

[Anonymous]

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?

What are you repairing for 4k a year?

[Anonymous]

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?

What are you repairing for 4k a year?

Breaks, then it was some engine computer break, each time no kidding 2k for a service. Now I have again computer problem -engine sign won't go off.