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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.
[/quote]

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?[/quote]

why do you still owe money on an 8 year old BMW?[/quote]

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

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

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."   [/quote]

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.[/quote]

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