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.

Anonymous wrote: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...

OP, no way it's worth it to fix this. Don't listen to the other people in this thread saying you should fix it. Once major things start to break, it's all downhill from there. You fix this then in 6 months you spend another 1k.

Look at it objectively. Let's say for the sake of argument that nothing else will break even though I don't think this is true.
Your total cost:
$4,000 over the next year to pay off the car + $1,800 to fix the car = $5,800 over the next year.

Or you could simply trade/sell the car for it's $3,000 value and put that into the loan. $4,000 loan - $3,000 value = $1,000 loan. Now put $1,000 out of the $1,800 you were going to spend on repairs into the loan and pay it off.
Total cost is $1,000 and your car. Now you buy a new car. Alternatively you can roll the remaining $1,000 loan balance into the new car although I wouldn't recommend that.

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?

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.

lesson learned...don't buy a BMW. Bad reliability.

Anonymous wrote:We decided to experiment living with one car. A year later and we only have had two conflicts that required more than an uber. It has been enlightening.

I am a PP with BMW and we also live with one car. Another person in the family takes an uber everywhere, works from home. Worked for us for last 6 years.

We decided to experiment living with one car. A year later and we only have had two conflicts that required more than an uber. It has been enlightening.

Anonymous wrote:

Anonymous wrote:What would car payments be on a new car? How many miles do you have on the 2010?

I don't mind spending a couple thousand per year to keep my older car running, because any new car I buy will likely cost me $500/month in car payments.

I have 160k on the car. I commuted heavily on this car last 4 years but now my commute is over. This car was only 250$ per month, and if I take a new one I will trade this one in and probably add another 10k so my payment low again. But I am just thinking if I it's worth to keep it for another year or not? In a year I probably will get much less for trading in. I was also thinking about lease but worry about miles.

160k miles I meant

Anonymous wrote:What would car payments be on a new car? How many miles do you have on the 2010?

I don't mind spending a couple thousand per year to keep my older car running, because any new car I buy will likely cost me $500/month in car payments.

I have 160k on the car. I commuted heavily on this car last 4 years but now my commute is over. This car was only 250$ per month, and if I take a new one I will trade this one in and probably add another 10k so my payment low again. But I am just thinking if I it's worth to keep it for another year or not? In a year I probably will get much less for trading in. I was also thinking about lease but worry about miles.

Anonymous wrote:

Anonymous wrote:For less than ten bucks you can get a Bluetooth diagnostic reader on Amazon. Plug it in and there are plenty of apps that will tell you what the check engine light means.

Heck, most Autozones will tell you for free. They keep a reader behind the counter.

They are not charging me for diagnosis at BMW. Lol

But they will charge you $300 for a job that would take 10 min to complete and $20 in parts. If your car is that poorly built and you are not mechanically inclined then it's better for you to have something with a warranty.

What would car payments be on a new car? How many miles do you have on the 2010?

I don't mind spending a couple thousand per year to keep my older car running, because any new car I buy will likely cost me $500/month in car payments.

Anonymous wrote:For less than ten bucks you can get a Bluetooth diagnostic reader on Amazon. Plug it in and there are plenty of apps that will tell you what the check engine light means.

Heck, most Autozones will tell you for free. They keep a reader behind the counter.

They are not charging me for diagnosis at BMW. Lol

For less than ten bucks you can get a Bluetooth diagnostic reader on Amazon. Plug it in and there are plenty of apps that will tell you what the check engine light means.

Heck, most Autozones will tell you for free. They keep a reader behind the counter.

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?

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.

Do you mean check engine light?

Yes the whole thing is constantly on:check engine, battery. I am taking it in next week.

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?

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.

Do you mean check engine light?

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 ?

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?