Auto Financing Questions

kj5kb said:
I'd advise against financing the replacement...especially while you are upside down. You could end up with a $3-400 or more payment...ouch! Or a 72 month term...also ouch.

Is it the same thing breaking...or different things? Perhaps the previous owner didn't maintain it right and things are wearing out? If it's a $14000 car it's probably worth putting $2-3K into to fix it right.

If it's a money pit-What about fixing what's currently wrong, selling it and getting a $3-4000 car? There are alot of reliable cars in that price range. Or buy a beater as a second car.

Remember...All cars break, even NEW cars...and you pay DEARLY for that new car warranty. Better to set aside $100/month for repairs than to be paying a $400 car payment. And remember when that new car warranty expires in 3-5 years; you'll still be paying that $400 with NO warranty.

Ok...soapbox mode off :)
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This is all whats bugging me is that there is no good outcome really!! Some of the things that are going wrong are items that wear out, others are just random things breaking, its something different every month.

I keep telling myself that after these things are fixed that it will be a much better car, but then I spend $1000 fixing something and right away something else comes along that needs repairing/replacing.

It sucks. :wall: and realistically there is not a whole lot I can do about it. I might get my current car appraised somewhere to see what I could possibly get for it and then decide.

Thanks for the link to the calculator.
 
Best of luck with it.
Getting a good repair manual and fixing things yourself can save a lot too....as well as finding a competent reasonably priced mechanic (yes they do exist). GOOD mechanics are well worth the $$, but some not-so-good ones are overpriced.

I recommend a subscription to Alldata if they have your car. That will give you access to the factory repair data; even it you don't repair much yourself you'll know what's going on when someone else does it. It's saved me a LOAD of money over the years: www.alldatadiy.com

Be informed too, don't just replace something because it's scheduled maint or the dealer recommends it. Know enough to tell the difference. "Ok, I need ..., do I really need it NOW or can it wait a while.

See if there is a web site or forum for your car, I bet there is. Those are usually GREAT resources

A friend of mine just spent over $1K (at dealer prices) 'refurbishing' a car that had been sitting for several years. A lot of that was filter/fluid changes and minor brake work that could have been done by any shadetree mechanic; and the rest (tie rods/alignment) could have been done cheaper elsewhere. I had recommended a reputable wheel/tire shop but they decided to use the dealer anyway.

Whew...got on a roll there...and getting OT from the original question.
 
cfsinc said:
The shorter of the story is you end up with one car and one payment!
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I guess that's the short of the story if you absolutely don't give a crap about how much or how long you'll pay that one payment on that one car.
 
I think it's kinda funny how everyone is wanting to give financial advice without even knowing the facts about the situation.
abc never gave any info about how much the car is worth or how much is owed. Or any other useful info for that matter needed to accurately evaluate the situation, yet for some reason everyone thinks they are financial advisers.
 
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