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Buying a car, what to do?
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JenHS
Nov 6, 09 20:18
Post #1 of 22 (440 views)
Buying a car, what to do?
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We have one great car that is 2 years old and one crappy car that is 15 years old. The odometer stopped working at 155,000 and we really aren't sure how many miles are on it now. We are still paying for the nice car, crappy car is paid off. Crappy car may or may not last another 6 months. Hard to predict. We need to add new tires, probably some transmission work, likely around $1500 total to make it safe to get through the winter.
We are trying to decide whether to put that $1500 into the crappy, hard to predict car, or take some savings and dropping about $8k on a new used car with less mileage. It will be hard to find something for that price that will be reliable that isn't a car we like even less than our current crappy car.
So, do we put the $1500 into the crappy car neither one of us likes to drive or pony up the $8k to get another used car with less mileage and maybe we'll like driving better? I don't want to finance another car, it is cash or nothing.
He's leaning to just fixing up crappy car, I'm leaning to finding a new used car.
I'm curious for some other opinions.
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kthxbai,
Jen
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Brooks I.D.
RunMomRun
Nov 6, 09 22:21
Post #2 of 22 (412 views)
Re: Buying a car, what to do? [JenHS]
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First things 1st: I applaud you on not choosing the "American way" and going into debt over a car.
I would say get the new/used car. You aren't guaranteed that the fixes will only be $1500 and how much safe driving time it will really buy you.
With having the cash you are in a great position to get a GREAT deal right now.
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SProboscis
Nov 7, 09 4:27
Post #3 of 22 (395 views)
Re: Buying a car, what to do? [JenHS]
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I will agree with RMR. 1500 bucks is nothing in car repairs these days. Especially transmission issues. Move it on to be recyclec, and get something more reliable. Worst case senario, do you really want to be broken down in an area less than safe? Just do some very hard shopping. Since Cash for clunkers is over, car sales have dropped again. And someone who has some cash to put down, is a rare thing.
STP
Nov 7, 09 5:58
Post #4 of 22 (377 views)
Re: Buying a car, what to do? [JenHS]
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Keeping a car for a long time is a great way to save money. But, "long time" and "forever" are not the same. My kids are driving an 11 year old car and I'm planning on getting another 4 years out of it. Keeping a car is great but unless you do most of your own repair/maintenance work, once they get to be 8-10 years old, you are almost always better off trading up to something newer. For me, keeping the thing running has become a hobby and most of the time I actually have fun dealing with whatever issue has come up.
If you are not doing any work yourself and you are never sure its going to get you where you want to go, its probably time to move on. If you have the cash for the new/old car and you really need reliable 2nd car, you might as well spend it now. Your current car is not going to be in any better shape next year.
Tiki
Nov 7, 09 6:03
Post #5 of 22 (375 views)
Re: Buying a car, what to do? [JenHS]
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I'm curious for some other opinions.
I was in the same boat six weeks ago; 12 year old car that seems like it was only a matter of time.
I sold the clunker after googling "how to sell a used car" and following the instructions.
I then bought a used Element with 50,000 miles for 13.9, putting 9 down, using Carmax. After doing my research I decided 50,000 miles was a good price range, and after a few weeks of searching on Carmax I found one in L.A. that cost me $150 to have it shipped north. I found several others but they were halfway across the country so I waited for one closer to home.
Now I have the exact car I wanted with a low payment, the only sacrifice is it came with 50,000 miles.
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"I will endure rain, cold, lack of showers and all discomfort until the finish. I will fix any mistakes, do whatever it takes and continue to the end." Lee "Fuzzy" Mitchell
roadhouse
Nov 7, 09 7:04
Post #6 of 22 (361 views)
Re: Buying a car, what to do? [Tiki]
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i'm an old car kinda guy and not by choice but i do have experience in spending money to keep them going. now all i would like to know is what kind of car (make and model) is the one that you consider old and crappy? that is some very useful info because if it's a yugo than burn it but if it's a toyota than it can make sense to put more money into it.
It's not about the bike, it's just along for the ride.
balanceguy
Nov 7, 09 7:07
Post #7 of 22 (357 views)
Re: Buying a car, what to do? [JenHS]
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I think you might be pleasantly surprised with how much car $8K will get you these days.
fred_h
Nov 7, 09 9:19
Post #8 of 22 (341 views)
Re: Buying a car, what to do? [JenHS]
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from a financial perspective: what do you gain by putting 1.5K in a crappy/dying car? Except "wasting money". You are just going to maybe extend the life of the car by 6 month and who know what else might pop up. So you are pretty much losing 1.5K.
From a safety perspective: same what do you gain if you end up in a ditch, against a tree?
Fred.
JerseyQuaker
Nov 7, 09 9:41
Post #9 of 22 (335 views)
Re: Buying a car, what to do? [balanceguy]
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I think you might be pleasantly surprised with how much car $8K will get you these days.
I was thinking the same thing. $8k gets you a reliable car, and I don't get the "these days" comments.
I mean, what are the real reasons you (OP) think the car won't last another 6 months?
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Gnothi Seauton.
prd
Nov 7, 09 10:55
Post #10 of 22 (321 views)
Re: Buying a car, what to do? [JenHS]
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Lots of good used cars for under 5000 thanks to the car companies trying to unload new cars way below costs.
JenHS
Nov 7, 09 11:42
Post #11 of 22 (310 views)
Re: Buying a car, what to do? [roadhouse]
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It is a 1994 Volvo wagon with:
An unreliable heater and defogger
An odometer that is broken and it will cost a fortune to fix, minimum $500 because it has to be sent away
A history of spontanious oil leaks
Nothing is ever cheap to fix on the thing
Interior panels on the doors are falling off
The driver's seat doesn't adjust correctly so the back is forward too much which makes me wonder how the airbags would damage me in case of an accident
The gas mileage is pretty bad too
It is completely unsellable, even if someone wants to put a little work into it.
Yes, Volvos can run forever but there are enough miles on it and it is never cheap when we bring it in to be fixed that if I pass on repairs it will keel over on me. At a minimum it needs new tires and with the winter coming up I don't want to put cheap tires on it. Last time we brought it in our mechanic said we might need some transmission work done. We are assuming that will be a yes plus whatever else is he is going to find.
Can you tell I want to sell it? We just had spending cash right now. We've both learned jobs aren't guarenteed.
I'll work on him a bit and see where we get today. Might be a great car shopping day because the weather is really disgusting.
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kthxbai,
Jen
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Reparto Corse
Nov 7, 09 12:10
Post #12 of 22 (300 views)
Re: Buying a car, what to do? [JenHS]
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Jen:
I'm in the same boat. I have a 1993 240 Volvo wagon. It has around 250,000 miles on it. The odometer stopped working on mine as well. The car still is a good go to work car but the latest thing that needs to be replaced, is of all things, the oil pan, I have a few pin holes in the oil pan ($400). It seems like I'm always replacing the brakes & parts of the exhaust system. I haven't had any major things go wrong, but enough $300 to $600 repairs that I think it's time to look for a newer car. I'll probably keep this car though till next summer.
Mito Chondria
Nov 7, 09 12:33
Post #13 of 22 (294 views)
Re: Buying a car, what to do? [JenHS]
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You'd be surprised what kind of used car you can get for $8k these days. I'd definitely retire the other one. If you put $1500 into it then you have that money in the car and what will you do in 8months when you need another $900 repair? It adds up quick.
The credit bubble allowed for housing prices to reach unsustainable level, it also allowed for unsustainable consumer spending. Why not profit from it and take advantage of the used car market? Especially since your old one is falling apart. Cars depreciated faster than ever over the past years as everybody felt deserving of driving the newest model. It might be worth it to fly to CA for a weekend for used car shopping. Buying direct from an individual, not a dealer. CA climate is very mild on cars and the used car market is greater (and cheaper) than in most parts of the country. Sign up for carfax and do your research before wasting time visiting anybody.
Even $3-6k should get you a very reliable car these days. Especially in an all cash transaction.
“The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” -Michelangelo
MoodBoost Drink : Mood Support + Energy.
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Raptor
Nov 7, 09 13:12
Post #14 of 22 (283 views)
Re: Buying a car, what to do? [JenHS]
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I think you are play Russian roulette with an older car.
Older cars are more dangerous if you get into an accident. Somebody mentioned a Honda Element. The older Honda Elements are death traps. How much are you saving if you cause someone's death in your car because of a simple little accident?
Get rid of the junk car and buy new. The APR on some new cars are in the 1% area. That is a better buy. And check out the Insurance Highway Institute's website to see how the car you are thinking about will be in a crash.
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JenHS
Nov 7, 09 13:35
Post #15 of 22 (273 views)
Re: Buying a car, what to do? [Raptor]
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I've got a Consumer Reports subscription, we got Carfax subscription for a month and I always look at the car safety ratings on the Highway Institute website. I'm pretty anal about research because we've had 2 cars that were a piece of crap WRT repairs and I won't go through that again. Never buy a Land Rover. Terrible repair history over time. I wish I'd know that!
We got a new, 2008 Element instead of a used one because of the safety ratings.
The current plan is to talk to our mechanic. He has never steered us wrong and gives us good advice on whether it is worth spending the $$ to fix something. We had an old Land Rover that he said isn't worth the $$ to fix. It surprised me because he could have made a pretty penny on the repairs. He's taken care of us for 7 years now and always breaks down the optional repairs vs necessary repairs.
Cars are so stupid expensive and you lose money on it as soon as you buy it. That's what hubby is wrestling with. I'd rather go with getting rid of the current car. We'll never be able to sell it and I'd be surprised if a car lot would even want the thing for free.
If we didn't live where we do we'd only have 1 car.
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kthxbai,
Jen
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Brooks I.D.
R10C
Nov 7, 09 14:09
Post #16 of 22 (254 views)
Re: Buying a car, what to do? [JenHS]
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Dont you get a free Volvo if you run your car for 1m mi or something like that? I have a friend with over 500k on his 240 wagon, had some tranny work is all.
You seen this?
http://www.vcoa.org/
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f.k.a - Record9, Record9ti Record10, Record10ti, Record10Carbon, but not SuperRecord11 as there are no bar ends.
JenHS
Nov 7, 09 14:51
Post #17 of 22 (240 views)
Re: Buying a car, what to do? [Record10Carbon]
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Generally Volvos have great reliability and safety ratings. I got it in May 2005 when my beloved Miata's lease expired. I did a lot of research on it before buying. 4.5 years on a car we paid $7k cash for isn't bad. It had about 120k miles on it when we bought it. My hubby got a motorcycle a couple years ago and uses that when the weather is OK. Keep in mind we live in the PNW so for a solid 6-8 months out of the year he can't ride it.
I really don't want to take on another monthly payment for ANYTHING! We are consolidating and refinancing our mortgage as is. I hate owning anybody money. Blood suckers. We are trying to simplify our finances, not make them more complex.
Bah. I keep thinking we should move to a Yurt in the middle of the woods and shun society. Life would be much simpler.
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kthxbai,
Jen
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snoots
Nov 7, 09 15:09
Post #18 of 22 (234 views)
Re: Buying a car, what to do? [Record10Carbon]
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Nope. But they send you a pretty badge for the front grille. Actually, they used to send a badge; now it's a 'commemorative decal'... LOL
The 94 Wagons were great cars, but once they go... IMO, spending $1,500 on the car is not an investment, unless it will allow you to drive the car for another year, and then sell it for $$, vs. giving it to charity / scrapping it now. If you're going to scrap it, but can get a year out of it AND sell it for $1000, then you've really only put $500 into the car, for a year.
Then, invest the $8000, make $400, and you've really only put $100 into the car...for a year...hmm...
FLA Jill
Nov 7, 09 17:24
Post #19 of 22 (211 views)
Re: Buying a car, what to do? [JenHS]
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Our rule is that once a car goes over 125K miles, it has a DNR order on it if it's looking like it would require more money put into it than what you'd pay in car payments for six months for a new to you vehicle.
JenHS
Nov 7, 09 18:05
Post #20 of 22 (196 views)
Re: Buying a car, what to do? [FLA Jill]
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That's a good one.
Another idea we are wrestling with it financing about 6k, stretching it out over 5 years so we get a super low monthly payment then pay 2x/month so we get it in 2.5 years. I wonder if that would save us any $$ over financing for 2.5 years to begin with. Stupid money. Why are cars so bloody expensive???
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kthxbai,
Jen
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| 2010: Some long runs| "JenHS is smart. ;)" - gamebofh | "JenHS is pretty popular so we need to keep her happy." - eganski |
Brooks I.D.
Tiki
Nov 7, 09 23:18
Post #21 of 22 (148 views)
Re: Buying a car, what to do? [JenHS]
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stretching it out over 5 years so we get a super low monthly payment then pay 2x/month so we get it in 2.5 years.
...exactly what I did. I have the option to double up, or not, depending on our monthly economic situation. Of course I'm paying more in interest with a longer term but honestly I'm financing 5k over 5 years so I'm not going to lose sleep over the increase in interest with today's low rate. At least this way I have the option to double up or not depending.....with three years and a higher payment I just felt like I would be locked in without too much wiggle room.
And with five years I could easily afford an extended warranty over two years......
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"I will endure rain, cold, lack of showers and all discomfort until the finish. I will fix any mistakes, do whatever it takes and continue to the end." Lee "Fuzzy" Mitchell
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Dapper Dan
Nov 8, 09 7:56
Post #22 of 22 (125 views)
Re: Buying a car, what to do? [JenHS]
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I have a similar situation with a 94 BMW. It has been a good soldier for me, but I could easy put $1000 into it just to make it reasonable, and another $2000 probably if I wanted to address everything it should have done to it. On the other hand, it hasn't had any money put into it for several years so, compared to making a car payment, I'd be getting by pretty cheap. The bottom line for me is, would I want to drive this car for the next 2-3 years. It is still a pretty good car when everything is tip-top, but then I have a growing family and could stand to have one less car as well. You can't keep them forever. Most likely I will put the money into it and save up for a couple years for a new car. There are too many parts of it that are good to give it away...only has 128K miles on it.
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