Looking to buy a new(er) car

Frapp · 11-02-03, 04:31

Its not for me though. My girlfriend's 1989 Toyota Camry needs about $1200+ put into it (she only paid 800 for it). Among the required repairs, she needs a new head gasket, shocks and struts, and a fix for one massive oil leak. The body is rotting out from the inside, hidden only by Bondo so it would pass inspection.

Anyways, money is really an issue, even if her and I were to combine our income. Would it make more sense to find a newer vehicle for her, or should we just save up as best we can to fix the Camry. With winter fast approaching us here in New England, we need to figure something out and fast. Any help would be greatly appreciated.

Thanks a lot!
Frapp

bretfraz · 11-02-03, 07:01

The rule of thumb has always been its cheaper in the long run to fix the old car than buy a new one. If the current Camry runs OK but needs work, why not try to get one more winter out of it then sell it come spring? In the meantime you guys can save some $$ then decide what to do later.

If the car runs decent you can always sell it. There's always a ready market for cheap, reliable cars.

Good luck in whatever you decide.

chpsk8 · 11-02-03, 07:12

You are'nt getting another winter out of a car that needs a head gasket. Find yourself a Honda Accord with 100,000 miles on it for the sme price of that repair. then you'll be good for a while. Just a word of advice. If you want a new car, right now, with the money you make, start putting away $100, $150, $200 a month in a savings account. whatever you can afford. Just put it away just like you wolud be doing with a car payment. Don't touch it until it hit's $2000. then take that money and put it towards a car, and get one that get;s your payment right at the same money you've been putting away. before you know it, you'll have a new ride! Oh, and if you buy that car for HER, might want to marry her! LOL At least you'll get to use the car!

Scottwax · 11-02-03, 10:40

Quote:

Originally posted by bretfraz
The rule of thumb has always been its cheaper in the long run to fix the old car than buy a new one. If the current Camry runs OK but needs work, why not try to get one more winter out of it then sell it come spring? In the meantime you guys can save some $$ then decide what to do later.

If the car runs decent you can always sell it. There's always a ready market for cheap, reliable cars.

In most cases, that is true, which is why I still have my Accord. I plan on hanging on to it through the winter (mostly because the last 3 have been unusually wet and I'd rather keep my savings account nice and fat than empty it out right now). If the fuel pump goes out though, it is a tough call. Tank has to be dropped so total parts and labor is $500. $500 down would get me a decent late model used car...but then again, I'll still get more for my car if it is running good when I sell it.

medic · 11-03-03, 11:00

Quote:

Originally posted by bretfraz
The rule of thumb has always been its cheaper in the long run to fix the old car than buy a new one. If the current Camry runs OK but needs work, why not try to get one more winter out of it then sell it come spring? In the meantime you guys can save some $$ then decide what to do later.

If the car runs decent you can always sell it. There's always a ready market for cheap, reliable cars.

Good luck in whatever you decide.

also, you should consider these items:

If the car is heavily rusted, it's not going to be very safe. It's more likely to crumble in an accident. You said the rust is being covered up to pass inspection. This makes me think the rust is pretty severe and would cost a pretty penny to repair if possible. That may be a reason to replace the car. If it's just mechanical and just needs some TLC then I'd fix teh car over buying someone elses problem.

When buying a car it's best to do it on your schedule, not when your car si busted down and you have to get another vehichle right away. You're not in a position to walk away as easily. If you think the car may strand you this winter and you will want a new car in spring, then it may be a good idea to just get anotehr car now.

if you're going to sell the car, you may need to do some repairs to cover up to minimize the problems in order to sell it. I wouldn't spend much on it, but something to plug the oil leak may let you get a little more. If it's just too much, you may want to consider donating it to a carity and getting the tax write off (you'll need to see if it works for you) otherwise, you may sell it to a junkyard assuming there's something to salvage. A dealer probably won't give you much and most 3rd party buyers won't want a car which needs these repairs.

Jake11375 · 11-03-03, 12:08

The way I look at it is, as long as the car doesn't look banged/rusted up, (if that's important to you) hasn't been in any serious accidents, and has a good solid frame, it's worth fixing. If you have to pay $1200 to get it running near perfect again, that's better than financing another car for 3-4 years @ $400/mo. You can even put another low mileage engine with a little research for a reasonable price. New struts and tires will get your smooth ride back for $400-$500. It just depends on what you really want. If you're just sick of the car and you don't like the way it looks, get another. But, if you like the car, it's (almost) always worth fixing.

Spilchy · 11-03-03, 12:31

Try financing a Kia RIO over 48 months. Sell the car for whatever you can get, use the money you would spend on repairs for a down payment and for like $260 a month (if not less, if you do your research), you'll have a new car with AC, Anti-Lock breaks and AM/FM stereo (yes, those are options to select). You can select less options and save a little more. Maybe you can do better on a left over or demo model. (I cleaned up on my Jetta VR6, getting a new 2001 left over when the 2002's came out).

It beats pouring money into a beater, or buying a used car only to sell it again to buy another car.

Believe me, I speak from experience, do NOT pour money into a car that you know is a lost cause. I have a 1992 Saab 9000S thats worth like $2500.00. I just spent $800 in repairs in 2 months and now the muffler is shot AND its in need of its 120k mile MAJOR service. Not worth it. New car time!

Dale DeSteno · 11-03-03, 02:51

Quote:

Originally posted by Spilchy
Believe me, I speak from experience, do NOT pour money into a car that you know is a lost cause. I have a 1992 Saab 9000S thats worth like $2500.00. I just spent $800 in repairs in 2 months and now the muffler is shot AND its in need of its 120k mile MAJOR service. Not worth it. New car time!

I hear ya on this, I posted something very similar over the summer about my Bonneville that needed (and got) $2200 worth of repairs. I threw in the towel when it needed brakes and sold the freakin' thing for a cool $1200. ARG! But, get a little older, get a little wiser.

HOWEVER, as usual, I agree with Jake too....afterall, we are talking about an import, not a Ford Pinto or a Dodge Colt Vista!

Tough one. Good luck!

BoxsterCharlie · 11-03-03, 04:35

I just had the same sort of thing happen to my winter beater. $1,300 for a clutch, brakes, and radiator. For me, the best option turned out to be charity donation. They will pick up the car and I get a voucher I can use for 2003 taxes which will be worth quite a bit more than I could get trying to sell the car myself.

I'd go with the Kia option or any other manufacturer which is hurting for business and will help you with very low monthly payments. Meanwhile you can build up your cash reserves (something I preach more than practice)

Good luck, Charlie (fellow NE winter sufferer)

Frapp · 11-03-03, 04:39

No offense to anyone here. I'm just prone to wording things ambiguously...

When I said new car, I didn't mean brand new off the dealer kind of new. I was referring to a newer car than 1989. My girlfriend is in love with Toyota and Volkswagen, so she wants to get one somewhere in the early to mid 90s range.

I just want to thank everyone here for posting such good advice. All that's left is talking things over with my girlfriend to see what she wants to do.

Thanks a lot! Keep the suggestions coming!

Frapp

Spilchy · 11-03-03, 05:40

Quote:

Originally posted by Frapp
No offense to anyone here. I'm just prone to wording things ambiguously...

When I said new car, I didn't mean brand new off the dealer kind of new. I was referring to a newer car than 1989. My girlfriend is in love with Toyota and Volkswagen, so she wants to get one somewhere in the early to mid 90s range.

I just want to thank everyone here for posting such good advice. All that's left is talking things over with my girlfriend to see what she wants to do.

Thanks a lot! Keep the suggestions coming!

Frapp

I take my Saab to a GREAT private Certified Saab Mechanic for repairs. He's one of those wackos that eats, sleeps and breaths Saabs night and day. If your girlfriend likes VW's, find the same type of mechanic who works strictly on VW's and see if he knows one for sale. Better yet, one of his clients may be selling one and he can vouch for the car and look it over in his shop. I know people who have done this. This way you'll have piece of mind when buying used.

Good luck.

bretfraz · 11-03-03, 05:49

Quote:

Originally posted by Spilchy
If your girlfriend likes VW's, find the same type of mechanic who works strictly on VW's and see if he knows one for sale. Better yet, one of his clients may be selling one and he can vouch for the car and look it over in his shop. I know people who have done this. This way you'll have piece of mind when buying used.

Good luck.

Now THAT is an excellent idea. Many repair shops have bulletin boards where customers can post cars for sale. Not only will you piece of mind but you'll have a good shop who knows your car and the quality of work done to it.

You might not get a *cheap* car this way but chances are you'll get a *good* car.