imported_Dude
New member
I don't think a $3000 car is the answer either; I'd keep my current car. I would be even more nervous about a $3000 Honda or Toyota.
All cars break down. My mother has owned several Hondas and Toytas, and believe me, once you hit 75-90k miles, things DO start to break. While these cars are excellent and reliable, the fact is that do not last forever, and they will require maintainence as the miles pile up.
When driving a $3000 car, you stand a good chance of having to make a major repair- i.e. head gasket, tranny, electrical system. It is MUCH more expensive to make a major repair on a Honda or Toyota than it is on a domestic car, like a GM. MUCH more expensive. Something that costs $500 to repair on a Buick might well cost $1500 on a Camry or Accord.
Buying anything older than a 1990 would be insane. It is certain to break, and the parts costs will be astronomical, especially if it's an imported luxury marque.
When you are in a tight financial situation, a $1500 repair is the last thing you need. If all of your income is going to pay down your debt, an unexpected $1500 bill will be a huge headache. However, if you have a high-mileage car, you are flirting with having to make a major repair.
As NY detailer suggested, I would probably keep my current car. In today's market, you'll probably only come out like $1,000-$2,000 ahead, and I'd gladly pay that much to avoid the stress and headaches of repairing a beater. It seems better to pay down your debt slowly than to take financial risks in order to pay it faster. If, however, you decide to sell it and buy a beater, I'd get a domestic car. They are fairly reliable these days, and are much cheaper to repair. You could also do what ryeh20 suggested and get a $1000 beater. You'll look like a trailer park resident while driving it- it'll probably be a 1990 Caprice or Taurus or something- but you can keep it running for next to nothing.
That 3-series is SWEET, isn't it?
All cars break down. My mother has owned several Hondas and Toytas, and believe me, once you hit 75-90k miles, things DO start to break. While these cars are excellent and reliable, the fact is that do not last forever, and they will require maintainence as the miles pile up.
When driving a $3000 car, you stand a good chance of having to make a major repair- i.e. head gasket, tranny, electrical system. It is MUCH more expensive to make a major repair on a Honda or Toyota than it is on a domestic car, like a GM. MUCH more expensive. Something that costs $500 to repair on a Buick might well cost $1500 on a Camry or Accord.
Buying anything older than a 1990 would be insane. It is certain to break, and the parts costs will be astronomical, especially if it's an imported luxury marque.
When you are in a tight financial situation, a $1500 repair is the last thing you need. If all of your income is going to pay down your debt, an unexpected $1500 bill will be a huge headache. However, if you have a high-mileage car, you are flirting with having to make a major repair.
As NY detailer suggested, I would probably keep my current car. In today's market, you'll probably only come out like $1,000-$2,000 ahead, and I'd gladly pay that much to avoid the stress and headaches of repairing a beater. It seems better to pay down your debt slowly than to take financial risks in order to pay it faster. If, however, you decide to sell it and buy a beater, I'd get a domestic car. They are fairly reliable these days, and are much cheaper to repair. You could also do what ryeh20 suggested and get a $1000 beater. You'll look like a trailer park resident while driving it- it'll probably be a 1990 Caprice or Taurus or something- but you can keep it running for next to nothing.
That 3-series is SWEET, isn't it?