Should I buy a car or get my current one repaired?
#1
Should I buy a car or get my current one repaired?
I am in a bit of confusion on what I should do. If this is not the right place for such a question, I apologize and I will gladly kick myself out - just let me know.
I have a Honda Accord EX 2000 for about three years with 181K miles on it. I was planning on selling the car - the Kelly Blue Book price was around $3500 but due to the body damage it has, it is about $2500 but I'm thinking I'll get maybe $1500 after all the bargaining process. Today, I went to a mechanic who evaluated the condition of the car and said that it would take roughly $650 to get the car into a very stable state where I can use it for another two years. The main problems found were:
Along a parallel line, I was looking to buy a new Honda Accord 2013 model. I have been sanctioned a loan of either $15K @2.79% APR for five years or $25K @3.75% APR for six years. The monthly payment would come to around $350-$450 with either financing.
The catch is this: I have a long road-trip coming in a month where I will have to drive roughly 8000 miles in three months (cross-country trip). Therefore, if I have to go on this trip, I should either get the car repaired @ $650 or sell this car at about $1500 and buy a new car. I am a bit hesitant in putting 8000 miles on a new car in 1-3 months but other than that, I don't really have a problem.
What do you recommend? Should I just go with a new car or should I invest $650, extend my current car's life by 1-2 years and then sell it off? Any advice would be highly appreciated.
I have a Honda Accord EX 2000 for about three years with 181K miles on it. I was planning on selling the car - the Kelly Blue Book price was around $3500 but due to the body damage it has, it is about $2500 but I'm thinking I'll get maybe $1500 after all the bargaining process. Today, I went to a mechanic who evaluated the condition of the car and said that it would take roughly $650 to get the car into a very stable state where I can use it for another two years. The main problems found were:
- Replace rear brake pads
- Replace right upper control arm
- Replace valve cover gaskets
- Replace power steering pump
- Replace left side axle seal
- Wheel alignment
Along a parallel line, I was looking to buy a new Honda Accord 2013 model. I have been sanctioned a loan of either $15K @2.79% APR for five years or $25K @3.75% APR for six years. The monthly payment would come to around $350-$450 with either financing.
The catch is this: I have a long road-trip coming in a month where I will have to drive roughly 8000 miles in three months (cross-country trip). Therefore, if I have to go on this trip, I should either get the car repaired @ $650 or sell this car at about $1500 and buy a new car. I am a bit hesitant in putting 8000 miles on a new car in 1-3 months but other than that, I don't really have a problem.
What do you recommend? Should I just go with a new car or should I invest $650, extend my current car's life by 1-2 years and then sell it off? Any advice would be highly appreciated.
#2
Hey Legend, what a great spot you're in.
Since you can afford the monthly payments, go for the new car.
You'll feel great having a new car under you for next 4 months.
8000 miles and you're just broken in! Sweet. Nothing to break!! Total freedom.
where is the jealous icon when you need it?
Since you can afford the monthly payments, go for the new car.
You'll feel great having a new car under you for next 4 months.
8000 miles and you're just broken in! Sweet. Nothing to break!! Total freedom.
where is the jealous icon when you need it?
#3
Do you have an auto or a manual? If it is an auto, how is the transmission?
My vote is for a new car. yes, it is $650 to sort your car out now, but will anything else break between now and 8000 miles from now? And if anything on the 2013 does break, you'll have a new car warranty to support you, and a nationwide network of dealers.
Let us know what you decide, and if you do get a new ride, post pics.
My vote is for a new car. yes, it is $650 to sort your car out now, but will anything else break between now and 8000 miles from now? And if anything on the 2013 does break, you'll have a new car warranty to support you, and a nationwide network of dealers.
Let us know what you decide, and if you do get a new ride, post pics.
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