Budget Buster

[TEK224]

I have to get a new car! My current car is a 2001. Runs okay, but has some issues. I've been putting money into it the last couple of years, but don't want to keep doing it for the same issue (part keeps going bad. Company doesn't make that part anymore, only provides temporary replacement kits). AC went and needs new condensor and motor. Some other smaller issues, but when put together, adds up.

My mechanic says I'd be better off trading it in and getting something else. So now I'm looking at some newer, used cars and also at the deals on 2012 models. Not what I wanted to do right now. Have to do something by the end of the month as that is when inspection is up on current vehicle.

Bummer.

 

[IhrkeFamily]

Oh, I can relate to this! My 2003 Saturn is paid off. Just put $900 in the past 2 weeks for brakes and a blower motor. Now the coolant is leaking. I really don't want the car payment back, but I'm being nickel and dimed to death! Good luck

 

[Celidh]

I was in a similar position last fall. Mine had not started costing me lots of $ but I knew it was coming. It was a 2003 Corolla with 270,000 km (approx 170,000 miles)

I didn't want to end up having to make a hasty decision if I my car quit or needed a large repair. It was paid off and I didn't want a new payment.

I took the plunge. Just got another Corolla, only new and a different colour. For the most part I am ok, but if anything were to happen to my job, I would be royally sc***ed. I'm lucky though, other than my mortgage, I have no other debt. Some months I wish I had kept my old car. I may have driven it for another year or two with no issues, but I doubt it. I had never done the exhaust so I couldn't see it lasting too much longer.

So, I chose the cheapest new car in my budget that was big enough for my family. I didn't want used because a lot of them weren't a whole lot less than what I got, especially if I had have went with the same car only 2 years old. It would have only been a couple thousand less. Not enough in my books to get a car with almost no warranty.

Good luck

 

[TEK224]

I feel the same way. I've looked at newer used cars and then priced the brand new model. In some cases it was only 3-4 thousand more. I just keep thinking of all the trips (Disney and others) I could take for what this new purchase is gonna cost me!

 

[Sagginit]

i feel your pain. my car was just not trustworthy and i put a lot into last year. suddenly my mother calls me up to tell me my brother is buying a new car and since the trade in is super low they will sell it to me that price instead of letting the dealer make the money off of it. it was a deal at 1/4-1/3 off blue book value. i had to take a loan though, and then i hated having it and the bank was being difficult, so i came up with the $ to pay it off in 6 months. it makes a noise last week i take it to get checked out and i now have to put 500-800 in repairs into it! i keep reminding myself next to housing cars typically are the biggest life expense, and i do have the money to take car of it, but i may skip a vacation this year just to save up some more money for repairs in the future.

 

[pigletto]

First off OP.. I am sorry for the trouble. Been there, done that. It sucks.
I have to say (and this is just my opinion) when we go looking for our next vehicle, I'll take last years model off the lot for less, or look into something "almost new" to save that 3 or 4 thousand.
When my husband went back to school in order to advance his career we had to tighten our belts. He drives 3 hours a day to go to classes and we wanted something very cheap on gas (which is typically high where we live). We ended up with a five year old Cobalt with... wait for it.. 19,000 kms (about 12,000 miles).
It was only 7500, has been low on gas, only needed the breaks done this year and will last us until he is done. For 7500 for 3 or 4 years it's been perfect. It will be at about 160,000kms when we are ready to buy again and pass it down to teenage dd.
It's been perfect for us. So I'd think long and hard about new. Sometimes it isn't what you need even though it's tempting. If you really don't want that car payment again consider something older with really low mileage if you can find it.

 

[Zhoen]

Hi there!

Been there, done that. I feel ya!

For my 25th birthday, I got a brand-new jeep wrangler 6-cylinder... ohhhhhh it was love! I'd always wanted one, and I never would have splurged, but DH talked me into it. We got a great price, and I got to pick the colors and everything... It was a happy, happy time. And, of course paid it off early and sat back and enjoyed the ride...

Eleven years, two kids, and a replacement soft-top later, it reached the point you are at now... the repairs were starting to equal what a car payment would be, and my little 2-door fun-mobile got traded in for the four-door, hatch-back Mommymobile mini van I'm driving now...

It hurts to let go of that "no car payment" feeling... and I hope to have this one paid off by the end of 2013 at the latest... but yes, you know when it's time to let the old one go. There comes a time when "it's paid for" no longer makes up for the fact that so many things don't work any more, and it's just not reliable any more.

I wish you luck finding something that is what you need without being hideously expensive.

 

[deegack]

I feel your pain. We had an old jeep I loved but at ten end we were putting more in it to fix than the payment for a new car. We sold it via Craigslist and bought a new Hyundai Santa fe

 

[joeyrose]

i have not driven a car less than 10 years old in almost 20 years...i take $5k or so and look for a great condition used car. i have been very lucky with old caddies (they have a certain charm)...molly is my pink 1988 i have driven for almost 15 years...runs like a charm, need to check air condition, for the first time blowing hot. i hit bambi's mom, fixed her up and repainted here about 10 years ago. at that time, 2001, i bought a 1991 white caddy, for just over $6k off a used car lot. it has had some problems, biggest was air conditioning, made the decision to replace compressor...still driving this car (white, lily), it is my "take the dogs for a walk" car that sits in the weather. last year, i bought a new 1999 black caddy (carey)...less than $70k miles, for $4k, put less than $500 in her and now ready for road trips to disney.

with old cars, i carry only liability insurance. another big saver.

i love these cars, expect to drive carey for at least 10 years.

i'm an old lady now, but this has worked very well for me. if i were young, i would try this, maybe not caddies ut they tend to have low miles in their old age and are very comfortable. i love them and not having a payment for many years.