Can i trade in a car with a broken transmission or just get it fixed?

Question

Well i am pretty much screwed... I owe about $9400 left on my 2000 BMW (above KBB value). I just found out that i need to replace the transmission, estimated to be a little over $5000. Although i heard that car dealerships do not always offer up to kbb trade in value, i looked it up anyway, and found out that it would be approximately $6500.

Should i trade it in for a new car and deal with my negative equity, or just get it fixed? I have a family friend who would be able to fix it for me for about $2000, but it would be a refurbished transmission.

what to do? please help!

Answer 1

They might give you 2500 for the car. The trade in could not be running but have a title and they will give you something. But you would have to have the car towed there..  

Answer 2

refurbished transmission is supposed to be as good as new one. That's what I heard, but I got bad experience with them as well... 2000 sounds fair for a rebuilt transmission. Fixing it with a rebuilt AT and keeping the car should be the best "saving".

Of course, you can fix it with a junk yard transmission that could save you some bucks more, it should still last a while, and trade in your car before it breaks again.