Should I fix my car or get a new one?

Question

I have a 03 Pontiac Grand Am V6. I've had for 4 years now. It has 100,000 miles on it. I would like to replace the seats in it because the driver seat is not in good shape. Need some body work done to fix scratches and dents. Needs new paint job. It has a white paint job now. Needs new sound system. Also needs new sound system and some work done on the engine. If I got a new car I would like something similar with a sporty look. And not a Honda Civic. Don't like the way they look.

Answer 1

That's a lot of time and money to put into a car with 100k on it..  but it all depends on what you really want.. if you are really attached to that car and don't want a car payment, stick with what you've got.

Answer 2

Get a new one.

Answer 3

Depends on your financial situation. I wouldn't go in debt for a new car if I if I could repair the mechanical issues with the current car and avoid debt. On the other hand if money is not that big of an issue you might be better off selling the car as is and purchasing something else you can pay cash for. Sounds like the repairs you want to do to the Grand Am are likely to be rather expensive especially depending on what engine work it needs.  

Answer 4

You need to think forward as well, in addition to the costs of the fixes you already have in mind.  Is the car's engine and transmission in good shape?  If they are starting to develop trouble (if you notice the transmission starting to slip or the engine beginning to leak or burn oil), then the car is going to cost you yet another few thousand to fix in the future.

Personally, I feel that if I have to spend more money to fix the car than its Kelley Blue Book value, it makes better financial sense to spend the money on a new problem-free car than keep throwing money at an old car that needs expensive repairs every few months.

Answer 5

New seat(s), a decent paint job (not a $500 Maaco special that'll look like h**l after 1 year...), and a new stereo is going to run you $1500+ easy.  

I'd just trade the car in like it is and put that $1500+ into something newer myself.  I don't think you'll get that $1500 value back out of your Grand Am if you invest all that money into it when you sell it or trade it in after doing all that work.