Which makes more sense....new car or putting more money into fixing old car?

Question

My car is old and paid off but it is giving some trouble. It failed emission and now I have to get it repaired before re-testing. I am so sick of it. I have already spent $1600.00 in less than a year on that car. I am just ready to go get a new reliable car but I fear the car note as I do not make as much as I did before and it would be a struggle to make a note and insurance too.

I still end up paying so much in repairs so which sounds better?

Answer 1

Definetly new car! You could buy new parts but it won't be the same. Also you'll put in more money on repairs than on a new car.

Answer 2

You are approaching this in a very sensible way.

First off, sit down and do yourself a budget. Include everything that you spend money on. Dont forget things like fuel, insurance, rent/board, bills, clothes, food, etc.

Your old car should be worth something, so you can put this toward a new car.

Buy a car within your budget and you will be fine. Ring around banks and ask how much you will be repaying on certain amounts, and see what you can afford. Try to get weekly repayments, as its much easier to pay an amount each week instead of monthly.

It looks like old faithful will end up costing you far too much and its value will only continue to fall.

Answer 3

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Answer 4

If the repair cost approach the combined total yearly car payment, then it is time to get a new (or newer) car.

but given you are not sure of your ability to pay for a new (or newer) car, for now I would say, just fix the car.

good Luck...

Answer 5

I've spent my life in used cars.  It's a judgment call.  If you opt for older, used cars, be ready to spend more on maintenance throughout the time you own them than you would on a new car.  Remember that no matter how good your mechanic is, he can't make an old car a new one.

With used cars, I have found that the most important things to look for are cars that have been well-maintained through out their lives and have low miles.  Usually, this ends up being a car that is 1 to 3 years old when you buy it.  Buying from an original owner is often best, especially if you're pretty handy with simple maintenance yourself.

In many ways, it makes sense to buy a new car if you can afford it.  If you do opt for a new car, be prepared to spend more up front and be relatively free of the maintenance troubles you inevitably run into eventually with any used car.

Answer 6

it depends.. insurance is very high. But if ur going to put your money into fixing the old one, and its going to cost alot it might be better to just get a new car. Or you could find some-one selling a nice one cheap.

Answer 7

Here is one way to look at it, there is only so much that can be replaced before it's all new again. My brother bought his first and so far still his only car in 1979. It's a Toyota corolla. He purchased this car and when he was finished paying for the car, he continued to put the amount he was paying on the car in a savings account. When ever he would have a problem with the car, he would use the money from the savings account and make the repairs. His car finally got to the point last year to where it would not pass emissions. He decided that since the motor had 360K on it now was the time to replace it. We located a motor out of a 91 corolla. Pulled that and the computer and harness for it. Installed it in to his car. He now passes every year and has way more power. What I am trying to really get at is this. If you’re really love the car. Continue to make the repairs on it and keep it up. If you don't love it and you would really like something that getting better mileage is a little nicer of a car and you like more. Replace the old car and get something a little newer. To be honest with you 1600 a year is not all that much. That breaks down to 134 dollars a month. If you can afford 134 a month car payment then you’re able to get a pretty nice new car. Good luck and hope I was some help.

Answer 8

It's always cheaper to keep the car that is paid for. Also just because it's new doesn't mean it's reliable. Anyhow you answered your own question. You can't afford a new car.

Answer 9

new car.....for sure!!!