Well, it looks like the transmission on my 1994 Mitsubishi Expo Wagon is about ready to bite the dust. Repair cost is about $1800 to rebuild it and have a year waranty. The car is about ready for it's timing belt change, $600 and new brakes, $400. Total in all is about $2,800.
For a car that's 14 years old, it only has 107,000 miles on the engine. Burns a tiny bit of oil, but not too bad. It's still shiny black and hasn't been in any accidents. There are the usual door dings. The interior can use a cleaning, but it's in good repair as well.
Once the repairs are made, my mechanic says that I should get another 2-3 years out of it easily. He replaced all the other belts and water pump two months ago.
Here's the frugal/foolish part. Do I spend close to $3000 to repair a car that's worth less than $2000 because of it's age or do I buy a new or new to me car to replace it? I've been looking around for another car, but most of the newer used ones in my area have more miles than mine does and seem to all cost over $12,000!!! Apparently a lot of commuters around here. Any new car that will do what I need it to do is about $18,000 out the door and that's for a basic model without frills.
My mind has been going back and forth: repair or replace? I am so torn.
Frugal or Foolish?
August 7th, 2008 at 04:01 am
August 7th, 2008 at 10:01 am 1218103298
In the meantime, start saving a deposit/money for a used vehicle ?
August 7th, 2008 at 11:57 am 1218110279
August 7th, 2008 at 01:56 pm 1218117404
August 7th, 2008 at 02:49 pm 1218120596
Not saying you shouldn't fix your car, but I think you should have an accurate idea of what you are comparing that to.
Out of curiosity, I just searched Vehix for Subaru Outbacks. I found an 01 for $8,500 with 90K miles and an 03 for $9,900 with 73K miles. See what is around in your area. You might be able to get something 7 years newer than yours for only $5,000 or so more than the cost of repairs. Might be worth considering.
August 7th, 2008 at 03:48 pm 1218124094
The two cars that I'm looking at to replace my Expo are a Ford Escape (2005 or newer because the 2001-04's had quality issues) or a Pontiac Vibe (also badged as the Toyota Matrix). I've been to Kelly Blue Book's site and know what they should be going for, but here near San Francisco, they go for more than listed.
I have an appointment for Friday at a transmission place to see exactly what's wrong with it. They rebuild the transmissions there, so it might be a bit better of a deal than with my mechanic sending the transmission out to be rebuilt. *fingers crossed* I'll let y'all know how it goes.
August 7th, 2008 at 06:46 pm 1218134793
Are you only looking at used car retailers??? Check Craigslist. There are slews of cars for sale under $10k. With this mortgage mess, there are far more desparate sellers than usual.
http://sfbay.craigslist.org/search/cta?query=ford escape low miles&minAsk=min&maxAsk=max&hasPic=1
http://sfbay.craigslist.org/eby/car/780498468.html
I think I'd look at alternate cars though. Not a lot out there for the 2 models you specified. But there is certainly stuff out there. IT takes leg work to get a good deal. But take advantage of all the rich people - wonderful area to buy used cars form private parties (with low miles). You won't sell me that you can't find anything decent with low miles in your neck of the woods. (Though I agree you wouldn't find anything from a dealer. I'd forget the dealerships).
August 7th, 2008 at 06:53 pm 1218135210
August 7th, 2008 at 07:09 pm 1218136197
I agree though that it is a tough call. Seeing as I'm driving an 11-year-old car with 110,000 miles, I know exactly what you are going through.
August 8th, 2008 at 07:31 pm 1218223909
October 28th, 2008 at 05:06 pm 1225213616
Alex P