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Started By
Message
Car Situation: Need Advice
Posted on 12/2/12 at 8:15 pm
Posted on 12/2/12 at 8:15 pm
My wife's 13 year old SUV's transmission went out today. It is Blue Booked (Private Party) at $2000 in Fair condition. I haven't gotten a quote on the repairs but I'm guessing a new transmission will be north of $1000. Putting the current "value" of the vehicle around $800.
She finishes up school in August 2013 and will be getting a new(er) vehicle in a year. We had hoped this one would last the duration of the program, but it doesn't seem like it.
Would you:
A.) Repair the Transmission and keep the car
or
B.) Sell the car for junk parts and buy:
1.) A $2000-$3000 car to last her for the year
or
2.) A 10-12 month lease from swapalease.com or leasetrader.com etc.
Any other thoughts would be appreciated.
She finishes up school in August 2013 and will be getting a new(er) vehicle in a year. We had hoped this one would last the duration of the program, but it doesn't seem like it.
Would you:
A.) Repair the Transmission and keep the car
or
B.) Sell the car for junk parts and buy:
1.) A $2000-$3000 car to last her for the year
or
2.) A 10-12 month lease from swapalease.com or leasetrader.com etc.
Any other thoughts would be appreciated.
3
Posted on 12/2/12 at 8:21 pm to Golfer
Lease te cheapest car you possibly can
Posted on 12/3/12 at 12:31 am to Golfer
What is she wanting when she graduates?
How is your current cash flow?
The swap a lease seems like a total waste to me, why not just finance the car and make payments rather than essentially renting a car for a year? If she can't get what she wants now, try to find a car that doesn't depreciate very fast and "rent" that to yourself. If you break even in a year, you're in the same place, but there's a better chance you can sell the car for more than what you owe in a year if you find a good deal.
A new tranny is going to be well over what the current car is worth btw.
How is your current cash flow?
The swap a lease seems like a total waste to me, why not just finance the car and make payments rather than essentially renting a car for a year? If she can't get what she wants now, try to find a car that doesn't depreciate very fast and "rent" that to yourself. If you break even in a year, you're in the same place, but there's a better chance you can sell the car for more than what you owe in a year if you find a good deal.
A new tranny is going to be well over what the current car is worth btw.
Posted on 12/3/12 at 11:48 am to Golfer
I would probably just buy a new transmission, as long as you're sure the SUV would last you another year if repaired.
Throw the value of the vehicle out of the equation. You need to figure out the cheapest way to get reliable transportation for the next twelve months. If repairing transmission is cheaper than a one year lease, go with that. Any used car that costs only 2-3K is likely subject to issues like you are having with your SUV.
Throw the value of the vehicle out of the equation. You need to figure out the cheapest way to get reliable transportation for the next twelve months. If repairing transmission is cheaper than a one year lease, go with that. Any used car that costs only 2-3K is likely subject to issues like you are having with your SUV.
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